Domino,
Regarding your reply :
1) Failed lower high is a wave definition of price not being able to trade above the last high I will attach a chart in a bit. all these yellow lines are failed lower highs.. because the fail to trade or break the last high
===> it's okay for that
2) take the break as it occurs as price breaks all the orders are triggered if you do not want to get in after orderclusters begin to trigger because the movement can be quite fast and you will get a bad average trade you can also draw these by hand and attach them to extremes on wicks if you wish .. but maybe what your worried about is taking a trade where the break doesnt stick.. and close as a break.. but price must create a high then break for the trade to occur and completely switch direction which isnt a small thing so no worries.
===> I should take the break as it occurs, I mean no need to wait the price close.
3) I do not understand this question but I will speculate what you mean is where do you put your entry limit order if your taking the close of the breakout bar? well it is worse if you take the breakout bar because your getting in after the order clusters are triggered youll get a bad price and will suffer a larger risk you wanna take the break limit is at the break you align with the order clusters to help price move. stop is at the high also to help price move.
===> Perfect, I have to put my entry trigger 1 pip + spread above/below the close price or high/low using a line chart and not at the bar breakout, is that right ?
Last question for putting my stop loss : For example with a buy order, should I put my stop loss at LOW of the last wave less 1 pip less spread ?
Thanks a lot,
Regarding your reply :
1) Failed lower high is a wave definition of price not being able to trade above the last high I will attach a chart in a bit. all these yellow lines are failed lower highs.. because the fail to trade or break the last high
===> it's okay for that
2) take the break as it occurs as price breaks all the orders are triggered if you do not want to get in after orderclusters begin to trigger because the movement can be quite fast and you will get a bad average trade you can also draw these by hand and attach them to extremes on wicks if you wish .. but maybe what your worried about is taking a trade where the break doesnt stick.. and close as a break.. but price must create a high then break for the trade to occur and completely switch direction which isnt a small thing so no worries.
===> I should take the break as it occurs, I mean no need to wait the price close.
3) I do not understand this question but I will speculate what you mean is where do you put your entry limit order if your taking the close of the breakout bar? well it is worse if you take the breakout bar because your getting in after the order clusters are triggered youll get a bad price and will suffer a larger risk you wanna take the break limit is at the break you align with the order clusters to help price move. stop is at the high also to help price move.
===> Perfect, I have to put my entry trigger 1 pip + spread above/below the close price or high/low using a line chart and not at the bar breakout, is that right ?
Last question for putting my stop loss : For example with a buy order, should I put my stop loss at LOW of the last wave less 1 pip less spread ?
Thanks a lot,