The Most Popular Entry Strategy in Forex Trading

I think markets are in range for a while. breakout strategy doesn't work.

agree!

Everything is based on percentages.It means that every pattern that has been researched has its own success and a failure rate.Does a strategy work 100% of the time?Of course not.It doesn't tell us much.Bulkowski's book called "Encyclopedia of chart patterns" is much more detailed.

Another Gospel with 9 commandments from living legend Sam Seiden.

1) The Forex markets are markets that MOVE.
2) Most of the money being made in Forex trading by those who truly understand the structure behind a TRUE (fill in the blank) getting paid from those who don’t.
3) The analogy here(edge on breakout) is the chopping down of a tree(a great example).
4) The OBJECTIVE price action tells us that there are SIMPLY (fill in the blank) at that price level.
5) Does every trade work? Of course not, that’s trading(exceptions that confirm the RULE).
6) This is why it is so important to understand WHAT is driving the movement of these candles.
7) If you want to see an example of a (OPPOSITE) opportunity..., print (chart) and turn it upside down.(or monitor if you're out of ink or wanna save trees).
8) Instead of trying to guess at where this might be, the price action on the chart will tell us this if we just wait and WATCH.
9) Never forget, whether the candles on a screen represent a chart of stocks, futures, Forex, options, football trading cards, rare coins, or anything tradedable... They are ALL just people and price.

PS. Check again where he says anything about news, fundamentals, eurogroup, Grexit and fiscal cliff or what oscillators one has to install if he quit learning after graduating high school... in order to have AT LEAST a humble decent edge for cheap trades.

I like round numbers so let's make it 10 by lending something Sam Seiden said in the past(can't find link atm but you can judge from the previous if he would said it).

10) We buy fear but we sell greed.

Where is greed and where is fear

It's better to ask where are the trapped traders. There's not much of an edge simply entering on breakouts. Seiden should know better.

Agree ^^ Look for the trapped traders. They'll be acting irrationally. Imagine yourself in their shoes and you can gain from their desperation.

Placing a tight stop on a breakout is very difficult. The number of false breakouts created by our dear bots is increasing every day. I trade a retracement of the breakout, if I miss it, so be it.

Reading doesn't mean ability to interpret.

Click the link below and tell me where is fear, where is greed, where are the trapped traders, where is the TREE and where is the edge behind a true breakout. Surly it's not when you read it and not if you don't know the rest of Sam's approach:

http://www.screencast.com/t/LfI3zRk7

Cheers

A "breakout strategy" is the most popular strategy, therefore it's used by the losers.