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{quote} Waiting for your analysis. Again, do I place pending orders like 3/4 pips above/below the fib extension?
the important tool that i use to know weather its an instant through breakout or not,i just look at this live website. currency strength.(and avoid pair with high impact news, caused breakout that caused by news is not a 'real setup)
http://www.livecharts.co.uk/currency-strength.php
u should know how to read if u are a trader
{quote} hi, I'm really interested in this strategy. Do you put pending buy/sell orders on both ends or do you sit in front of the screen all day to spot the breakout?
u no need to watch the chart whole day
maybe u can start marking u chart first at the given time range
u can comeback at market open(etc us open)
no need to chase profit
if u busy today,or u miss the setup,try to wait for another setup at another day
#RULE NO 1
AVOID GREED
{quote} normally for each pair,maximum is 1 breakout per day only. u no need to watch the chart whole day maybe u can start marking u chart first at the given time range u can comeback at market open(etc us open) no need to chase profit if u busy today,or u miss the setup,try to wait for another setup at another day #RULE NO 1 AVOID GREED
{quote} Do you place breakout OCO orders or just take a one way trade by analyzing the bigger trend? Do you trade only 1 pair per day or multiple pairs? i.e tomorrow we can trade all the pairs since no red news is there for any of the recommended currencies?
MONEY MANAGEMENT
the entries is NOT 100% accurate
entry only with your money management rule
u also need your target daily profit
pls see rule no 1
{quote} thanks a lot. where's your analysis for today?
only GBPCHF has a breakout
but there is a news for GBP later. and i think its a fake breakout.anyhow,its a risky entry if u persist want to take order.positively,GBP is strong rather than chf if u see at live currency strength.
{quote} mostly all pairs are within the range only GBPCHF has a breakout but there is a news for GBP later. and i think its a fake breakout.anyhow,its a risky entry if u persist want to take order.positively,GBP is strong rather than chf if u see at live currency strength. {image}
although GBPCHF tecnically is a long breakout setup,but bad result of the news caused GBP weak
- #57
- Jun 5, 2017 8:00am Jun 5, 2017 8:00am
{quote} This is why i avoid high impact news. although GBPCHF tecnically is a long breakout setup,but bad result of the news caused GBP weak {image} {image}
The major downfall I feel you will encounter with this will be identifying the difference between a real and fake breakout, but again I hope you figure this pitfall out and win all the pips!
Trading is a Zero sum game. Someone winning means someone losing.
{quote} Interesting idea I hope it works out well for you, out of interest would you set up a TE so that we could potentially follow and see the theories potential success? The major downfall I feel you will encounter with this will be identifying the difference between a real and fake breakout, but again I hope you figure this pitfall out and win all the pips!
well said.thank you