Trading breakouts [By The Book]

WR on the monthly. Yes, I'm using a 20sma on this chart because I don't take my trades from it. My trades come from 60 min, Daily and weekly which are indicator free.

I used monthly because I couldn't get a clear analysis on smaller charts. Long term it looks good around 30.

TIP!.. ZOOM out your charts as far as possible and work your way in. As noted, one of the swing pivots on WR was from 1993. I wouldn't have found this s/r multi-pivot line otherwise.
 

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Example of a possible losing trade.

With an entry around 24.72 , stop at 20.30 and target at 33.40, that puts my r/r at around 1.97.. A trade which should be avoided.
 

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I looked at your charts and the resistance areas you draw in are frequently way off. You simply take random highs at which the market has peaked in the past. These are not the ones the market is eyeing. You should practice to define the real S&R levels and you will experience more success with breakouts. Good luck though.
 
Quote from Kobayashi:

I looked at your charts and the resistance areas you draw in are frequently way off. You simply take random highs at which the market has peaked in the past. These are not the ones the market is eyeing. You should practice to define the real S&R levels and you will experience more success with breakouts. Good luck though.
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Please provide examples of what you consider real s/r levels.
 
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