Breakouts

Chad Seven

Active member
194 13
My new approach is a breakout strategy using the height of the pattern to calculate entry, stop and target.

Markets:
EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, GBP/JPY, EUR/CHF, EUR/GBP, FTSE100, DOW, S&P, CAC, DAX, Brent, WTI, Gold, Silver, Bitcoin Cash and perhaps some others.

Approach:
  1. Identify ascending/descending triangle on M5/M15/M30/H1 TF
  2. Set entry at height of triangle x X% above resistance for longs and below support for shorts
  3. Set stop at height of triangle x Y% below resistance for longs and above support for shorts
  4. Set target roughly based size of triangle above resistance or at the next problem area before
  5. Override rule #4 so that target is placed before any major resistance levels
See you Monday.
 
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Chad Seven

Active member
194 13
Pending order.

1583770831152.png
 

tomorton

Legendary member
8,144 1,227
Don't be discouraged, market conditions are a long way off typical.
 
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tomorton

Legendary member
8,144 1,227
I've been wishing this approach would work but this is getting a bit gruelling.

I had not heard of Joel Rensink's First Strike strategy but it seems a bit of a stretch to take a snapshot of price action on one day and then let that alone dictate the trade over the week.

Are you sure this is going to work?
 
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Chad Seven

Active member
194 13
I've been wishing this approach would work but this is getting a bit gruelling.

I had not heard of Joel Rensink's First Strike strategy but it seems a bit of a stretch to take a snapshot of price action on one day and then let that alone dictate the trade over the week.

Are you sure this is going to work?

No I am not sure it will work, if I was I probably would not be writing this journal. I am however surprised to have taken three losses in quick succession. Then again as you said previously these are tough markets to trade.

I don't think of the price action as dictating the trade over the week, I think of it as looking for a low risk entry to get in on a weekly trend, if one occurs.

I hope that helps. I don't mean to be rude when I say this journal is intended as a record of my trades and I would rather it does not become cluttered with discussions on the merits of my approach.
 
 
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