One of the pattern that occurs very often is the range. One can trade it easily this formation using only price action without any help from indicators or other studies. Whenever the price breaks out of the range in either direction we can look for entry into the trade. There are 3 ways to enter marked in the chart.
1. Enter on the breakout.
2, Enter on the pull back to the breakout level.
3. Enter after the pull back or retest of the breakout level is over.
We need to keep in mind the fact that breakout attempts to fail quite often so entering on breakout of the level has its own risks. Entry at pull Back after successful breakout is better but it does not happen always. One can also enter on break of swing pivots.
Please practice and post your charts as comment. Practice only would train your eyes to recognize it.
1. Enter on the breakout.
2, Enter on the pull back to the breakout level.
3. Enter after the pull back or retest of the breakout level is over.
We need to keep in mind the fact that breakout attempts to fail quite often so entering on breakout of the level has its own risks. Entry at pull Back after successful breakout is better but it does not happen always. One can also enter on break of swing pivots.
Please practice and post your charts as comment. Practice only would train your eyes to recognize it.
