BJ42 - Breakouts

This thread is to record all breakout trades that are seen, and/or taken.
4 hour charts.

Rules
Context: trend as defined by the moving averages being in correct order

Setup: Horizontal Line, touching on 2 points, + buildup right on the line. Or a horizontal stalling of price in a strong trend with at least 9 candles in the sideways action.

Signal: Price crossing the line.

Oscillator: Not Relevant.

This is a trading journal. If you have questions, please PM me and I will follow along. Please do not post your charts in my journal.

Trade 1: Not taken
Horizontal line with outstanding buildup.
2R
The horizontal was also a big round number00. (BRN00). That helps!

Trade 2: Mistake NZDCAD Trade not taken. Triggered at 4pm
2R

Lesson: I did not take the trade because I was still in the mindset of doing 1 hour trading. The 1 hour chart was a bit 'loose' in the setup. So I skipped a great 4 hour setup because of concern about the 1 hour chart. Not sensible.

Trade 3. NZDCHF
Error - trade not taken. Still left over issues with the 1 hour chart getting in my mind.
Context - uptraden with breaking to new daily highs.
Setup: Horizontal line with 2 touches and then build up on the line.
Signal: nice candle closing on the line.
Entry on break of signal bar.

Result: 1 R so far.

Context : Consistent lower highs on 4 hours.
Some horizontal resistance at 1.2600
Entered as price broke a sideways pattern on the 1 hour.
Was immediately stopped out on a spike.
Re-entered when there was no follow through on the break of the brn long.
Net 1R

5. CADCHF
1 hour signal.
Daily and 4 hour confirm the downtrend.

5. Loss 1R
Correct exit was when the horizontal breakout line was crossed back in bullish direction.
I could have exited at break even on this after it went about .7R

Trade not taken - it was 1am and holidays.
But a good 4 hour horizontal break in direction of daily trend.

2 R win.
4 Hour chart shows 2 touches several days apart and 8 hours of build up on the line.

Daily down momentum.
2 hour and 1 hour showing some buildup on the line.
Short

1 hour later the trade had moved down 5 pips from my entry, moved 5 pips against the entry and then was back at the 0 profit point. I exited exactly at $0. The goal of that trade is to have it move quickly - it is supposed to be a break out, but it didn't break, so I am out.
Turns out that I exited perfectly - and that the low was the 'LOW' and price reversed upwards violently - good exit

GBPCHF - 8 hours of sideways - then the hourly failed to go lower at about 6.30pm and turned into a bullish pin (key reversal).
So I am in.

Result of GBPCHF long trade
1.7R - exited near BRN1.3000
Went up almost 1R and then pulled back to slightly negative.
I expected the pull back and felt ok, because the pull back would have been to the demand area (the break out point where buying overwhelmed the selling).
Result was the pull back stopped and then the strong move started.

AUDNZD short.
4 hour. Price held under BRN00
Build up on line.
Little inside bar closed under the line - I entered. Lost 1R

GBPJPY 5 minute. Breakout.
In direction of daily 4 hour 2 hr and 1 hour bias.

2R

EURCAD 1R loss.
Tried for the breakout.
It was a 5 min chart and the market has been going sideways all day on most pairs.
Volatility is near nothing.
Cad was weak on all pairs.
I wanted to take a trade. I should have exited when first ema was crossed. It cost me a full 1R when it could have been .5r

The moral of the story is this - if its a quiet session (8pm my time to 10pm) wait for a clear move.