Thank you Michael! Would you have any advice on which timeframe is best for confirming a breakout? I tried to make this play as it passed 20.50 but ended up getting stopped out as it dropped back below. I perhaps also placed to tight a stop loss, but trying to manage risk in these days. But in this case I was looking at daily chart for the level then into 5 min for an entry.
The timeframe in which you watch something needs to be congruent with your hold time. If you are trying to hold something for a week for example then looking at a 5 min chart would make no sense.
Thank you!
Thank you Michael! Would you have any advice on which timeframe is best for confirming a breakout? I tried to make this play as it passed 20.50 but ended up getting stopped out as it dropped back below. I perhaps also placed to tight a stop loss, but trying to manage risk in these days. But in this case I was looking at daily chart for the level then into 5 min for an entry.
Kind regards,
Pablo
The timeframe in which you watch something needs to be congruent with your hold time. If you are trying to hold something for a week for example then looking at a 5 min chart would make no sense.