Quote from GabbyJay:
No, I do not generally anticipate breakouts. I don't see the value in them for as they are less common then s&r bounce offs. I play the highest odds for my trading session when it starts. I figure if the market has traveled that high already the chances of a pull back or reversal become much greater so why I'd anticipate on a breakout just for a 20 pips is beyond me. The only exception is if the market is in a clear up or down trend. I mean 100% clear even the layman can spot it out - then my system is void and would go in the hands of a trend trader.
Now, in the rare case that the breakout continues to move the market up based on high buying or selling at that moment, I will generally concede my position after that support or resistance breaks and just call it a day. No need to chase every move when I can play a better odds game in ranges.
By the way: I never was classified a range trader. It is true I trade ranges but I trade whatever looks strategic. I enjoy trading pull backs, ranges, reversals, tops bottoms of s&r on price and macd. I determine these strategic trades all by analyzing 30, 15, and 1 minute multiple time frames and where the macd is at on those time frames. I don't waste time with break out anticipation because there's a greater chance there won't be a breakout than there actually will.
Someone asked me via pm if I use stop losses. I do not. I do not trust them.
-Jerry
Considering you're using 3 time frames to trade, which time frame do you rely on to determine if a sup/res are is broken?
For example - take a short at res but price continues to move up. What chart confirms the break?
(Please don't quote me line for line and respond to each point, it just ruins the entirety of my direct response to you)