INSANE - Easy Breakout Forex Strategy - Forex Wedge Patterns

bro look I've seen so many people selling these courses to beginners telling them that they can make massive profits like right away it's so crazy they sign these people up they promise them that they're gonna help them all the way through and then they don't they just leave them there to fend for themselves it's not even fair so what can we do to help beginners become successful at trading Forex what's going on everybody is Joe gentle with team take profits I'm here to help you trade and get paid I'm back after a couple of weeks away you guys already know the MacBook went down the stores are closed they can't get anything fixed oh my god it's crazy out here crazy out here but got the new MacBook thankfully Apple got it to me a little earlier than I had that I expected so I'm loving it the nice new MacBook Pro 16 inch all the way upgraded whoa ready to make some videos ready to get that content for you so before I get started on today's video what I want you to do cuz I you know what I've been noticing I got a lot of people who watch our videos that watch the videos on the channel but they're not subscribed to the channel they're coming and they're watching because maybe YouTube recommends it or because maybe you guys are sharing it and I appreciate that so much thank you for sharing all the videos but what I want you to do right now is if you're watching and you have not subscribed and clicked a little bell yet go ahead and do that because we drop value go search these comments go look at the comments in this channel and you can see people we got value on this channel so go ahead and like the video comment if you--if you're a new subscriber go ahead and come and introduce yourself we want to meet you and third subscribe subscribe go ahead and hit that Bell notification so you can get notified every time we drop a video because we drop twice a week and it's always valuable so let's get to the video in today's video guys we're gonna talk about one of the most common chart patterns that happens in forex it's one of the easiest things to to see it's one of the easiest things to understand and when you see these patterns after this video you're gonna be able to make money I'm gonna get I'm giving you the stuff today okay I'm giving you the sauce on this pattern all right this is gonna be powerful for you add this to your training repertoire and you watch and see how you're about to make some money let's get to the Sharks all right guys so I'm gonna show you today something that's really powerful it happens very often in the market and it's gonna help you to really get a hold of how to find continuations of overall larger trends I talk about it all the time in my classes that when when we're looking at the market we don't just take what's right in front of us we don't we don't just look at one little piece of the chart and make determination based on that we want to kind of zoom out a little bit we want to kind of back up a little bit look at the broader spectrum look at the bigger picture all right if we're trading the four hour we want to do top-down analysis we want to come from the weekly the daily the four-hour right you know if we're trading to 30-minute maybe we want to start on the daily the four-hour you know and work our way down we want to see the bigger picture if you're looking at the 30-minute chart and you're seeing you know maybe a a bearish trend and you're thinking okay well now that means I should be selling but when you kind of zoom out a little bit you realize that oh man that bearish trend is really only a pullback like so let me show you on the screen here so we would see something like this and say well that's a bearish trend we're going down right we're moving down so therefore this is a sell opportunity here's the issue with that when we look at only that sure that looks bearish to me but when we zoom out and we kind of take a look at the bigger picture sure and realize that before this was this then we realized that this might just be a pull back on an overall larger uptrend you know see it what it may end up looking like is something like this and then it comes down right so we see this little down move and we call it bearish but really it was just a pullback on the overall bullish trend and so here we are again and if we just look at whites was right in front of us we could be fooled into thinking that this is a bearish trend when essentially this could just be a pullback for an overall bigger move up and so I'm gonna show you something that happens very very often in the markets that is gonna help you to really see what what we kind of look at and it's it's something that comes up very often in the market and that's called a wedge pattern when we look at a wedge pattern what what we're essentially looking for is we're looking for a pattern to form that is going to break out of something like this generally it comes up okay you'll end up having a move up and that sets your high then you settle low and now generally if you're in a trend you're looking for a high or high and a high or low or if you're in a bearish trend you're looking for a lower high and a lower low but in this case you set a lower high so you're thinking okay maybe we're into a pullback or a bearish trend so we get that lower low so if we're looking for a bearish trend okay if we're looking for a bearish trend then we should be looking for a lower low if we're looking for a reversal but then what happens is you end up coming down and setting a floor it doesn't come and break the lower low it just comes down and comes somewhere in the neighborhood of even with it then you come up and you set another lower high then you come back down and you set the floor again do you see a pattern here and what happens is every time you do that you what you're doing is you're forming what's called a falling wedge and most of the time again in forex there are no guarantees but most of the time when we see a falling wedge we are looking for a breakout to the bullish side because what this essentially is is just a pullback on an overall larger move okay so that's one way it happens and another way that it happens is the very same thing but from a bear market okay so if it's coming down and it sets a low sets a higher or lower high then we're expecting it to come all the way down here and set a lower low what actually ends up happening is it doesn't come down as far and so we're thinking oh oh maybe this was a reversal point and now we're looking for a higher high to confirm that now we're going in this direction we're going in a bullish direction now but instead of setting a higher high what it ends up doing is it comes back and sets your ceiling back down and sets a higher low a ceiling a high or low and a ceiling and so on and so forth and so what we can see here is that we have us a wedge again what we see there is a is a wedge forming but this is not a falling wedge this is a rising wedge and anytime we see that we're looking for a bearish break okay and so when we see these it happen in the in the market