Disliked{quote} Not schooling but, that's a terrible trade. problem Look at the RR, you risk more than you can potentialy win, or you aim for a 1:1 which is not profitable in the long run because you need a 50:50 "winrate" to breakeven. (even more because Spread/Commission) IF you take the trade in this range, it's a breakout trade with a "dirty entry". You anticipate the break of Resistance (top of range) to snatch a few pips out of the initial move. In this case, your stop belongs in the middle of the range to make it a good trade with a reasonable RR....Ignored
yeah, I'm still testing. I caught one recently on eurjpy and that's when I noticed a huge R:R. It's basically a trend reversal. I've been working on filters to sort these out. In backtesting,I see that if I get in at the right time, set to breakeven and let her run. Sometimes leaves money on the table, but other times the huge R:R is spectacular. Still trying to quantify which pairs, ect. eurjpy is clean, but others require that second entry at the ice breaker such as you write. Essentially it behaves as a double top trade in accordance to a lower breakout after Wyckoff's distribution phase and you're pointing out that an entry at the icebreaker pullback is safest and it is the safets. I'm hoping to find a filter to shoot for the more aggressive opportunities. I can't say much as I haven't real solid testing on it. Such is the way with trade setups and learning
For now, I'm noticing that when this pattern builds up and that pinbar happens when it is hovering above the 200 ma on H1 or higher, she's a blast with R:R. My eurjpy trade was 1:6, for example and that was by end of day It continued because it was a trend reversal. But honestly, I didn't realize I was looking at a "rectangle bullish" breakout pattern to begin with!. Tis why I got excited when max posted the chart. lol [Still love ya Max hehe]
As someone who is "somewhat new" (4 years trading and study) it's frustrating as all get out to see something not mentioned in the literature. Can't be possible I'm seeing something someone hasn't already tested out.
Thanks for taking the time to comment with your experience. I will tear it up and learn. I'm not going to post any charts as I don't want to detract from the forum too much.
edit sorry about typos. my keboard sticks and my eyes are terrible
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