While trading a breakout make sure you follow this strategy:-
1) Spot a bullish/bearish pattern (LONG/SHORT)
2) Look for a solid BREAKOUT by a green bullish candle (for if you're going long) and red bearish candle (if short) accompanied by a rise/fall in volume and bullish/bearish RSI (preferably above 60 for long & below 40 for short)
3) RETEST - A candle that touches your breakout zone and make sure it does not close below the zone. Most traders buy here but if you are still doubtful, after all Every trader has FOMO (Fear of missing out) and it's normal :)
Then always wait for a confirmation candle which should give a solid buy signal, a bullish (For going LONG) & a bearish (If short)
Usually I take 1:3 RISK-TO-REWARD Ratio so set a target, Stop loss and you are all set to rock.
THANKS FOR READING.
Presented to you by Lekisha Katyal
FOLLOW for more investing/trading ideas
1) Spot a bullish/bearish pattern (LONG/SHORT)
2) Look for a solid BREAKOUT by a green bullish candle (for if you're going long) and red bearish candle (if short) accompanied by a rise/fall in volume and bullish/bearish RSI (preferably above 60 for long & below 40 for short)
3) RETEST - A candle that touches your breakout zone and make sure it does not close below the zone. Most traders buy here but if you are still doubtful, after all Every trader has FOMO (Fear of missing out) and it's normal :)
Then always wait for a confirmation candle which should give a solid buy signal, a bullish (For going LONG) & a bearish (If short)
Usually I take 1:3 RISK-TO-REWARD Ratio so set a target, Stop loss and you are all set to rock.
THANKS FOR READING.
Presented to you by Lekisha Katyal
FOLLOW for more investing/trading ideas
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