Forex Strategies: The Retest Breakout Trading System 💥
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I do this on the one hour chart and watch my entry’s on the 15 min chart. I’ve been stacking up 400-700$ daily 4 days a week.
Great. But still helpful after 2 years?
This looks like Sam Sieden's Supply-demand scenario.
Does it still work the same on smaller time frames like 15 min
this is a great idea, except that it would be so much better to take a long at the bottom of the range as soon as a range is established (two highs, two lows), and then let it run to see if it breaks out to a target predefined by previous resistance and take profit automatically. Move stops up by hand trailing by ATR.
This move could be just a range expansion. If you take this trade after it retraces that quickly with out a big move aways from the range than you will probably get killed by a fake breakout and get your stop loss hit. The best is to have a big move away from the level and then have it come revisit after the big move. Also ranges must be in london and the ranges must not have formed any earlier than the most recently closed london session
In a 5min charts, there are at least 3-4 of these on every normal volume/volatility day in cable. I love them btw! What people apparently don't understand is that sometimes they happen near a major sup/res and usually the top of the range is near the top resistance and so the lower of the range is near the support causing that a breakout, in those cases, is just a quick move to reach the top level and turn back. That's the so called "false breakout". At least, this is how I see things 🙂