Another nice breakout fakeout trade here from the breakout fakeout master ; But how high will it go???
As with the parallel dow trade (see other post) breakouts rarely work. Its nearly always best to see that conditions are overbought or oversold and trade accordingly.
The only problem is that I really need to sort out this telegram channel... I'm a high margin trader and so by the time I've posted a trade here for you folks I'm already in a trade and taken lots of profits off the table. That's the best way to trade these fakeouts hit the re-entry on a high margin account with a very fast move into profit, take that and look for a re-entry. There is still though room for profits in this trade. I just trade these fakeouts with swing trades. I will be trading each swing of the 5min and 1 min chart with lots of leverage, moving more to 5 min swings if and as the pattern gets bigger.
Very profitable.
If the low gets taken out no harm lots of profits have already been banked
Trade active
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Nice divergence on the chart now to further strengthen the breakout fakeout long trade
Trade closed manually
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Trade closed before the weekend break. I only really day trade, was a good job as stop would of been taken out if I had stayed long