Best Thread Phil Newton's Range Break Out strategy

[Lord Flasheart]

The execution of the trade looked right top me if you like that sort of trade.Personally if I was to trade like that i would be looking for a higher low as the price approaches the resistance area and try to get in before the break. There are always traders looking to take the other side of what you are trying to do. That is just my opinion. Have you looked at how you manage your winning trades etc once you are in them?
If you look at the start of my thread there are charts,live trades and videos showing exactly how I use trend lines and support and resistance.Good luck

 

[breather]

The execution of the trade looked right top me if you like that sort of trade.Personally if I was to trade like that i would be looking for a higher low as the price approaches the resistance area and try to get in before the break. There are always traders looking to take the other side of what you are trying to do. That is just my opinion. Have you looked at how you manage your winning trades etc once you are in them?
If you look at the start of my thread there are charts,live trades and videos showing exactly how I use trend lines and support and resistance.Good luck

I am very thankful for your kind answer. Yes, I like this type of trading and here is why: I have never had a trading plan, I have read a lot about strategies but I was not able manage them and I have jumped from one to the other. I have found Phil Newton's method, I have seen his vids, how he executes it and I seem now slowly get the point. I have started a new thread in the newbies section but I am happy that people are there still in this seemingly forgotten area too. I will continue to post here too. Thank you for the link you provided me.

 

[nunrgguy]

Thank you Splitlink for your kindness to share your opinion with me. I will stick to the plan "taughed" by Phil himself via his vids, I try to get the taste of his reasonable readings. I really think I am weak in defining the range bounds, however I understand now the importance of the high/low of the day before. After watching tons of his vids the importance of the range boundaries realitve to the highs/lows of the day before is getting slowly clearer. Your reply turnded my attention toward that fact, I really appreciate it.
I will post a new picture. I would like so see comments whether I can apply the range break out trading here or am I only using a good setup on a wrong place.

The trade was OK but maybe a little late, in a bit of a no-mans land too re price extremes. It's always very easy in hindsight but there's 2 things to take note of. 1 buyers finally overcame sellers with decent momentum at approx 078525, however there was immediately a spike down which would, if you place stops too close, have taken you out immediately. Price then shot up to where? The weekly open, which also happened to coincide with a large area of previous supply. Then what happened? Sellers finally overcame buyers at around 0.78610 and price closed below previous broken potential resistance price 78662. Then price went down down down to the previous area of demand at the yearly low. There was a small pullback entry where breakout stops may have been, buyers did overcome sellers for a period but there was the previous reversal area above, unlucky entry if you went long there as in that situation its a bit of a crapshoot - will the sellers overcome or the buyers, one clue to look at is momentum that came out of the zone compared to momentum you're entering on but it's never 100%. But following that there was more momentum short and another possible short entry.

Image code will not post. Why??

http://flic.kr/p/czNJaY