My trade using the breakout on Cable - you can see I didn't enter on the breakout candle. The breakout indicated with the green circle.
I waited for the second candle (the blue bearish candle after breakout candle) to bounce off the previous support line indicated by pink circle. So I entered (indicated by dark green circle) on the move away from the previous support - now resistance.
This was a classic build up within the triangle (big black circle) - be on the lookout on future, this is not the first time I saw this build up.
The same for the EUR - however not a nice pullback and bounce. I wouldn't have entered on this setup because I got burned too many time entered on a downward move. I like to wait for pullback to ensure that resistance is found somewhere.
I waited for the second candle (the blue bearish candle after breakout candle) to bounce off the previous support line indicated by pink circle. So I entered (indicated by dark green circle) on the move away from the previous support - now resistance.
This was a classic build up within the triangle (big black circle) - be on the lookout on future, this is not the first time I saw this build up.
The same for the EUR - however not a nice pullback and bounce. I wouldn't have entered on this setup because I got burned too many time entered on a downward move. I like to wait for pullback to ensure that resistance is found somewhere.
Willem
Forex recipe for success = Patience, discipline & hard work.