#XRPUSDT #Long @FAKEY by Nial FullerPrice Action
Main Fakey. Nial Fuller
This is a classic variant, as one or more false candlesticks break the high or low of the mother candlestick, before rolling back in the opposite direction. Thereby forming a false breakout of the mother candle.
It is possible to enter here after the initial false-break, or on the break in the opposite direction of the parent candle, on the breakout of the inside bar, or on the 50% rollback of the false candle, if it is a nice and obvious pinbar with a long tail. The classic fakeout is an entry on the breakdown of the inside bar or the mother candle, but if you got the obvious pinbar, you can enter on 50% of its rollback.
The basic fakeout sets come in two forms. They are either a pinbar in the role of a decoy candle or two candles in the same capacity. One breaks the high or low of the parent candle, and the other pulls back in the opposite direction.
Fakeysetup
EURUSD: Bearish Fakey Setup | 13-2-2022 EURUSD: Bearish Fakey Setup
Price Action: Price sold off from the recent Bearish Fakey Setup that had formed just under the 1.1482 – 1.1523 key resistance area, late last week (We suggested selling from this setup in the February 11th Newsletter).
The recent Potential Bullish Fakey Setup, failed (We did not consider trading this setup and hopefully saved some members on this market. We preferred to wait for a sell signal last week).
Potential Trade Idea: We are now considering selling if price pulls back to the recent Bearish Fakey Setup breakdown area, whilst price remains under the 1.1482 – 1.1523 key resistance area.