Basically, you will need two key indicators. You can use the indicators that work best for you, but these are the ones that work for me.
I will post the names of them in the comments below because I don't remember the names off the top of my head.
I know the first one is the Order Block Finder. It's an auto indicator that I think only works in a paid TV account.
The second one is an oscillator. Again, I will post the name of it in the comments below.
So, this is how I take the breakout trade:
I set two alerts. The first alert is set at the top of the blue Order block level.
The second alert is set at the bottom of the white order block.
When the price breaks through either of these order blocks, I take a look at the Oscillator.
In the Oscillator, I make sure the moving line is about mid-way on the graph. In this example, price is moving down, so I see if the moving line is mid-way when the price is breaking through the range.
If the moving line is mid-way this gives a higher probability that it is actually a break down and not a fake out.
Usually, if it is a fake out, the moving line will be a the far extremes of the graph. Therefore, I want it to be at the mid-way point when it is breaking out of the range. The blue arrows indicate the location/timing where I placed the trade.
I hope this helps someone.
God bless
I will post the names of them in the comments below because I don't remember the names off the top of my head.
I know the first one is the Order Block Finder. It's an auto indicator that I think only works in a paid TV account.
The second one is an oscillator. Again, I will post the name of it in the comments below.
So, this is how I take the breakout trade:
I set two alerts. The first alert is set at the top of the blue Order block level.
The second alert is set at the bottom of the white order block.
When the price breaks through either of these order blocks, I take a look at the Oscillator.
In the Oscillator, I make sure the moving line is about mid-way on the graph. In this example, price is moving down, so I see if the moving line is mid-way when the price is breaking through the range.
If the moving line is mid-way this gives a higher probability that it is actually a break down and not a fake out.
Usually, if it is a fake out, the moving line will be a the far extremes of the graph. Therefore, I want it to be at the mid-way point when it is breaking out of the range. The blue arrows indicate the location/timing where I placed the trade.
I hope this helps someone.
God bless