Ok, someone please elaborate on the details as to why these scenarios may produce less than favorable results Breakout is against the direction of the previous days close Trading a breakout against the current trend Breakout withing area of many other S/R levels (this one seems obvious) word....
well what im trying to do is define lower from high probability trades so that i can manage my position size better. breakout against current trend meaning, the trend of the day is up but theres a break of consolidation to the downside... would this be a lower probability break as where i should decrease my entry size? how do i really go about figuring out the probability of any given scenario (be it low or high)
i have a problem back testing because i can't find daily 1 minute charts that go back far enough... anyone?