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Breakout Strategy

James_Bond
Oct 18 2012 at 08:19
556 Posts
I will be posting my breakout strategy here. You are more than welcome to comment 😄

Here's a recent setup and the next one:



Live chart: https://www.myfxbook.com/forex-charts/EURUSD,M30/2739/PhADmByuOL05Ziq
James_Bond
Oct 18 2012 at 08:20
556 Posts
As I said in the chart:

- I've provided 3 different scenarios - check the 3 different lines diagrams
- Most powerful support resistance points are intersection points of different support resistance lines.
- With this technique, it's easy to spot entry and exit levels as they are simply the nearest (or one back) support/resistance levels
James_Bond
Oct 22 2012 at 12:09
556 Posts
Price has continued it's up trend as described in the purple line.
James_Bond
Oct 22 2012 at 13:58
556 Posts
Chikot
Oct 23 2012 at 09:26
2299 Posts
James_Bond posted:
My current setup:



Live chart: https://www.myfxbook.com/forex-charts/GBPUSD-H4/2947


I hear you 😉 i actually set stop on my short to BE just in case if price will bounce from lower channel. but if it breaks it would be great.
James_Bond
Oct 23 2012 at 13:19
556 Posts
James_Bond posted:
My current setup:



Live chart: https://www.myfxbook.com/forex-charts/GBPUSD-H4/2947

This has failed so readjusted

Mike (Male)
Oct 23 2012 at 22:47
179 Posts
Look at the weekly chart on the cable, insert TimeZone Min, 52 week consolidation, support line from 11 January, possible return up about 1.577
Economic and political events may change that.
James_Bond
Oct 24 2012 at 13:06
556 Posts
Male posted:
Look at the weekly chart on the cable, insert TimeZone Min, 52 week consolidation, support line from 11 January, possible return up about 1.577
Economic and political events may change that.

Thanks for the suggestion - I don't trade any fundamental data and your timeframe is quite long-term for me 😄 It is possible the pair is going up long-term, but I think we can still profit going short, short-term.
James_Bond
Oct 25 2012 at 15:28
556 Posts
Should see a move down soon:

James_Bond
Nov 01 2012 at 15:01
556 Posts
Waiting to enter long

James_Bond
Nov 05 2012 at 15:18
556 Posts
James_Bond posted:
Waiting to enter long


Chart is playing out nicely although not there yet.
James_Bond
Nov 05 2012 at 15:18
556 Posts
Here's another GBPUSD setup:

Chikot
Nov 05 2012 at 21:39
2299 Posts
James, have not you tired of G/U? This bastard has led me up and down few times by now. Frankly this time it looks like down. Definitely down especially with other correlations. I closed my long at loss but decided to better go with gbp/aud. looks better than g/u. although again, aud/usd looks bad.
James_Bond
Nov 06 2012 at 08:54
556 Posts
Chikot posted:
James, have not you tired of G/U? This bastard has led me up and down few times by now. Frankly this time it looks like down. Definitely down especially with other correlations. I closed my long at loss but decided to better go with gbp/aud. looks better than g/u. although again, aud/usd looks bad.

I simply cannot leave it be - I'm trying to find tradable patterns. It is definitely much more wild than EURUSD.
Chikot
Nov 06 2012 at 09:24
2299 Posts
I gave up. I can miss the trend on it but there is easier pairs to trade now. gbp/aud is already in full steam down. it looks like safer pick to me.

James_Bond posted:
Chikot posted:
James, have not you tired of G/U? This bastard has led me up and down few times by now. Frankly this time it looks like down. Definitely down especially with other correlations. I closed my long at loss but decided to better go with gbp/aud. looks better than g/u. although again, aud/usd looks bad.

I simply cannot leave it be - I'm trying to find tradable patterns. It is definitely much more wild than EURUSD.
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