Hello there,
I am working on developing an intraday breakout strategy & could use some advice from those with more experience; The core idea of my strategy is to identify key levels of support & resistance in the first hour of market opening and then enter trades when these levels are broken, expecting a strong follow through.
I have been experimenting with different timeframes 5 minute, 15minute to confirm breakouts. Which timeframe do you find most reliable for intraday breakouts & how do you avoid false breakouts?
I am putting stop loss orders slightly above or below the breakout level but occasionally this causes me to lose out on slight declines; How do you determine an optimal stop loss level that balances risk and avoids getting whipsawed??
Also i have read this resorse/artical; https://qna.tradetron.tech/t/5-minute-range-breakout-strategyprompt-engineer but have not found any solution still need your advice. if you have any advice please share with me
My last question is How important is volume confirmation in your breakout strategies? Do you wait for a significant volume increase before entering a trade or do you have other indicators you rely on??
Thanks in advance for your support 