Break of Value, August 9th Trade

[Soultrader]

Break of value trade setup

Here is a chart of a particular trade setup I took. As soon as prices broke the lower value low pivot, I shorted the retracement back to the pivot.

Some rules and guidelines: Try to enter a short 2-3 ticks before the pivot to make sure you get filled. I always use a 10point stop for this setup. I scale out half my position at plus 10pts, a quarter at plus 20pts, and will hold on to the last quarter using a smart trailing stop.