Trading SR Break with pullbacks

Hello everyone

I have been looking at this way of trading for a while and it looks promissing on any timeframe. I started of on 5min then worked it up to 4H and it realy looks if this can be profitable. I would like to know if anyone is trading this way and if anyone has some ebooks on this.

This is how it works:

5min Trade:

This example we had a range channel on the pund. at 7gmt we draw ower channel or trend lines and wait for break.

@ 9:40 gmt we had a break "Close below" the support after wich the market had a bull candle. Now, the Trigger line is the low of close of the candle the closed under the support "the 9:40 candle in this case"

a Sell order was placed at 1.9511 and the 10:00 gmt candle triggered the short entry with a SL at 1.9531. I was looking at taking 34 - 40 pips target but if a new Trendline is taken out with a pullback and trigger, i would just close for the day.



4 Hour trade:

This is a recent trade, we had a triangle and then a break. Now we wait for a pullback of 1 or more bull candles. We found 1 and placed a sell on 1.9427 with a 50 pip SL "note that it is 4Hour chart". A target of 200 points is nicly met.

I will be posting a 5min setup in the mornings as i get some time. I like the 5min setup better as there is a 40 pip trade every day.

Keep well
Jk

This is todays 5 min trade:

We had a pullback into the Europian Markets open when the GAP craked the TL with a small pullback. a Sell order on 1.9267 was placed with a Stop at 20 points higher and TP of 40 points.

Within 15 mins the order was opened and closed with 40 points profit "36 pips".

I will try and get it uploaded before tommorws break.


Keep well

JK

This is a simple price action methodology. I like it as unlike the other indicator systems here its unlikely to change every time the market changes. Good luck with this work; its actually good

every time you start thread them going long time disap.....