which is very often it's a very common pattern we see them happen in the market what it does is it gives us an idea that there is continuation coming in the market okay so you know what let's actually look at the chart let's see what happens on the chart okay and I'm gonna show you in back-testing exactly what I'm talking about so here's what we have all right we have a strong move up we've had some weird movement on the GBP AUD 30-minute chart then we had this huge move up this this massive move that comes up and I'll show you it comes all the way up about 420 pips okay just a major move up on the 30-minute chart just this massive move up and and you're looking about like four hours and you had four hundred pips that's a amazing but that's really not what we're looking for because those moves don't happen all the time what we're looking for is high probability setups it's easy to say yeah I'd love to catch 400 pips but really what told you you know yeah there was some things in the market that we could've did to catch some of that but in truth those huge moves are many times manipulated by news Bank manipulation supply and demand there's a lot of things that go into that and that's really not what we're looking for we're not looking to hit a home run every time we're looking to find high probability setups where we can catch safe pips alright that's what I teach my team safe pips would you rather have a hundred pips that are high probability that that are you know nothing to guarantee but close to a guarantee or would you rather have four hundred pips that you're just rolling the dice on and hoping for the best you know I would I'll take the sure thing every time I'll take the high probability every single time let's look at a high probability setup that that comes along right now all right so here we are we're on this 30-minute chart and we see this massive move up and now I'm gonna show you in back testing exactly what I mean watch this so once we see this big move up then we're just waiting is this too high or do we need to go a little bit higher or you know we wait for the confirmation right so we always wait for the retest and so what happens is the next move shows us that we're coming right back up okay and we push even a little bit higher and we set our new high okay now the red candle generally tells me that we are at our high right now all right so now we keep going and price falls now I want you to notice that price does not go and set a new low it really just kind of comes in the same neighborhood and it was a wick and there's a body up here but it comes kind of in the same area okay now watch this look at how close that is right there literally if you look at my line I mean it's literally identical just about identical within a few pips then we continue we continue to go up and now we set a lower high we start to come back down you and now we set a low now watch this I'm gonna show you something let's fast forward a little bit see this in replay mode now we set another lower high look at this you it literally is just folding out now we're set in the new floor we have a floor then we have we look back at our level of resistance back here back in this area and we set our new floor right here okay but our lower highs are consistent so now here's what I'm looking at now now I say let me drop a line on my bottom right here okay at that level of resistance from back here again we don't just look at one thing we look at confirmation so I see my level of resistance back here I see that we've tried again here and again here and now it's been tried as a floor here so rather than taking this area I take this area because this one is one that actually has more confirmation although I do have a little bit of confirmation back here this one seems like a stronger level so I take this as my floor and then I come up here I start at my high and I drop a line I drop my trend line right in here so now you see that I have this wedge forming so what I've done is a wedge helps me to capture the price instead of me trying to figure out all of this what's gonna happen in the next you know the next move from from 2.05 all the way down the 2.00 massive area what I've done is I've now narrowed it down to a very small area where price can move I've now given myself rather than having to look all the way out here and all the way out here I've given myself an area to look at that's very small okay I don't have a lot to look at at this point okay so now that I've done that I continue watching and here's what happens I get my breakout and look at this look at that as soon as I got my breakout now you say do you want to trade this candle no you want to wait till you have a candle closed outside of your trendline and now you send from here just right here so far we already got 114 pips okay so let's keep going look at this guys this is beautiful stuff here guys this is just beautiful stuff right here so all in all what this gave us just from being patient and waiting get the retest and kit and come in right there from right there we got a hundred and seventy four pips that we know are high probability because I waited for the wedge to break okay that's all I did was I waited for a falling wedge to break and I took the long trade after the breakout super super simple now watch this right after a wedge again we're zooming out remember what I talked about in the beginning strong move up pullback strong move up now if we were just looking at this alone we would have called that bearish we would have called that a downtrend we would have called that all kind of things but when we understand it in the context of coming right after a long move in forming the flag of the wedge and then having another breakout move now what am I looking for I'm looking for another pullback or a reversal well let's take a look and see what happens so I'm just gonna fast forward a little bit and I'm gonna show you what happens first we see a little bit of red and then we see a news candle now we realize that that news candle is not the real move we realized that that news that took that candle from the whole life of the candle being a 400 pip candle on a 30-minute chart we realized that that's news and not a normal candle so we see the push and then we see the correction and we find where the where the market really wants to be and notice right where it is right back at our level of resistance back in here okay so everything came right back to a level of structure alright so don't freak out when you see news or manipulation happen wait for the correction and find out where the normal structure is supposed to be again let's keep going you so now we see this forming we got our low and let's just kind of fast forward a little bit okay you see what's happening again watch this now we have this move here and we have this move here okay now we have this lower low lower a lower high lower high but we have our lows that were higher and then lower so in other words we have confusion on the low side setting a floor therefore giving me another falling wedge unbelievable it's really what's happening