wackypete2
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May I offer few suggestions...
First if your strategy has broken even then do not consider that a failure. You have managed to NOT lose money. That's a bigger hurdle than you think!
Try adjusting your 1:1 stop to target ratio. Breakouts that work tend to run much further and you miss that by limiting your profit. Try using a 30-40 pip target with same 20 pip stop, OR use 75% of AverageTrueRange(8).
Another variation, although maybe not practical for you if you are only able to "set and forget", is to wait for the 2nd breakout in the opposite direction of the first breakout. Many times a breakout will be faked just to wash out traders then price will continue in the opposite direction.
Just a few thoughts, maybe try on demo or with small stakes to see if you can get something to work. IMO, if you are breaking even that's a good reason not to give up just yet.
Peter
First if your strategy has broken even then do not consider that a failure. You have managed to NOT lose money. That's a bigger hurdle than you think!
Try adjusting your 1:1 stop to target ratio. Breakouts that work tend to run much further and you miss that by limiting your profit. Try using a 30-40 pip target with same 20 pip stop, OR use 75% of AverageTrueRange(8).
Another variation, although maybe not practical for you if you are only able to "set and forget", is to wait for the 2nd breakout in the opposite direction of the first breakout. Many times a breakout will be faked just to wash out traders then price will continue in the opposite direction.
Just a few thoughts, maybe try on demo or with small stakes to see if you can get something to work. IMO, if you are breaking even that's a good reason not to give up just yet.
Peter
