If you must trade breakouts may I humbly suggested this method to save you many a tears?
Create your breakout box as stated by the OP 9pm GMT to 7am GMT, but instead of immediately taking a breakout to the upside or downside, we wait for price to retrace to fib levels 50 and 61.8 we place limit orders on both levels we split our lot size to accommodate risk or you can use equal lot size you choose.
Basically you will be entering the market with 2 trades or you can just place a limit order at 61.8 alone, once again your risk appetite, BE + 1 after 10 pips, SL your choice or + OR -2 pips below the 100 fib level
Use the Fib expansion for TP you can also use Fib expansion level 50 as your break even trigger, TP is solely at your discretion.
N.B: I may also add to avoid trading breakouts on Mondays because of Sunday gap and it's subsequent fill.
Create your breakout box as stated by the OP 9pm GMT to 7am GMT, but instead of immediately taking a breakout to the upside or downside, we wait for price to retrace to fib levels 50 and 61.8 we place limit orders on both levels we split our lot size to accommodate risk or you can use equal lot size you choose.
Basically you will be entering the market with 2 trades or you can just place a limit order at 61.8 alone, once again your risk appetite, BE + 1 after 10 pips, SL your choice or + OR -2 pips below the 100 fib level
Use the Fib expansion for TP you can also use Fib expansion level 50 as your break even trigger, TP is solely at your discretion.
N.B: I may also add to avoid trading breakouts on Mondays because of Sunday gap and it's subsequent fill.
Read in between the price!!!
cheers
