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Breakout Strategy

Oct 18, 2012 at 08:19
1,217 Views
14 Replies
Biedrs kopš   556 ieraksti
Oct 18, 2012 at 08:19
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
Biedrs kopš   556 ieraksti
Oct 18, 2012 at 08:20
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
Biedrs kopš   556 ieraksti
Oct 22, 2012 at 12:09
Price has continued it's up trend as described in the purple line.
Biedrs kopš   556 ieraksti
Oct 22, 2012 at 13:58
Biedrs kopš   2299 ieraksti
Oct 23, 2012 at 09:26
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.
Biedrs kopš   556 ieraksti
Oct 23, 2012 at 13:19
James_Bond posted:
My current setup:



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

This has failed so readjusted

Biedrs kopš   179 ieraksti
Oct 23, 2012 at 22:47
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.
I'm lazy.
Biedrs kopš   556 ieraksti
Oct 24, 2012 at 13:06
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.
Biedrs kopš   556 ieraksti
Oct 25, 2012 at 15:28
Should see a move down soon:

Biedrs kopš   556 ieraksti
Nov 01, 2012 at 15:01
Waiting to enter long

Biedrs kopš   556 ieraksti
Nov 05, 2012 at 15:18
James_Bond posted:
Waiting to enter long


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

Biedrs kopš   2299 ieraksti
Nov 05, 2012 at 21:39
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.
Biedrs kopš   556 ieraksti
Nov 06, 2012 at 08:54
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.
Biedrs kopš   2299 ieraksti
Nov 06, 2012 at 09:24
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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