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Description
Breakout mode patterns described in depth in Brooks Trading Course and the books of Dr. Brooks.
yohtza
Joined on 20.09.2023
- Distribution: Free
- Language: C#
- Trading platform: cTrader Automate
- File name: Breakout Mode Patterns.algo
- Rating: 5
- Installs: 931
- Modified: 10/10/2023 13:31
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Comments
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SH
Very accurate indicator. Could you please explain the notation to me as a novice trader. Maybe briefly. oo; ioi; ii; ioii; ioooi. Or at least provide a link to decrypt them.
ii - consecutive inside bars ( high and low inside of the previous bar), triangle on a lower timeframe
oo - consecutive outside bars ( high above the high of the previous bar and the low below the low of the previous bar), expanding triangle on a lower timeframe
ioi - inside outside inside, diamond pattern on a lower timeframe
Traders that trade these patterns are entering on breakouts above/below .When they appear in a trending market, they are good setups for both continuation and reversal swing trades. When they appear in ranging market, they are not nearly as powerful since most breakouts fail in this context. To achieve the highest probability, it is best to trade in the direction of the trend on the last bar in the pattern with a stop loss on the other side and going for a reward that is at least twice the risk.