trader_dante
Veteren member
- Messages
- 4,535
- Likes
- 1,535
I mean when the stock breaks 320 aprox on my chart, what do you guys call a breakout?
When Proctor takes out approx $64 to the upside or $59 to the downside. I call that a breakout.
I mean when the stock breaks 320 aprox on my chart, what do you guys call a breakout?
LMAO TD - that's a cop-out, not a break out !
Ok so we are all now on the same page Trader Dante you said before that you can achieve a higher % than 60%, How?
How to avoid false breakouts - wait until breakout is confirmed, not just a possibility, you lost upside yes, wait for the pullback, enter when pullback holds and goes past the high of the initial breakout.
Won't work all the time but nothing does.
Dangerous.
If you really want to trade breakouts, you should get in prior to the breakout point
If you really want to trade breakouts, you should get in prior to the breakout point
How to avoid false breakouts - wait until breakout is confirmed, not just a possibility, you lost upside yes, wait for the pullback, enter when pullback holds and goes past the high of the initial breakout.
Won't work all the time but nothing does.
How to avoid false breakouts - wait until breakout is confirmed, not just a possibility, you lost upside yes, wait for the pullback, enter when pullback holds and goes past the high of the initial breakout.
Won't work all the time but nothing does.
Step 1 - Identify the point at which you think it buyers should step back in on a retracement
Step 2 - Look to see if they actually do, along with signs of the sellers getting weaker
Step 3 - Know that the more confirmation you wait for, the worse your entry
I think it's step 2 that the chart-only traders struggle with.
I don't know of any method that will eliminate significant percentages of false breakouts while confirming entry on true breakouts (but no doubt someone will come on here and tell us that only discretionary traders can do this and we're all fools and blah blah blah).
Back in the real world, trading breakouts is in two ways like catching a bus. Firstly, if you miss this one there will definitely be another in a few minutes: so don't kill yourself running across traffic to get on board quickly.
Secondly, if you do find you're on the wrong bus, the only right thing to do is get off. So, when would you get off? Would it be right away, because it's the wrong bus, or would you sit back and take a little ride and see where it takes you for a few hours? Most people would get off as soon as they realised their mistake. As a trader, follow this simple rule.
Are you going to give the holy grail ,of finding trend breakouts , without the false breakouts ?
I have seen at least 15 false trend breakouts in a row!![]()