Comment by
YourTradingCoach
23 May 2009


Hi radziok,
Correct. I don’t trade a breakout from consolidation or support/resistance in the usual method. My preference is for either (a) analysis of the price action to identify a pullback PRIOR to the breakout, in the direction of the anticipated breakout (provided sufficient R:R is available to scratch the trade in the event of failure), or (b) trading the first pullback after the breakout.
Cheers,
Lance



Comment by
radziok
24 May 2009


This is not trading Breakouts, this is what is called a pullback play.



Comment by
affectedstudent
24 May 2009


Thank you coach….I am following all your posts with great interest …



Comment by
AM2M
26 May 2009


Thanks Lance!



Comment by
YourTradingCoach
28 May 2009


Hi Harley04,
Glad you like the videos.
Yeah, it’s been a wild ride for the Aussie Dollar, and anyone trading the one timeframe (eg daily) would have had to take the entry on breakout or miss it. HOWEVER, those who use multiple timeframes had plenty of opportunity. Dropping to a lower timeframe after breakout can sometimes provide a good retracement back to the point of b/out, with a lower risk entry. Test it & see if it works for you.



Comment by
Harley04
31 May 2009


Thanks for posting, these are great, I will try to get around to watching all of them………..
Only problem with watching for these retracements, OK for ‘normal’ markets, but have you seen the AUS – USD movements lately? No way to catch those moves, just jump on and get some of the ride!



Comment by
YourTradingCoach
2 Jun 2009


(ctd)…it is possible to subjectively assess the likelihood of various probable outcomes. Through a study of price action a trader can identify changes within the nature of the price movement which indicate an increased likelihood of a breakout. These setups can offer a higher probability of a move in the near future, and as you suggest they can pay very well. Don’t just see the macro level pattern, study price action within that pattern.



Comment by
YourTradingCoach
5 Jun 2009


Hi jfisamm,

(1) ‘days or weeks’ depends on timeframe obviously. I’d die of boredom waiting that long for a move.

(2) You’re correct in that a trader cannot ‘know’, as to ‘know’ implies certainty. The nature of the markets is uncertainty, so no future movement can be ‘known’.

However… (continued in next reply box due to character limitations)



Comment by
jfisamm
6 Jun 2009


Entering befor the breakout provides good reward risk rato.The problem is you don’t know when and if the breakout is going to occur…..maybe days or weeks !



Comment by
YourTradingCoach
8 Jun 2009


Cheers johto,
Glad you liked it.



Comment by
johto
10 Jun 2009


Good video



Comment by
YourTradingCoach
12 Jun 2009


Hey ZepTrader66,
Glad you liked it. Thanks for the feedback.

Cheers,
Lance.



Comment by
ZepTrader66
15 Jun 2009


Nice work Lance!



Comment by
YourTradingCoach
16 Jun 2009


Hi megahoed,

First, a trader must accept that being stopped out is always a possibility. Therefore, minimising & managing risk must be a priority. Being stopped out does happen, and in fact the volatility of last week was especially difficult to trade at times.

Second, the video only discusses the setup areas. The entry trigger is based on lower timeframe price action analysis, and this aims to avoid many of the failures. More to follow in future videos, perhaps?
Cheers,
Lance



Comment by
YourTradingCoach
18 Jun 2009


Hi mupersan82,

Thanks for the feedback. Hopefully I can continue to provide videos that are useful for both the novice and professional trader.

I’m glad you found value in this video.

Cheers,
Lance.



Comment by
megahoed
20 Jun 2009


how do you avoid fake pullbacks, the fakeouts? especially this month, this market had alot of volatility around levels, and wasn’t quite orderly. I was wondering, what do you do to avoid being stopped out?



Comment by
mupersan82
22 Jun 2009


Thank you for the videos. They are very well presented and surpass your own subscriptions in quality.



Comment by
YourTradingCoach
24 Jun 2009


Your welcome radjune,

Glad you found it useful.

Happy trading,
Lance.



Comment by
radjune1970
25 Jun 2009


Thanks for sharing this , very useful information

Sorry, comments are closed.