Yesterday there was a false breakout!
super beautiful example!
I will tell you below what a false breakout is!
False Breakout Patterns
False-breakouts are exactly what they sound like: a breakout that failed to continue beyond a level, resulting in a ‘false’...
Pair made a false break on the D1 chart and completed a bullish cycle on the H4 chart. I'm looking to sell inside the 38%-50% fibonacci retracement zone.
Target 1 - twice the SL
Target 2 - 0.71
SL - above last high
We are looking for a push down, false break of the trend line and/or supportive zone and then we can expect the Euro to continue higher.
Stop loss – below the supportive zone.
Target 1 – 1.10
Target 2 – 1.11
Note: Once target 1 is reached, collect partially and move the stop loss to break even.
D1 chart has made a false break of the down trend line and has also formed bearish hidden divergence.
You can either sell now market price protecting 107.00 level at least OR you can wait for the breakout of the range that the price is trading in right now.
Targets as shown in the chart.
Textbook false break reversal setup forming on USD/JPY. Daily inside bar at the upper bollinger band followed by a false break to the upside. Going to enter this trade on the close of the 7/19 candle, placing my stop a little above the high of that day, and my take profit down at the lower band.
These setups are slightly rare, but extremely powerful; they often...
There are two possible scenarios to buy the AUDUSD pair.
Wait for the price to enter the BUY ZONE on the H1 chart, wait for the divergence to complete itself (MACD tick up) and a bullish candle pattern to appear - then buy.
Drop to the M15 chart, wait for the price to enter the buy zone, let the price create a false break, then break...
USDCAD false break of the trend line (the lower one connecting the lows) along with divergence should be a good confirmation for another bullish leg to be created. Once that happens go long and protect last low formed. Target near the 1.3080 level.
Follow the pair and if the price falls to around 1.4300, creates false break followed by divergence look to buy.
Target 1: 1.4480
Target 2: 1.4600
Stop Loss: if the pair fails to move higher and breaks the last low created before entering the trade OR below 1.4250.