How To Not Chase?

[easymon1]

buy at the low that was just made(breakout level)

Could you post that chart with accurate pointers to the two events listed below?

1) low that was just made

2) (breakout level)

 

[easymon1]

Which low were you referring to?

 

[chaser123]

Could you post that chart with accurate pointers to the two events listed below?

1) low that was just made

2) (breakout level)

Red location is where I intended to buy(also a low), blue line is breakout level.

 

[easymon1]

Looks like intent to buy at a return to the breakout of a double bottom.

Double Bottom and Tops paired with measured moves,
_Have Very Specific Rules
_Have Very Simple Rules
_Allow Quick Stats Generation
Double Top and Bottom
https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-18#post-5309309

If you wanted to mark up some charts from days past for a dozen Double Top / Bottom Breakouts, you can get a good idea of whether they're your cup of tea.
The Stops according to Hoyle can be pretty far so these are not especially kind-hearted when they fail.
The benefit is that you can easily jot down accurate stats for that dozen trades to see if you want to investigate them further.
This setup works great to cure chasing by use of buy-stop orders one tick above breakout. These will trigger automatically. Bracket trades can be set to auto enter stop-loss and targets too.
Pretty hard to chase when the front-end is doing the order entry.
Bracket Orders - Could Your Trading Method use them?
https://elitetrader.com/et/threads/bracket-orders-could-your-trading-method-use-them.349950/

By the way, there will be Double T and B setups that Fail. If you look into them, Please most definitely post Failed setup Charts in the Thread Below. We like to collect those especially. Lots can be learned from the fails.
Double Top, Dbl Bottom. Show your Opinion, Use Charts - Especially Non-Workings!
https://elitetrader.com/et/threads/...-text-is-cheap-lol.348337/page-7#post-5200312

 

[Sprout]

I do hands-on manual trading, but not with technical analysis. I just don't believe in it; don't have faith in it.

...let me amend that statement: I do believe in technical trading, but I don't believe that retail tools can outsmart the heavy iron of institutional traders. I think that if there's technical alpha or arbitrage in the market, Citadel, Point72, Renaissance, et alia's LL algos will identify and soak it up long before I even get a price quote.

I refuse to play a game I can't win. That's why I moved my time horizon out to weeks. It's the shortest time frame where I have some edges. I play the big swings.

As I said before, it's like trying to win a race against a Ferrari riding a tricycle. Another example: ever try and play chess against a computer at full strength? That's what you're doing in technical trading--the hedge funds are the Chess computer, and you're the amateur.

This belief is an obstacle to any durable success as a retail trader.

A trader w/o TA is like a Captain w/o charts. Boat’s gonna sink on avoidable reefs.

 

[Sprout]

View attachment 259127
Red location is where I intended to buy(also a low), blue line is breakout level.

That was a reasonable entry. The exit signaled when the lower high printed after your entry on decreasing volume.