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Beany72

3,285 Posts.

5

04/06/17

10:31

Post #: 25085808
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Originally posted by Jako64 ↑

Just thought I would highlight that the potential entry bars on this breakout chart, are all standing 'tall and proud' (decent spread, close near the high).
Compare to the bars prior and you can see that they are showing there is potential strength to come.

The entry comes on the first upbar after the test of the breakout, or the secondary test of the breakout (and some will take the entry as price moves above the test).

It must be said that sometimes price will not come all the way back to test the breakout (sometimes it will be just too strong...with momentum and short term traders jumping on board and pushing it higher).
In these cases you can only buy the dips using a similar method-watch for very low volume on narrow spread downbars as the guide,
or are forced to chase the stock higher (generally not recommended, or if you do - slide up your stop pretty soon to avoid being trapped),
or give up on this trade for now and watch to see if another decent entry comes along later on....(sometimes it will, sometimes it won't).

View attachment 600408

cheers

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Awesome posts thank you Jako, building up a trading Gospel.
This is the methodology I have been trying to follow, as I don't short.
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