This advice is in relation to relation to indices and currencies, I don't know anything about stocks.
I'd suggest to have time of day as a filter
Something to take into consideration with any backtesting is that a lot of breakouts that will look good in testing/on charts etc, would have happened during some sort of new release and you wouldn't have got a fill close to where price broke out
Your link had a chart of the S&P index, keeping in mind I know nothing about stocks I would guess breakout strategies would have more success on individual stocks than on a stock index itself
Not sure if the info you have will find a breakout until after it has happened, would be too late to enter, unless you want to wait for a retrace to get in
Also your larger than 2.95% thing, have you checked how often a breakout out will make another 1% when this happens versus how often it will retrace 1%? Anything less than 50% would indicate you are trading the wrong direction imo
Most liked posts in thread: Need help finding breakouts
Breakouts happen when support/resistance and/or trend lines are broken. Get some software that lets you draw lines on your charts with the ability to alert you (audibly) if they get crossed. Do all your line drawing the night before.
Attached example (my stock selections blocked out to avoid off-topic discussion) comes from the latest version of D2MX's Market Analyser 7; it uses data and filters from webIRESS.
I get the break/ alert values from trendlines or volatility calculations on my charts.
I could use the same conditions to trigger conditional buy/sell/stop orders; but I personally prefer to decide myself when, and for how much to pull the trigger.