Quote:
Originally Posted by johnnykanoo
Phil great book. I do my analysis the same way but i look for ob's and breakouts to.
the ob is almost always going to show you the direction of the pending movement (just look for it)
also consolidations always break out so it is easy to catcha good move using that. but the ib i love because it is breakout trading and it has alot of opportunity 80% of the time the markets are ranging.
heres a consolidation im looking at.
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Thanks Johnny,
I'm one step ahead of you... I'm already working on Part 2 of my method that covers breakouts. I wanted to keep the first part pretty short and not overwhelm any new traders trying to understand it.
I'm watching that consolidation as well. I do it a little differently though. I use trendlines on a 4 hour chart and then trade the breakout of the triangle. We're pretty much watching for the same thing, just doing it in different ways.
I've never really paid much attention it OBs, but I'll start keeping an eye on them now.
