it is a bad idea to buy breakouts in general since price will make a little higher high most of the time, even if it has no intention. just due to the fact that there are breakout traders to rip off.
i was watching the action and it is not uncommon to shoot above the first UT in an uptrend. if you drilled down to 5 minute chart, there is a weakness to see and cable was sold off before reaching 5600. the 5m bars lovely show distribution. after the first ut bar the other made absolutely no progress, no single bar was able to close above the wick of the first ut.
in genereal it is a good idea to stay away till those weird moves are over and market is back to normality. as soon as eur knows where it wants to go.
http://img412.imageshack.us/img412/5...0111154452.png
i was watching the action and it is not uncommon to shoot above the first UT in an uptrend. if you drilled down to 5 minute chart, there is a weakness to see and cable was sold off before reaching 5600. the 5m bars lovely show distribution. after the first ut bar the other made absolutely no progress, no single bar was able to close above the wick of the first ut.
in genereal it is a good idea to stay away till those weird moves are over and market is back to normality. as soon as eur knows where it wants to go.
http://img412.imageshack.us/img412/5...0111154452.png
Dislikedentered long on break of what looks like a small shakeout. No sure what to call the marked bar really, maybe hidden test? previous bar looks like transfer of control to me. trade up so far and in direction of trend, and I have to leave on a business trip soon so set SL to BE+1 and going to try and let this one run longer TF.Ignored