I am currently using a strategy where I wait for the consolidation over the Asian Session.... Look for strong lines of support and resistance and then trade a break of those lines....
Usually I am waiting for a close of the lines to confirm the break and it is working pretty well....
I was just wandering how many other people trade these soughts of strategies and in which way they find most effective....
Also if anyone has been trading this way for a long time....
The reason I ask is because I understand that the very reason that breakouts work so well is because there are stop and limit orders on eitherside of these lines so when a break occurs not only do other traders buy or sell into these moves but orders are executed as well...
Is there any truth in this?
Usually I am waiting for a close of the lines to confirm the break and it is working pretty well....
I was just wandering how many other people trade these soughts of strategies and in which way they find most effective....
Also if anyone has been trading this way for a long time....
The reason I ask is because I understand that the very reason that breakouts work so well is because there are stop and limit orders on eitherside of these lines so when a break occurs not only do other traders buy or sell into these moves but orders are executed as well...
Is there any truth in this?