Very wonderful thread. Very helpfull to me personally. Thanks
Today was a small non event to be honest. We had a small false breakout early but fortunately my principles didn't fall right into place so I didn't take the transaction... (Rules truly do protect you surprised)
Then we had the interest rate decision which was due out and to be honest I wasn't inclined to trade it unless we got a jump to 5.25percent OR the rate remained the same.... As anticipated we obtained a hike to 5% which was pretty much priced in so that I didn't take that trade either.
Then afterwards we eventually got a rest and also an entrance signal but by now it had been already to near the Trade Balance announcement so again I snapped it out. Looking back at it the commerce would of worked well but like I said if I don't feel comfortable to get what ever reason then I simply don't take the transaction. Missing an opportunity is so much better than shedding Money!!!!
Micardo, I'm enjoying your diary, and learning from it. That is the reason why I'd love to find out more. On your final entry you said you didn't enter in the 1st. Breakout because your rules kept out you. But what I saw is that the next blue bar above the resistance was confirming that the breakout (so it was false, but confirmed anyway) at least in my point of view. Which principle kept out you?
Basically I love to see momentum in my trades. To start with the candle directly fter retraced, that usually does not keep me out however if the close is only by a few points then I love to see momentum. So I waited for another close above. I received this close so that I waited for the next candle to move immediately past the high points.... This did not occur so no trade.
I hope that helps you...
YesMicardo, this system is utilizing breakouts as potential entry signs.
I've been using it for under a month.
Up to now, I'm down 45 pips, nevertheless that's much under a number of pips I normally risk on a transaction.
Concerning how it is working for me, to early to generate a definitive decision - I'm still in the testing style.
Originally Posted by ;
Yes it assists. Your explanation is quite useful. You are viewing the 15 min chart. Right?Originally Posted by ;
You might want to check out just how Phil Newton trades breakouts - namely his Asian Breakout Strategy - basically he tells you to not jump blindly on a breakout except to wait for it to pull back and then look for signs of the pull exhausting like a doji pub and then enter the market.
I am not allowed to post links so you are going to have to Google him if you want to find his website, which I highly recommend.
Regards MP
Thanks for the advice, MP. That is exactly what I've been considering a lot because pretty much everytime I jump on breakouts they tends to retrace. Like this morning, after I bought right on the peek of the spike, the price retraced nearly 40 pips prior to moving to the ideal direction.
Originally Posted by ;
OK Now was a bit better... Still not perfect but I managed to take my initial 20 pips on the first lot and 10 pips on the second lot.
What exactly happened... Well when I woke up I noticed that the Asian session had rather a lot of movement that as I've said before isn't something I'd like to see. Anyhow the morning did form a great small double top that I saw as strong enough to exchange a break from.
We got the break really early on and tons of momentum to signal our entrance. Within 15 minutes my profit target on my very first lot was triggered and I moved my stop to the second lot to break . The market then flew upwards and it looked like we were going to obtain the standard range day... Unfortunately this opinion has been short lived and the market retraced. I finally exited at 10 pips profit on the second lot.
Complete for today was 30 pips profit that helped to claw us straight back to positive territory to end the week....
Well theres really not much to say about today.... The market ranged the whole day, there were no false breakouts, absolutely no opportunity to do anything.
The only interesting thing that did occur was yesterdays Resistance became quita firm level of Support today.
Im expecting after 2 days which range like this we should see quite a big break tomorrow....
I guess its days like this that it'd be useful if I new how to trade a different platform. I am not diverting from the subject of the thread but I believe it's a personal note to myself... when I have mastered this manner of trading I should then research and master a range trading system. Finally in 3-5 years I think that it can be wise to have a few different setups that I can pick from in order to take full advantage of those markets. Having said this, I won't research a new system before this one becomes second nature to me and I can do it with no fear or second guessing myself. After I can trade this nearly like a machine I will look at learning a new system....