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/
Trade active
Trade openedNote
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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.