Extention of 15 Min Breakout Failed Breakout Trade Data

MSN1979

Well-Known Member
#13
How u traded Jindal and Jet. It never hit SL in other thread.
yes you are right, it never hit SL but traded below suppport. My system doesnt wait for SL to hit. Entry is allowed when support is broken on top.

Same Method broke of S/R. jet broke upper Support which became resistance. if you look at my trades I wait for support to become resistance and then short when price crosses support by next candle.

For buy I long only when candle crosses and then price closes above that candle.

SL is start end of rally which is just above S/R
 

MSN1979

Well-Known Member
#14
How u traded Jindal and Jet. It never hit SL in other thread.
While going long we go above resistance. Please check 1st 2 charts with longs.

So exact opposite when going short it should be break of Support and not wait for SL to hit.
 
#15
yes you are right, it never hit SL but traded below suppport. My system doesnt wait for SL to hit. Entry is allowed when support is broken on top.

Same Method broke of S/R. jet broke upper Support which became resistance. if you look at my trades I wait for support to become resistance and then short when price crosses support by next candle.

For buy I long only when candle crosses and then price closes above that candle.

SL is start end of rally which is just above S/R
There is lot of discretion which will not let replicate paper trade results to practical one. Defining exact entry will help.
 

MSN1979

Well-Known Member
#16
There is lot of discretion which will not let replicate paper trade results to practical one. Defining exact entry will help.
I am not sure if you understood the method correctly. From 1st thread I was very clear about my entry. It is break of S/R a failed breakout. All the trades which I have taken are also break of S/R.

No exception made to rule so far.
 

MSN1979

Well-Known Member
#17
If the breakout fails. We will Trade the failed breakout above S/R with a Very Small Stop Loss Just below S/R or Where the rally started.

I hope this helps. this line is from my first post in the thread clearly stating entry near S/R and SL to be the start of rally or decline whatever it might be.
 

MSN1979

Well-Known Member
#18
Also If I wait for a SL to be hit I would have a huge SL. my idea is to have a very minicule SL
 
#19
I hope this helps. this line is from my first post in the thread clearly stating entry near S/R and SL to be the start of rally or decline whatever it might be.
Got it. But I thought S/R defined as below

“15 Min Day High Low to be considered as S/R”. Now what is S/R if above not true.
 

MSN1979

Well-Known Member
#20
hmmm ok let me try to explain this again

Yes S/R would be 15 Min Open candle ( High as Resistance and Low and as support) + we only trade failed breakouts.

So Consider opening Candle data

OHLC: Open 10 High 15 L 5 C 7

So here and High of 15 I will mark a Horizontal Line
Low of 5 would be my another horizontal line

now my resistance is 15
and 5 is support

Lets move on

Price breaks high of 15. We consider this as a breakout. Since price travelled above resistance of 15. Now this resistance becomes support. Also important to note that at this stage . No Trade is trigered. Since this is a breakout ( but we only trade a failed breakout)

Now price zooms higher and after some time it comes back to below 15. So now we are active but not yet triggered.

If the next candle after the break of support closes below or breaks below low of prev candle our trade is triggered with a SL of Candle high. If the candle is a WRB no Trade can be taken. We only want high probability trade.

Attached a sample chart.

Longs ...1 st post chart please refer that
 

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