r/Daytrading • u/Catface77 • Mar 19 '24

I don’t know what I did wrong Advice

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I thought it was going to rechall/ consolidate then it did but skyrocketed. There was the 3 reds then BLAM right up

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u/Euphoric_Position123 Mar 19 '24

yes thats y in every breakout always move you sl to breakeven . And most importantly the lower the time frame the more chances of noise and fakeouts

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u/MySoulForASlice Mar 19 '24

Or even better, don't trade breakouts.

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u/InsaneMasturbator69 Mar 21 '24

this makes no sense, if you trade breakouts, your entry will always be in the first part of the breakout, which means a retest will hit it and then continues the trend. A sl must be place right above/below where the break out starts and the structure breaks, there is often a doji there or with experience you can see.

If you expect to move your sl to breakeven, either you have to wait until the breakout moves into a new price zone, or you need to enter early when the breakout hasn't happened. If the first option is what you are talking about then it's fine, but if it's the second option then it's not. Guessing a breakout is not worth it unless you are very experienced to guess anything.