I’m a somewhat cautious breakout day trader.
I take note of the pace and harmony of the market.
I favour trades that are in the direction of the current dominant pressure.
With a neutral view, I let a break build up ‘properly’.
I pay attention to magnets such as a double zero or fifty price level.
I’m observant of obstructive elements on the way to a target.
And I’m aware that being in a trend or a range has implications.
Moreover, I do not need a trade; therefore, I do not search for one.
To that end, I spot my trades rather than find them.
I monitor significant financial news and do not trade their effect.
My entries are in association with the 25 exponential moving average.
Added to that I use the squeeze or confluence of setups such as a pattern break, a pullback reversal, a pattern break pullback or a pattern break combi.
A signal bar is highly desirable, a break of which is my entry which in turn becomes my entry bar.
I wait for an acceptable break, and I’m patient to avoid false and tease break traps.
I exit at the (1) target or an appropriate (2) resistance, (3) technical or (4) reversal point.
My goal is to determine the nature of a break, consistently.
- A breakout day trader
- The pace of the market
- Dominate pressures
- The thickness of a buildup
- Is a magnet present?
- Are obstructive elements on the way to target?
- Trending or ranging?
- Don’t need a trade; don’t search for one
- Spot trades rather than find them
- Awareness of significant financial news
- Entries and the 25 EMA
- Add to that the squeeze or confluence of a setup
- A signal bar is highly desirable
- Wait for a ‘proper’ break
- Exit at the target, resistance, technical or reversal point
- The goal is to determine the nature of the break