Extention of 15 Min Breakout Failed Breakout Trade Data

#21
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
Ok. Got it. Entry is now exact at break or at number 2 where candle close. What is WRB. This all is active monitoring stuff.
 

MSN1979

Well-Known Member
#22
Ok. Got it. Entry is now exact at break or at number 2 where candle close. What is WRB. This all is active monitoring stuff.
No active monitoring stuff required. All we need to check before taking a high probability trade is to check what % we want our SL to be. if a candle is WRB - Wild range Bar Which Means a very big candle. then the SL would be far away. Now this trade would have higher % of risk involved. So we avoid getting into such trades and our trade setup don't give us an entry.
 

MSN1979

Well-Known Member
#23
candle 14 is a WRB. No point entering a trade when a WRB or an outside bar comes. We cant afford to loose so much capital. Just avoid those trades. We can get multiple trades again tomorrow or day after
 

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MSN1979

Well-Known Member
#28
What's the current status brother?
Since tradingisfishing did not share his method yet, I have decided to take initiative to test this on current trending stocks from news, tv , MC ET etc.
I don't have enough trades to post results. But so far observation is It works fine on any trending scrips. It would still work if stock selection is not good but results are average. With good stock selection ( trending stocks) Its better.

Considering this method does not require any intervention during the day is the best part.
 

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