The Complete Breakout Trader: Day Trading Strategies that Work by John Connors

Author:John Connors [Connors, John]
Language: eng
Format: epub, mobi
Publisher: BO PUBLISHING
Published: 2014-01-11T00:00:00+00:00

Let's look at one more case:

Chart 6: Enter on bar 1?

In Chart 6, is bar 1 a good entry?

No, it isn't. That's because the price is extremely close to the range, right at the border. You want to price to move away from the range before you enter. Think of the range as a gravity field. It tends to pull price back in, unless there is a strong takeoff. Bar 1 is not a strong take off. The close of Bar 2 is the proper entry.

Advantages

The greatest advantage is that you get in at the start of a trend. This means you are enter at a great price, and can hold your position for large profits.

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