My rules for trading this simple breakout pattern.
1. At least 5 points of contact within the pattern.
2. A breakout out of the pattern. This creates what I call the "Breakout Point" which is formed at the low wick of the candle.
3. Regardless of what price does after, we must see a breakout past the "Breakout Point." Regardless if we get a retest or not.
Risk to Reward Ratio of at least 1:1
Risk 2-3% capital.
Happy Trading!
1. At least 5 points of contact within the pattern.
2. A breakout out of the pattern. This creates what I call the "Breakout Point" which is formed at the low wick of the candle.
3. Regardless of what price does after, we must see a breakout past the "Breakout Point." Regardless if we get a retest or not.
Risk to Reward Ratio of at least 1:1
Risk 2-3% capital.
Happy Trading!
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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.
Related publications
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.