Hi traders! I'm new here and learning about different strategies. Now applying a false breakout strategy. Spotted a swing low and the candle that broke that price was between 1 and 2 ATR. Placed entry with a stop loss at 1 ATR from the lowest price point and take profit at R:R ratio of 1:2. Do I need to take more into consideration when applying this strategy? Other good indicators to combine? Fundamental analysis? Larger timeframes? #lookingforfeedback.
Trade closed: target reached:
Target was reached at 1.09255, leading to a profit of 24 pips.