Trading breakouts is not only fun and exiting(whether or not it goes your way) but its a great test to keep yourself engaged and focused on the market, as well as the task at hand which is seeking out retests and confirmations for your next breakout play. In this example we can see this pair with gained strength, since picking up momentum from its move up from the 50% region of the range that it was in and has now crossed above range high. Looks great except for the fact that price has yet to react with the resistance level we had broke on the way up. Without proof or confirmation that the level will turn support it would be reckless to place a trade
Confirmation is KEY If you fail to plan you plan to fail, never trade without a map to success.
Hope this helps somebody out there and please feed back is greatly encouraged.
Confirmation is KEY If you fail to plan you plan to fail, never trade without a map to success.
Hope this helps somebody out there and please feed back is greatly encouraged.