i am following 15 min candles for day trading... but many a times breakouts are becoming false brekouts by forming tails... to avoid this when a breakout occurs in 15 minutes time frame it is better to enter trade in last five minutes and it will also give less mental stress..
many times this happen
At times we have observed breakout occurs in first 2 or 3 minutes of 15 tf candle and that too prices suddenly sky rockets and then what we doo...
Inorder to catch that breakout we put a buy at market price order...
But what happens next....
Alas we are the ones who bought the stocks at high of that candle...
then what happens....
either price starts to decrease in that candle during last 5 minutes... or price donot further moves up after we bought....
in the next candles price starts decreasing by forming red candles.... fear grips us and immediately we place a sell order at market price...
sometimes again later price moves up in nxt candle... continuing the breakout... but we have closed the position already so painfuly again watching that price movement ...
in order to avoid all these mess even a breakout occurs at first 5 minutes of the 15 tf candle... by buying at last 5 minutes perhaps we may be getting better prices... perhaps more than that we will be having less stress.. and perhaps we may be getting more time for decision making....
many times this happen
At times we have observed breakout occurs in first 2 or 3 minutes of 15 tf candle and that too prices suddenly sky rockets and then what we doo...
Inorder to catch that breakout we put a buy at market price order...
But what happens next....
Alas we are the ones who bought the stocks at high of that candle...
then what happens....
either price starts to decrease in that candle during last 5 minutes... or price donot further moves up after we bought....
in the next candles price starts decreasing by forming red candles.... fear grips us and immediately we place a sell order at market price...
sometimes again later price moves up in nxt candle... continuing the breakout... but we have closed the position already so painfuly again watching that price movement ...
in order to avoid all these mess even a breakout occurs at first 5 minutes of the 15 tf candle... by buying at last 5 minutes perhaps we may be getting better prices... perhaps more than that we will be having less stress.. and perhaps we may be getting more time for decision making....