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Trading the Break out

Discussion in 'Forex Trading Systems and Strategies' started by Voxpop, Nov 19, 2007.

  1. Voxpop

    Voxpop Recruit

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    Hi guys Noobie here. Can anyone comment on the use of trading a break out strategy? I now there are a few sytems that are posted on forums on this particular method but I would be interested in hearing Peace Army members views on this.
     
  2. Pauly

    Pauly Recruit

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    Hello everyone

    I have tried the Power Break strategy by Andrew Fields and I cannot say that I am impressed with it. I stayed with it until he started charging $48 a month just for what was just forum access basically.
    The system just trades the hour after market open on a few pairs based on the range of the few markets for the period midnight to 8am and what other people on here and other forums have said it's very similar to a number of other free systems available if you look.
    Fields started the Power Break challenge imo to gain monthly income for himself, he's not much of a trader imho.

    Paul
     
  3. 555_hh

    555_hh Recruit

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    hi,
    my experience shows that any breakout systems are as good and/or bad as any other so called "system"..more or a less a 50:50 chance for each side. and in range markets (times) you will be caught in buying at highs if you wait for the breakout.

    i personally use sometimes the 1h four inside bar breakout (originally you wait 4 bars which must be within the first bar and then open a trade if the next bar (number 6 or any bar later) touches either the low/high of one of the 4 bars), but the opposite way, so i call it now the "counter-breakout-system". so, when the high of one of the four bars has been hit, i go short (not long) and vice versa. exit the position when the lower range has been hit or at the low/high of one of the initially 4 bars. did have more success with that methodology as trading the breakouts. yes, you will be caught when the breakout happens so setting a stoploss is a MUST.

    cheers,
    555
     

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