Below is his question
I’m trying to do breakout trading, just drawing resistance/support lines, channels and triangles. I had decent success in entering these trades, but i have no clue when to exit. Can you tell me how to do a price projection? Or do you know any other technique?
Therefore in today forex faq, I will be showing you how to do price projection for triangles which is a candlestick pattern that is very common in breakout trading.
As for the trend channel and trend line projection, I will not be able to show you here as it will be unfair for those who have purchased my forex trend line strategy course.
Here is the steps to do price projection for triangle breakout
Step 1: Draw a vertical line from the top to the bottom of the triangle
Step 2: Place the projection vertical line at the point of breakout
Step 3: The end of the line will be your targeted profit
Personally I will not place my target profit exactly at the end. Instead I will place it higher by 5 to 10 pips if I am going SHORT or lower by 5 to 10 pips if I am going LONG.