Breakout Trading

[Revorocks]

I will be posting my trades here using just trend lines. I have had good success with them particularly over the past month. I also do simple trend line bounces, but I find breakout and successful retest has a higher success rate. I mainly trade DOW, but sometimes FTSE/DAX, although I they tend to be somewhat correlated.

I am still a new trader though, have only been trading for one year so still trying to turn consistently profitable.

Any feedback is welcome, particularly ideas around profit taking/stop losses etc.

Cheers!

 

[Revorocks]

Currently short on FTSE.

1HR Chart below, we broke out of the up trend line, and retested it. Sstoch was overbought. I went short. SL 10 pips.

5m chart you can see the retest more clearly. I did actually take the first retest too but that one stopped out. -10 pips.

SL set to breakeven now.

Closed for 10 pips. Its resting on another trend line atm. I wouldn't have taken it had I seen it before so closing at R:R = 1. Will re-enter if we break through.
Usually my targets are much higher, R:R ranges from 1:3 - 1:15.

 

[Revorocks]

Took a long on DOW yesterday. We broke out and retested. SL = 30 pips.

You can see the re-test more clearly here.

Closed this morning for +200 pips as we hit a resistance level and I'm happy with the profit.
It may go higher, I usually like to wait for the RSI to go diverged and it isn't currently.

What this pic doesnt show is about 5 other trades I tried which all got stopped out. Various different setups which failed. None were proper breakouts like this though so my fault really. Overtrading. Still, this one undid those losses and then some.

 

[Revorocks]

Currently long on EURJPY. We broke out and retested this trend line. SL 30 pips, just below the swing low/retest. I did get stopped out of this once as I messed up the stop loss so re-entered. Currently holding.

retests twice, but with a reasonable SL should not have been stopped out.

Its currently pulling back a bit. RSI is fairly flat. I am going to wait and see if we have another rally.

Update: Closed this one. Has dropped off now. In future I will close them if we have a rally but RSI doesnt break new highs. Should've closed a little earlier.

2nd Update, this one is still rising. Wishing I held a bit longer. Next time I will just bring the SL to the next swing low/high.

 

[Revorocks]

There was a lovely breakout on GBP/CAD. Broke through this down trend on the upside. Retested. Would've had a fair tight SL so good R:R on this trade.
I didn't enter it for some reason. I was at work, glanced at it and thought it would carry on going down.
Just goes to show you never know, so take every correct setup that presents itself.

 

[Revorocks]

I am also long on gold. This one has been sideways for a few days now. Will just hold and see.

Update: this was stopped out.

 

[eabuilder]

Nice breakout strategy, let me know if you want this automated for free. You could have the EA trade daily and you would just post the results and come up with ideas for improving it.
Let me know, I'm a professional Forex programmer and I'm willing to invest time in open-source projects that can benefit a whole community.

 

[Revorocks]

Nice breakout strategy, let me know if you want this automated for free. You could have the EA trade daily and you would just post the results and come up with ideas for improving it.
Let me know, I'm a professional Forex programmer and I'm willing to invest time in open-source projects that can benefit a whole community.

Thank you. I am curious to know how you could program something like this?
I had no idea something like that was possible. Certainly sounds interesting.

 

[eabuilder]

Thank you. I am curious to know how you could program something like this?
I had no idea something like that was possible. Certainly sounds interesting.

Well, the part with drawing the trendlines would be quite challenging to program, but it can be a semi-automated system.
The user draws a trendline, and whenever the price breaks it and then retests it, a trade will be opened with SL and TP (also set as parameters).
The EA would track the real-time price movement (and the possible trendline adjustments) and just take the trades at the right time.
Everything can be adjustable, for instance you can set that a setup to be validated even if the price only retraces X pips close to the line, but does not actually touch it. Everything can pe programmed.

 

[Revorocks]

Took a long on the DOW again at 16395.

We broke out and retested this trend line.

As you can see it broke out and retested nicely. Stop loss was just below the swing low (30 pips).

Exited at 16529 for +134 pips as we hit resistance.

Looking at it now I wish I held longer!

 

[Revorocks]

Shorted dow yesterday.
We broke through support at 16337.Came up and retested it, it held.

Went short at 16322. Hit TP at 16193.

The target was random, I was going to bed to just put it there. Came in for +128 pips
Entered where circled.

 

[Revorocks]

Another short on DOW today. Another retest of that same area, entered on the 15m chart after the retest held.

Short at 16315. Will hold this and see where we go.
Stop loss is just above the upper trend line.
If we break through this trend line I plan to go long if we successfully retest.

Can see more clearly on 15m