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While reviewing the recorded video of coaching session #3 on breakouts ,I came across a point that I need some clarification on.Brad mentioned that we typically observe 8-10 inside bars on an average trading day .However, I did not fully grasp the following statement regarding the “70ish bar breakout on the 5 min chart.”
Could you kindly elaborate on this or help me better understand what Brad meant in that context?
Thank you for your time and assistance
Out of the 81 bars in a day, 8-10 are inside bars, so that means 71-73 are not inside bars.
Brad says every bar that is not an inside bar is a breakout, so 71-73 bars are breakouts bars.
The concept of a breakout is kind of abstract. Brad defines it here as a break of the low or high of the prior bar.
In general, a breakout is a move beyond support or resistance.
What is support or resistance? A price where there are more buyers than sellers.
Hello , Sander de Bruijn
Your response was incredibly insightful and immensely helpful. I deeply appreciate the clarity and depth of your explanation. Thank you very much for taking the time to provide it .
