DislikedYes, I am in the GU too....
It is down, but not out yet.
Entered @ 1.7096.
TP set @ 1.7144.
SL set @ 1.7039.
MM - 2%, risk 57 pips, lot size = .351 traded.
Let's hope for the best .Ignored
Update: No G/U is going to the sky!!
Another simple breakout system 32 replies
(False) Breakout & Trend Reversal Strategies?? 12 replies
My Asian Breakout trading Journal 54 replies
Nomoretoxic's Money Management 34 replies
Playing the Breakout Trade 4 replies
DislikedYes, I am in the GU too....
It is down, but not out yet.
Entered @ 1.7096.
TP set @ 1.7144.
SL set @ 1.7039.
MM - 2%, risk 57 pips, lot size = .351 traded.
Let's hope for the best .Ignored
DislikedGot a lucky break on GU.
Nice day!
Hey Nomo....you can sleep with my sister. Thanks again!
Later.Ignored
DislikedHi Folks: Question for the group. Can the same candle be both a breakout candle and a reversal candle. i.e. box closes, then next candle has a wick that breaks the top of the box, but then closes as a down candle, could that candle be both, or do we have to wait for the next reversal candle. Especially interested in what Nomore has to say. Keep up the great thread guys.JimIgnored
DislikedOk
If you see a candle breaking the box, no matter how that candle closes, it constitutes a breakout. That's all the information you need.After that, you must wait for the next candle/bar to reverse. Could be 1 candle or could be more than one, who knows. Don't get to tight about candles, just be attentive to price. The logic behind the breakout is the market looking for new highs/lows. The logic behind the pullback is (very often) scared money running away as the move is contrarian to what they have perceived. Also,pullbacks could be stops getting hit. Could be the combination of two....really hard to tell, but don't worry, we don't really care.
Candles/bars are just a way for you to see the past representation of price in a pictorial way. That's pretty much it.
Hope it helpsIgnored
DislikedHi Nomo,
When a breakout occurs and lets say the pull back doesn't occur until after 100+ pips, would you still enter this trade even after such a large move or do you usually look for a pair to pull back fairly quickly after a breakout ?
Thanks,Ignored
DislikedQuote:
Originally Posted by loophole http://www.forexfactory.com/images/buttons/viewpost.gif
Nomo, does the 5 minute bar have to close out of the box or is it good enough
if the bar just breaks the high/low of the box?
the price has to close outside the box
Everything must be done at the close
cheers
Quote:
Originally Posted by bigjim1958 http://www.forexfactory.com/images/buttons/viewpost.gif
Hi Folks: Question for the group. Can the same candle be both a breakout candle and a reversal candle. i.e. box closes, then next candle has a wick that breaks the top of the box, but then closes as a down candle, could that candle be both, or do we have to wait for the next reversal candle. Especially interested in what Nomore has to say. Keep up the great thread guys.Jim
Ok
If you see a candle breaking the box, no matter how that candle closes, it constitutes a breakout. That's all the information you need.After that, you must wait for the next candle/bar to reverse. Could be 1 candle or could be more than one, who knows. Don't get to tight about candles, just be attentive to price. The logic behind the breakout is the market looking for new highs/lows. The logic behind the pullback is (very often) scared money running away as the move is contrarian to what they have perceived. Also,pullbacks could be stops getting hit. Could be the combination of two....really hard to tell, but don't worry, we don't really care.
Candles/bars are just a way for you to see the past representation of price in a pictorial way. That's pretty much it.
Hope it helps
NOMO, first you say the candle has to break the box and close out of the box, then you say all it has to do is break the box and does not have to close out of the box. So which is it???Ignored
DislikedHi all,
here's my eu-trade in this session.
sell eurusd @ 1.3550
sl 1.3590
tp 1.3510
ts 20Ignored