it's just another pullback right so what do we do we're patient and we wait for the breakout so let's see we get our breakout now the next candle is where we should enter the next candle is where we should enter the market we eat a little bit of drawdown the pullback continues and look what happens guys I can't make this stuff up okay so let's just look at right here from breakout it's a high point we got 150 5 pips if we took it all the way down to the open of the other candle we have 137 pips why because we were patient and we waited on our breakout literally all we did was wait and be patient and guess what now what does it do it gives us another opportunity because again when we zoom out now when we zoom out we have up down up down up what are we waiting on we're either waiting on a pullback or a reversal so we continue going and let's just kind of fast-forward it all right and this is where we currently are this is where we currently are in the market now I want to I want to show you something just a few minutes ago I sent this train out to our team you're not gonna see it in real-time because you're not in the private group but you're gonna see it afterward and look what happened we have us another wedge so now what are we waiting on we're waiting for a breakout and I'm anticipating and this is what I told the team that 99% at a time or 90% at a time or something like that anytime you see a wedge that's falling you're gonna see a breakout that is a continuation okay and here here's the crazy thing about it watch this let's say that we are looking at reversal on the overall move because we are approaching a major zone on GBP AUD let's say we do get the breakout because it's gonna you know it needs to fulfill its pattern but then we are looking let's say we are looking eventually to come back down because really we are approaching a very very extreme high okay so what do we do how do we how do we trade that well watch this we literally can go to the top of our wedge and say I know that we're gonna get that and we can break that down into take profits this is how if this is the target to fill the wedge if I am if I'm looking at filling the wedge okay boom if that's what I'm looking to see happen which would which would match my high and if this were a reversal could essentially come back down and give me a head and shoulders it could do you know there's a lot of things that could do here but what I'm telling you is for the sake of this how do we trade this breakout well we get the breakout and then what we do is we trade it to each level previously the most previous lower high becomes our first level of take profit our second most pre recent high becomes our second level of take profit our third level which is going to fill the wedge becomes our third level of take profit so we literally can get into the trade and as the trade rises to here we move our stop loss into profit and then as it rises to here we move our stop loss into here as it rises to here we move our stop loss into here or we can just close the entire trade and if we did that guys I want to show you something if we did that guess what we just caught if that if this is what's gonna happen we are looking at somewhere in the neighborhood of a hundred pips coming off of this wedge and that's safe we could say 116 but really we're looking at about a hundred pips safely coming out of this wedge so guys this is a powerful powerful pattern and the reason it's so powerful is because it happened so often it's not an uncommon pattern we're not looking for something that doesn't happen all the time we're simply looking at how to identify pull backs in such a way that we can catch the next move up of each of each part of the trend so when we look at it that way guys watch this when we look at it that way if we know that this is the power of it if we know in hindsight that things like this happen we'd love to say that we buy down here and hold it till up here but the truth is most of us if you're not an experienced trader you get to about this point and you say wow look at all the profit I'm in this is amazing right and then it starts to pull back and we freaked out we go oh no I'm losing all my profit and somewhere in here you close the trade and then it takes off on you again isn't that right well what I'm teaching you to do is this I'm teaching you how to identify this area so you can get out of this move and identify this area so you can start this move then the next wedge right we if I this area we get out we identify this area we get back in we identify this area we get out we identify this area we get back in and so on and so forth I hope this really makes sense to you because if you can understand wedge patterns and flags which are some of the most common patterns in the market and you can start to identify them okay you are gonna start to find breakouts that make sense you're gonna start to find breakouts that are powerful and high probability in the market so guys I hope this was helpful and make sure you start looking for wedges and flags both bullish and bearish in the market this is a powerful thing that happens and I believe it can take your training to the next level all right guys there you have it these patterns are powerful they happen all the time you we see wedges in the market constantly and when we do it's almost a sure thing that we can catch the breakout so I hope this helps you trust me if you add this to your trading repertoire you're about to take your training to the next level make sure you catch these wedges because they happen all the time in forex and guys check this out if you want to take your training to the next level go ahead and go to this website right here training get paid calm click join and you can join our mentorship program I'm telling you there's nothing else out there that's giving you that kind of value for that lower price we're giving you trade setups we're giving you a private group with over 700 people in it we're giving you a private video library we're giving you beginner intermediate advanced we're giving you the game okay everything on this mentorship program is powerful and the students are making money it's not just a gimmick we're making money together go search the comments and you'll see all right so don't forget like comment subscribe and check this out if you're ready to have some more value go ahead and watch this video right here and watch us trade live as we catch big I moves that's getting

Channel: Trade And Get Paid

Views: 193,218

Rating: 4.940814 out of 5

Keywords: forex trading, metatrader 4, forex strategy, tradingview, forex charts, currency trading, day trading, support and resistance, IML, imarketslive, forex training, learn to trade forex, learn to trade, forex, forex education, foreign exchange, forex trading strategy, Jay Take Profits, forex.com, forex signals, trading signals, forex trading for beginners, forex trading live, forex trading explained, forex trading course, Team Take Profits, forex signals tv, live trading

Id: n1S44sI8X6g

Length: 27min 49sec (1669 seconds)

Published: Thu Apr 09 2020