The simple breakout strategy - page 3
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There Is No Indicators With This Strategy Let Me Think If I Can Make It Clear You Wait For Price To Go Sideways Forming A Double Top And Bottom Draw Lines Across Top And Bottom Thats Your Range Put Order To Buy Above Line And Sell Below Line Thats It See This Morning Trade
here are 2 set ups this morning euro was after nfp and swiss was way beforealso on swiss i added pivot points and when you get a sideways market around a pivot point it makes it more reliable especially daily pivot
Please do you enter the trade ie on breach of the channel or a close above or below the channel or any specific number of points above or below the channel?
Thank you.
once the range is established you put to order in 1 to buy and 1 to sell 1 pip below range and 1 pip above range after some info from a fellow trader i have altered how i find the range i wait till there is a high and low and as it retraces i move horizontel bar up and the other down to form the sideways range usually these form double tops and double bottom and if you put up pivot points and this sideways action is around a pivot point then the breakout is even better see chart for the setup this strategy can be done on any time frame of course the higher the time frame the larger the range and it might take a day or 2 but for daytrading dont go higher than maybe 30 min it all depends on how much risk you want to take on
Hi Harold
Your system is interesting. But I think this has many wrong signals. How do you filter wrong signal.
BTW, can you make an indicator for finding proper candle.
regard
Koz, why do you think it has a lot of false signals,? it is a price pattern, so should not be so unreliable.
Lets Discuss False Signals There Is No Strategy That Is 100% Perfect So That Means There Will Be Losses The Most Important Part Of Trading Is Not The Entry Or Exit But Money Management People Can Have A 70% Win Percentage And Still Lose Money As A Trader And In Any Business There Is Overhead Which Is Part Of Doing Business So Losses Is Our Overhead If A Trader Cant Accept Losses The Market Will Make Him Accept Them By Taking His Money This Trading Strategy Is About 70% Win To Loss Ratio So If You Manage The Money You Will Do Great
Harold,
could you give an example of how could be a good money management technique applied to this method with 70% effectiveness.
Number of lots, stoploss, exit, etc.
the target and stoploss are the same the size of the range so if range averages 20 pips 7 wins 3 losses =80 pips
wow,nice system
but can you post more chart??i'm not understand much about it