I've placed some entry orders on my demo account for a possible breakout on the GBP/USD. Where I plan to place the stops is where each entry is placed, so if the buy is executed the stop will be placed where the sell entry was and vise-versa. This creates a risk of 220 pips, but because this asymmetrical triangle formation is on an hourly chart I think the gains could be substantial.

The demo account stands at $5,323.00 and was originally opened at $5,000.00. My lot sizes are 1k and I'm putting 50 lots on the entry orders so if an order gets executed and stopped I'm looking at a loss of $1,100, roughly 20% of the account. Is this something I would do with my own real money? Yes.

I would appreciate any opinions on ANY part of this trade or my methods.

Chart here:http://imagebin.org/32520

Heard a lot of opinions in the chat. It seems I should give more importance to my percentile gains over a period of time rather than try to hit the jackpot with a single trade. I lowered the risk to $220, which is 4.4% of the account.

well... like i tell most new traders.. trade only what you can afford to lose... as for your chart setup.. looks goods. nice setup... if you've taken that trade, you'd been in the $$$$$$$ right now

jfyi, you should probably use imageshack.com for forum posts, because imagebin dumps their images, after a few days or so...

Yeah the trade got executed for a short, made 220 pips. 1k lots, 20 lots, covered 10 at 100 pips and trailed the stop for the remaining 10 lots and road that down to 220 pips. Was pretty close to a loss at the start cuz right before the breakout it looked as though my buy was gonna get executed, missed the buy entry by only 8 pips--close! I think next time I trade a breakout I spread my entries out a few more pips. I'm practicing with a demo to get some experience but man, I really wish I did this with a live account