November 19, 2012
- in Uncategorized by schooloftrade
Crude Oil Day Trading – Buy Pullback for Breakout Profits
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| Buy Pullbacks with Breakout |
This morning we used one of our favorite day trading strategies for ANY
liquid market, which includes buying pullbacks. We call this the ‘Wave Pattern’ in
our live trade room, and this pullback strategy can be used on any market and any
timeframe, even FOREX.
liquid market, which includes buying pullbacks. We call this the ‘Wave Pattern’ in
our live trade room, and this pullback strategy can be used on any market and any
timeframe, even FOREX.
How do pullbacks
work? The first thing we need is for a breakout,
which means we need new higher-highs or lower-lows in price-action. Once we get the breakout we look for the fake-out-breakout
which occurs when that new breakout fails and price returns to its original
location. Assuming the breakout
continues we then will look for price to pull-back for us to enter long.
work? The first thing we need is for a breakout,
which means we need new higher-highs or lower-lows in price-action. Once we get the breakout we look for the fake-out-breakout
which occurs when that new breakout fails and price returns to its original
location. Assuming the breakout
continues we then will look for price to pull-back for us to enter long.
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Read the Complete Trade Room Recap HERE
