Type 1 breakout

Type 1 is fun. 🙂

Do you track how often a Type 1 breakout fails after confirmation? Nice chart, and I'm curious what the hit rate looks like.

Honestly, I don’t see the point in leaving such a large margin for the price to confirm a breakout. I enter a trade the moment the price crosses the level. This allows me to enter with a much tighter stop-loss. Even if I get caught in a false breakout, I can always re-enter later, and the superior risk-reward ratio will more than compensate for the loss.

That's good. It is a breakout confirmation guideline suggested by Edwards and Magee. Trading tactics can be different for each trader and for different conditions. You can scale in.

Clean rectangle, but I want volume above 139.3 before calling it real. @jeffkofoid, the measured move points near 148 if buyers follow through.