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I replayed one of my entries to see why I keep messing them up when in hindsight they seem so easy and it boils down to focus - I must follow these steps when deciding to enter or not:
to trade a Break-out (Principle 6 - strength at S/R or Principle 4 - sideways trend at range boundary on strength) I have to have patience to follow the steps on the 1min chart and resolve to commit when done:
(1) How far does the break-out bar go past the S/R level?
- a long way = continuation likely
- not far = failure likely
(2) How big is the pull-back from the extreme of the BO?
- all the way to the S/R level & more = failure likely
- short = continuation likely
(3) When the stall develops, does price reach the BO extreme?
- yes = continuation likely
- no = failure likely
(4) Check R:R 50:50 last acceptable entry point
(5) Check best exit stop location
(6) Get entry order ready
(7) Watch for a trigger
- 3 small bars in one direction
- spring pattern / upthrust pattern
- spike & ledge
- failure of a pattern in opposite direction
(8) if it agrees with bias from 1,2 & 3, pull stop order in to market
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