Could you post that chart with accurate pointers to the two events listed below? 1) low that was just made 2) (breakout level)
Looks like intent to buy at a return to the breakout of a double bottom. Double Bottom and Tops paired with measured moves, _Have Very Specific Rules _Have Very Simple Rules _Allow Quick Stats Generation Double Top and Bottom https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-18#post-5309309 If you wanted to mark up some charts from days past for a dozen Double Top / Bottom Breakouts, you can get a good idea of whether they're your cup of tea. The Stops according to Hoyle can be pretty far so these are not especially kind-hearted when they fail. The benefit is that you can easily jot down accurate stats for that dozen trades to see if you want to investigate them further. This setup works great to cure chasing by use of buy-stop orders one tick above breakout. These will trigger automatically. Bracket trades can be set to auto enter stop-loss and targets too. Pretty hard to chase when the front-end is doing the order entry. Bracket Orders - Could Your Trading Method use them? https://elitetrader.com/et/threads/bracket-orders-could-your-trading-method-use-them.349950/ By the way, there will be Double T and B setups that Fail. If you look into them, Please most definitely post Failed setup Charts in the Thread Below. We like to collect those especially. Lots can be learned from the fails. Double Top, Dbl Bottom. Show your Opinion, Use Charts - Especially Non-Workings! https://elitetrader.com/et/threads/...-text-is-cheap-lol.348337/page-7#post-5200312
This belief is an obstacle to any durable success as a retail trader. A trader w/o TA is like a Captain w/o charts. Boat’s gonna sink on avoidable reefs.
That was a reasonable entry. The exit signaled when the lower high printed after your entry on decreasing volume.