FCPO Identify Fake Breakout and How to Trade it?
When the price is near the SnR it is where get it will get tricky...either the price want to continue the trend or reverse?
The false breakout strategy :
1. Timeframe 15min
2. Identify strong valid SnR
3. Draw the zone by pick the wick and the neck.
4. If price breakout and 2nd CS close inside the zone, it is a false breakout and entry position after 2nd CS close.
5. TP for the false breakout can be the opposite SnR.
Valid breakout strategy: Trend continuation
1. Use 15min and 1min chart for confirmation.
The false breakout strategy :
1. Timeframe 15min
2. Identify strong valid SnR
3. Draw the zone by pick the wick and the neck.
4. If price breakout and 2nd CS close inside the zone, it is a false breakout and entry position after 2nd CS close.
5. TP for the false breakout can be the opposite SnR.
Valid breakout strategy: Trend continuation
1. Use 15min and 1min chart for confirmation.
