DislikedSorry, it wasnt showing up - see it now though.
I think it is a nice breakout trade, but it isnt really a j16 type trade. You have a break of a strong PPZ, but nothing else to support it - no real PA (unless there was something on a lower TF?).
There are some guys here that do alot of touch trading/blind entries - but I dont see any of them here right now.
Breakout trades are kinda dicey, because they fail way more than they succeed.
Nice trade management though, your exit is textbook stuff.Ignored
I don't know what exactly Jim is teaching in the PF, but from my tour in this thread, I have seen he was playing breakouts of double bar highs or lows. He was treating it like a PA pattern...at least that's what I have understood (am I wrong?).
Here, look at this chart of Jim...at the right there is a highlighted pattern and he wrote next to it "matching lows trend breakout". I remember more clearer posts of him talking about it, but can't find them now. I'll do a little search.
Ben