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Which indicator is the best to measure breakout ?
Member Since May 19, 2011
6 posts
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 08:08
Member Since Feb 07, 2011
724 posts
None.
They don't work. Just draw yourself a nice support or resistance line and then realise that price doesn't spend a lot of time in the vicinity of support or resistance, it tends to bounce on it. So if you don't see volatility on your levels it ain't a level.
And once it's gone through wait for the retrace, take the second train, not the first.
They don't work. Just draw yourself a nice support or resistance line and then realise that price doesn't spend a lot of time in the vicinity of support or resistance, it tends to bounce on it. So if you don't see volatility on your levels it ain't a level.
And once it's gone through wait for the retrace, take the second train, not the first.
Member Since Jan 14, 2010
2299 posts
Jun 10, 2011 at 09:19
Member Since Jan 14, 2010
2299 posts
It is clearn from the name. When break out occurs, price does not come back. It nis in very good scenario, otherwise, it still can visit previous s/r area to trigger more orders but then again, it stays above below s/r line. No indicators.
Member Since May 19, 2011
6 posts
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 10:55
(edited Jun 10, 2011 at 10:58)
Member Since Feb 07, 2011
724 posts
Use the fractal indicator then...it will do the same job.
So you wait for the fractal to draw and then wait for price to go inside the fractal, then you know if it goes through again that it's most likely breaking out.
So you wait for the fractal to draw and then wait for price to go inside the fractal, then you know if it goes through again that it's most likely breaking out.
Member Since May 19, 2011
6 posts
Jun 10, 2011 at 11:10
Member Since May 19, 2011
6 posts
PipGnostic,
You are so professional and familiar with Bill Williams' theory !!.
Your suggestion seemed positive. But fractal is difficult to determine sharp of rectangle for breakout dowwards or upwards.
Anyway, I will test it again this weekend. There is another indicator named 'Gator Oscillator'. How to use it?
You are so professional and familiar with Bill Williams' theory !!.
Your suggestion seemed positive. But fractal is difficult to determine sharp of rectangle for breakout dowwards or upwards.
Anyway, I will test it again this weekend. There is another indicator named 'Gator Oscillator'. How to use it?
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 11:22
Member Since Feb 07, 2011
724 posts
I don't use indicators so I don't know. The only thing the fractal does is put a arrow on a high higher than the previous 2 bars and followed by two lower highs, the shape doesn't mean anything.
Just a high or low that needs to be broken.
Just a high or low that needs to be broken.
forex_trader_2062
Member Since Oct 24, 2009
186 posts
Jun 10, 2011 at 11:55
Member Since Oct 24, 2009
186 posts
TheCyclist posted:
None.
They don't work. Just draw yourself a nice support or resistance line and then realise that price doesn't spend a lot of time in the vicinity of support or resistance, it tends to bounce on it. So if you don't see volatility on your levels it ain't a level.
And once it's gone through wait for the retrace, take the second train, not the first.
Agree with PipGnostic, this is the only method that works for BreakOut, BUT, Breakout is not very reliable as a lot of times the signal is triggered and it is just a market spike. If you are going to trade Breakout, use tight SL and wait for candle close/Open.
There are indicators out there that will draw the lines for you, or you can do manual as I used to, it is a lot of fun.
Good luck.
Jun 10, 2011 at 12:49
Member Since Nov 18, 2009
735 posts
Well if you don't <i>have to</i> make money <s>gamb</s> trading, well it's a lot of fun actually. 😄
It's like anything ... if you take it too seriously, it's gonna hurt.
It's like anything ... if you take it too seriously, it's gonna hurt.
Surround yourself with people whose eyes light up when they see you and who have no agenda for your reform.
Jun 10, 2011 at 12:53
Member Since Nov 18, 2009
735 posts
Back to the subject, I read somewhere that you can use Bollinger and Keltner bands to see if a breakout is imminent. Volatility drier than a nun's muff, Bollingers tight, then breakout is likely. That's what the book says.
Surround yourself with people whose eyes light up when they see you and who have no agenda for your reform.
forex_trader_28881
Member Since Feb 07, 2011
724 posts
Jun 10, 2011 at 13:30
Member Since Nov 18, 2009
735 posts
Oh yeah, money is so temporal ... These days it ain't a pile of cash anymore, it's just numbers somewhere in a server room ... Money won't make anyone happy. Fortunately, it doesn't make anyone sad either, LMAO.
TheCyclist posted:
I don't have to, got a decent job. But the cost to me was very high, almost to high in terms of time, doesn't matter how much I make from fx, not all the money in the world can buy me one extra second.
Surround yourself with people whose eyes light up when they see you and who have no agenda for your reform.
Jun 10, 2011 at 14:25
Member Since Nov 18, 2009
735 posts
Time ... we have nothing, but time, really. All the time in the world.
Once you're done with something, a period of your life, or a big project, you can look back and say, holy shortcake, it's over, done, finito, you have to come to some conclusions, how to make it better next time but ... it's just so good to be able to say ... been there, done that ... in a good way. If it hasn't killed you, must have made you stronger ... and forex hasn't killed you, has it Elkart.
Once you're done with something, a period of your life, or a big project, you can look back and say, holy shortcake, it's over, done, finito, you have to come to some conclusions, how to make it better next time but ... it's just so good to be able to say ... been there, done that ... in a good way. If it hasn't killed you, must have made you stronger ... and forex hasn't killed you, has it Elkart.
Surround yourself with people whose eyes light up when they see you and who have no agenda for your reform.
forex_trader_28881
Member Since Feb 07, 2011
724 posts
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