Konviction's Breakout experiment [beta 1.0]

Quote from konviction:

Thanks. The risk reward isnt that great, but for a trader to be profitable with this system, and actually make some money, they need to (at least for now) take some bigger risks.

Because most breakouts fail, (which leads me to believe why so many breakout threads die after a few pages) we need to take some profit at the 25% line if price decides to reverse.

Price simply cant wipsaw forever, it will choose a direction at some point. If you notice price to be ranging, and it looks choppy..then move your swing points to the next largest high and low.

By looking at this drawing i did, you can see price making higher highs AND lower lows......how often do you see this happening in the markets? post a chart if you see this. It doesn't happen a lot, and when it does, its fairly short lived.

This type of pattern will kill me, but again, its rare to find.

The whole point of me trading these breaks is to capture BIG moves, and try and just stay alive until then. The big move can always be just around the corner, even if it is just a 10 to 20% chance.

If you only use one target, I think you'd be selling yourself short, and leaving a lot of money on the table.

I'm still working on the MM issue with this system and will probably issue some new rules soon.
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Your trade has, in its favor, an NR7 breakout of the daily of USD which is what popped everything else higher. Correlation trading works pretty well. Look at GBP it did the same thing, so did ES.
 
These are the explosive moves that I'm talking about, however I didnt make any money on this trade. I figured like the past couple of trades, it would pop, retrace, and either go higher or stop me out.

In this case, I didnt have a chance to add at the 50% level, and so I was stuck with one lot the whole time.
 

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Not the best last 2 days.

I held YM over night, because I was stupid and started trading it in the late afternoon cuz I got bored, so thank god we had the move down. On eur/usd, I got stopped, but I failed to reverse my trade long, which would have been a winner.

-303.30 on e/u
+ 220 on ym

net - 83.30
 

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eur/usd

One thing I noticed with myself when I trade this system is that if I dont take the stop-&-reverse trade immediately, I start to second guess the trade, and decide not to enter. Even off 2hr charts, trading fx is difficult. It's a 24hr market and the most active times are those when I'am asleep.
 

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