Hi, sorry for delay... a mans got to grab some lunch 
First think you need to consider is which way is the trend based on the larger time frames... I use the 240 min charts as my direction time frame. Price is making HH HL's ie. going up so my direction is currently in an uptrend. So you have a few options... only trade with the trend and look to buy the dips in an uptrend based onother methods which are outside a break out trade set up in this case and buy the breaks of resistance through Asian range highs. OR you can say that if price goes down you will be in a counter trend phases of movement and look to trade a break down but know that it is counter trend.
So now I know which way price is going I have the option to leave this or trade this pattern set up depending on your trading style and methodology. I trade both trend and counter trend.
Price breaks down out of overnight range lows and gives me a counter trend indiction based off the 240 min charts price action. So a short is fine for me in this case.
Following the break out rules, as price breaks support lows I'm then looking for a pullback on my lowest entry time frame first.
My short trigger level was 136.89 and as price retraced a little more deeply I was able to refine my break out set up with a Fib retracement set up with an entry at 139.90 stops at 137.35
Using your chart and the support levels as you have ID'ed them your support level is broken and then you are looking for a pullback entry and is below the break out low, stops go past the highest point of the retracement after the break out. on your chart that is below 136.50.
My lowest time frame is an 89 tick chart whcih on my data and charting is about the same as a 2-3 min chart... 5 mins a little too close to a 15 min chart and doesn offer up a decent lower tiem frame entry for me.
Right now I'm looking for a resumption of the up trend, looking to buy the dips in an uptrend and at the time of this writing has not yet confirmed a desumption for me.
First think you need to consider is which way is the trend based on the larger time frames... I use the 240 min charts as my direction time frame. Price is making HH HL's ie. going up so my direction is currently in an uptrend. So you have a few options... only trade with the trend and look to buy the dips in an uptrend based onother methods which are outside a break out trade set up in this case and buy the breaks of resistance through Asian range highs. OR you can say that if price goes down you will be in a counter trend phases of movement and look to trade a break down but know that it is counter trend.
So now I know which way price is going I have the option to leave this or trade this pattern set up depending on your trading style and methodology. I trade both trend and counter trend.
Price breaks down out of overnight range lows and gives me a counter trend indiction based off the 240 min charts price action. So a short is fine for me in this case.
Following the break out rules, as price breaks support lows I'm then looking for a pullback on my lowest entry time frame first.
My short trigger level was 136.89 and as price retraced a little more deeply I was able to refine my break out set up with a Fib retracement set up with an entry at 139.90 stops at 137.35
Using your chart and the support levels as you have ID'ed them your support level is broken and then you are looking for a pullback entry and is below the break out low, stops go past the highest point of the retracement after the break out. on your chart that is below 136.50.
My lowest time frame is an 89 tick chart whcih on my data and charting is about the same as a 2-3 min chart... 5 mins a little too close to a 15 min chart and doesn offer up a decent lower tiem frame entry for me.
Right now I'm looking for a resumption of the up trend, looking to buy the dips in an uptrend and at the time of this writing has not yet confirmed a desumption for me.
Hey Phil
Thanks for the link to the vid's... very clear and well thought out.
Can I please ask a few questions about how you would view things?
Attached is todays EUR/JPY 5 min chart, The orange line is the Asian low, price makes a lower low then pulls back so....
1. Do you enter after re-cross of the Asian low or
2. Do you enter after it breaks the new lower low (purple line)
How long do you wait for this kind of set up? US close? UK close? What do you do about trading if the Asian session is in the middle of day be fores range? go to...
