Hi Dale/ guys. When we see a good setup and rejection candle at prime location there are 2 approaches to get into the trade. The first is to wait for a retracement and place stop above/ below the rejection candle. The second is to take the breakout of the rejection candle and either place the stop above/ below the rejection candle or above/ below the breakout candle.
I’m wondering about using a strategy where I ONLY enter on the breakout of the rejection candle (after London/ US session), and put the stop above/ below the breakout candle (to have a tighter stop). I only have a couple of years experience in the markets, so wondering if this is a viable strategy/ if anyone else has tried it.
Would love to backtest but have no idea how!
I’m wondering about using a strategy where I ONLY enter on the breakout of the rejection candle (after London/ US session), and put the stop above/ below the breakout candle (to have a tighter stop). I only have a couple of years experience in the markets, so wondering if this is a viable strategy/ if anyone else has tried it.
Would love to backtest but have no idea how!