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Title: How Do You Enter After a Breakout? Post by: Jetheat on April 19, 2020, 01:07:15 PM http://culk.org/temp/xrp.jpg
How do you decide to enter after a breakout of a support/resistance level. Yes, you have volume on the bar going through the support/resistance but what about after that? The price could come down and retest the level or it could continue going up up and away. What do you do to decide on entry? JH Title: Re: How Do You Enter After a Breakout? Post by: Raytheon on April 19, 2020, 01:27:01 PM The price could come down and retest the level or it could continue going up up and away. That is when you decide your entry. If the retest (old resistance) is sucessful, then seize your entry (the third candle from breaking out). If it fails, find other chances from other coins.There is a misconception that entry point is when the resistance is broken. If you buy at this, your chance is 50/50 cause as said above, the retest can be failed after that. When it fails, people have the tendencies to sell out of fear. You have to cut losses then. P.S: Words of advice for a new trader: only trade when market is in up trend. Title: Re: How Do You Enter After a Breakout? Post by: Jetheat on April 19, 2020, 02:03:56 PM But many times, the price is shooting for the moon right out of the gate without even thinking of a retest.
How do you get in on that move, knowing that it's not about to come back and try a retest? JH Title: Re: How Do You Enter After a Breakout? Post by: GreatArkansas on April 19, 2020, 02:15:13 PM How do you get in on that move, knowing that it's not about to come back and try a retest? I always enter on pullback especially in these kind of scenario of breakouts.High possibilities that there are pullbacks, just wait and you need patience. If these kind of entry also, fibonacci retracement is important, basis for your entry/possible pullback areas. And if it will not made a pullback for me, onto the next trade then :D Title: Re: How Do You Enter After a Breakout? Post by: Raytheon on April 19, 2020, 02:19:58 PM But many times, the price is shooting for the moon right out of the gate without even thinking of a retest. Stay still then find opportunities from other coins. Words of advice again: never chase a running train.How do you get in on that move, knowing that it's not about to come back and try a retest? JH Title: Re: How Do You Enter After a Breakout? Post by: bittraffic on April 19, 2020, 03:48:42 PM When after the breakout it tests its support and bounce back, you may try to enter. Not really. I will still look at the indicators I depend on before dipping my feet. Interesting choice of pair. Do you always do trade in XRP/BTC? Title: Re: How Do You Enter After a Breakout? Post by: Jetheat on April 19, 2020, 04:14:04 PM I'm monitoring 5 pairs including the above.
Let's say it pulls back to the sup/res line. How do you decide to enter when it does so? How do you know it wont carry on through the line backwards? What tools do you use to indicate that it wont continue through? JH Title: Re: How Do You Enter After a Breakout? Post by: bittraffic on April 19, 2020, 05:58:10 PM I'm monitoring 5 pairs including the above. Let's say it pulls back to the sup/res line. How do you decide to enter when it does so? How do you know it wont carry on through the line backwards? What tools do you use to indicate that it wont continue through? JH There is no assurance that it wont dip again after the break out, it wil keep on retesting the sup/res line until it breaks another res line. But why not take profit after it breaks another res line and enter again when you see it hits another bottom. Title: Re: How Do You Enter After a Breakout? Post by: Jetheat on April 19, 2020, 06:10:37 PM I suffer from pulling the trigger thinking if the price would continue through the line or bounce off.
JH Title: Re: How Do You Enter After a Breakout? Post by: bittraffic on April 19, 2020, 06:47:24 PM I suffer from pulling the trigger thinking if the price would continue through the line or bounce off. JH Its a very unsure pair if you ask me. But try shifting from xrp/btc to xrp/usdt. You may find the difference while you still in the 5m chart. A good tool for me is the RSI, kind of handy when it's there all the time to help decide. Altcoins are good but it will keep you waiting, it's still best to trade BTC/USD just to be in the same page with the rest of the traders. |
