Three high probability breakout trades taken within the last 24 hours.
EURUSD
Entry @ 1.4929
Take profit @ 1.4884
+ 45 pips
GBPCHF
Entry @ 1.7040
Take Profit @ 1.7000
+ 40 pips
USDCHF
Entry @ 1.0136
Take Profit @ 1.0104
+ 32 pips
A total of 117 sure pips in 24 hours. Currently waiting for bearish breakout on GBPUSD. Yesterdays low of 1.6756 is my breakout level. Once this level is broken I will wait for the pullback; then check that there is sufficient volume and momentum to move price action to my profit target of 1.6700...
I will be posting an outline of my trading plan soon, and an explanation of my breakout trades, once the markets give me a chance!
Remember, Never take a breakout trade, unless it follows a false breakout...
4 comments:
Hello FNW,
I came across your blog via ForexFactory. After having tried every indicator on this planet, I finally found out that they all tell me the past. So i dumped them all with exception of Fibs, S/R and Trendlines. That should do. The simpler the better. I studied the last 3 charts on your blog and transposed the lines to my charts. I can can see the breakout and retest line, but have no idea how you got the others (TP?S/R? SL?) I would appreciate if you could explain this.
Thank you and best regards from Belgium.
Ludo
So great!!
are you in skype or twitter to follow your signals?
thanks man
Hi Guys, thanks for the comments. Its great to see some interest being generated. I currently do not post live signals. I only just started to blog and am still getting used to the concept of trading and blogging. When I enter my "Trading Room" I am in a zone where 100% focus is on trading... Slowly but surely, I will get used to this new concept of blogging. Twitter will follow soon!
Hi Ludo,
Trading pure price action is the way to go. Allow every candle or bar to speak to you! I only trade high probability setups with predefined profit targets. I target a sure 50 pips or daily pivot levels R1/S1 whichever is limiting for my profit target. I use a fixed 50 pip stop loss initially when planning the trade giving me a minimum of a 1:1 risk to reward ratio. However, once the breakout occurs, I wait for the pullback then adjust stop loss to the base of the pullback or 50 pips whichever is more conservative. Oftentimes by adjusting the stop loss to the base of the pullback, my risk to reward ratio improves to 2:1 or even 3:1. I will explain this in more detail when I outline my trading plan. Happy trading!
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