What makes a good breakout trade?
I have found out that the best breakout trades occur when a trader does the following things:
1. Finds an area of consolidation under and area of significant support if you are selling and or above resistance if you are buying.
2. Split your position sizing into 3rds so you would be able to enter at least three times because there is a very big chance for false breakouts. For example, lets say you see a breakout trade oppotunity and would like to trade a micro lot at .01 lot with 25 pips. Instead of placing the whole trade as a .01 lot, take it and divide it by three so you would be able to trade .003 lot at 25 pip stop loss and still risk the same amount as the .01 lot.
3. Time your trades!! I only place breakout trades when the market closes (its possible to do so when you have Oanda) because that is where I notice breakouts are more powerful and less choppy.
EURUSD
1. Finds an area of consolidation under and area of significant support if you are selling and or above resistance if you are buying.
2. Split your position sizing into 3rds so you would be able to enter at least three times because there is a very big chance for false breakouts. For example, lets say you see a breakout trade oppotunity and would like to trade a micro lot at .01 lot with 25 pips. Instead of placing the whole trade as a .01 lot, take it and divide it by three so you would be able to trade .003 lot at 25 pip stop loss and still risk the same amount as the .01 lot.
3. Time your trades!! I only place breakout trades when the market closes (its possible to do so when you have Oanda) because that is where I notice breakouts are more powerful and less choppy.
EURUSD
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