Gold Base and Breakout Setup
Updated
The key to trade this kind of setup is the Buy Stop on a breakout. Without the breakout or breakout on the wrong side --> THE ENTRY IS NOT CONFIRMED.
You can choose too buy the breakout pullback though, i.e. after the breakout, wait for the pullback to test the breakout --> then buy. This is a much safer method but sometimes there is simply no pullback after the breakout. A compromise might be half to buy on a breakout and halt to buy on a pullback.
Read here for further details: cobrasmarketview.com/base-and-breakout-setup/
You can choose too buy the breakout pullback though, i.e. after the breakout, wait for the pullback to test the breakout --> then buy. This is a much safer method but sometimes there is simply no pullback after the breakout. A compromise might be half to buy on a breakout and halt to buy on a pullback.
Read here for further details: cobrasmarketview.com/base-and-breakout-setup/
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Trade openedComment
Trade active
Measured Move target reached. Traded out 2/3 of the position. Next stop could be 1250 area (see daily chart).Rest of the position is set to break even
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