DislikedHi ARAA! My question are, do you take the break out at the pivot lines, or wait for retest it. Below the pictures are booth breakouts bad trades, without any other analisys. (I know after the second trade was the FOMC) Do you analyse the entries on lower or higher timeframes? When you start your day, how do you filter the pairs, which worth the watch? Thanks {image}Ignored
Do you take the break out at the pivot lines, or wait for retest it?
It's best to wait for a retest when you trade breakout but this depends on the trend strength. On a strong trend, I would take breakout without necessarily waiting for a retest.
When I take breakout using this indicator, I would normally enter a trade on the NEXT candle A FEW PIPS after the HIGH (or LOW) of the breakout candle has been taken out.
Unfortunately, in this particular scenario, there was a consolidation phase which was a bit choppy. The indicator is known to give erroneous in a tightly ranged/choppy market.
Do you analyse the entries on lower or higher timeframes?
Yes, I will see what H4 (and D1) are doing. Also, if you are in a trade for a while say on H1, it is good to see what is going on on H4 too. Look out for key S&R levels from higher time frames before you start trading.
When you start your day, how do you filter the pairs, which worth the watch?
I mostly trade major pairs as I get better signals on these. Also avoid taking too many pairs that correlate, e.g. I would not trade USD-JPY, EUR-JPY and GBP-JPY at the same time (at most I would take 2) because of the strong dependence on yen in this case.