Toyo - agree with the TF analysis but I don't trade breakouts and I wouldn't advocate doing so when learning to trade as they are too obvious and often subject to fake-outs etc. There are traders who do trade these break outs and they see the market on the horizontal plane but their strategy is for lower TFs after retraces with tighter stops. Take a look at gold and oil charts.
Oil yesterday on the H1 TF was a classic example (around 1300 UK time)London took the price down all morning and there was an obvious support level that was built to try and trap the H1 break out traders. This level was then broken to the downside but the price quickly reversed as the US session opened and then crude shot up some 400 pips. Now I don't trade the H1 but I was watching it to see how price reacted to the huge move on Friday. Gold often does the same - look at the daily charts and see how often price will break the last low of the uptrend by a few pips, drawing in the shorts, only to qucikly reverse and rocket again.
PS - I would get rid of those indicators at the bottom of your screen - they will not help you in your quest to fathom PASR - often they will confuse you with contradictory signals and they are of little use because they are showing you the past. Plus you will no doubt be sent to the naughty corner by Strat!! ;-)
Oil yesterday on the H1 TF was a classic example (around 1300 UK time)London took the price down all morning and there was an obvious support level that was built to try and trap the H1 break out traders. This level was then broken to the downside but the price quickly reversed as the US session opened and then crude shot up some 400 pips. Now I don't trade the H1 but I was watching it to see how price reacted to the huge move on Friday. Gold often does the same - look at the daily charts and see how often price will break the last low of the uptrend by a few pips, drawing in the shorts, only to qucikly reverse and rocket again.
PS - I would get rid of those indicators at the bottom of your screen - they will not help you in your quest to fathom PASR - often they will confuse you with contradictory signals and they are of little use because they are showing you the past. Plus you will no doubt be sent to the naughty corner by Strat!! ;-)
Trade less and become more profitable!