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Falsebreakout

Yeah! What a weekley finish SET gave usWe've got a turtle soup pattern AND Friday closed with a --close to perfect-- bullish shaved top candle. And all of this went down, and changed power around the support resistance, I have been mentioning for so long, 1315. Bullish shaved top candles, is most often followed by a smaller pullback in the next candle or coming coming candles. But it is a very bullish candlestick! What I would put my trigger over the middle of last Thursdays large bearish candle, since the middle of large candles often offers support and resistance. And if you go into the hourly chart you will see the resistance SET will face (in the middle of the previous day's candle, 1330) although, if SET opens with a gap above the middle, 1330 will become a short-term support! In the graph I show my 3 step play from here. No. 1 would be to size down or sell all at the falling resistance. No. 2 then if SET breaks through, wait for the retest (in a lower timeframe) and trade it from there. No. 3 If it doesn't make it through the resistance, then wait for a candle pattern (lower timeframe) worth following, closer down to support level around 1315. Trade setups No. 1-3 is done with a stop-loss because NEVER swing- or day trade without one! Well that is my simple rule :)
SET:SETLong
by SamuiTrader
6
GBPAUD looking up 🦐GBPAUD on the daily chart the market found support at the bottom of the ascending channel and attempt once to break it. The market on 4h chart has been side ranging inside 2 structures and currently breaking to the upside. At the restest of it we can set a nice long order according with our strategy. ––––– Follow the Shrimp 🦐 Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Long
by InkyGrip
1
Yet, again I ask myself the question; where is SET going?SET has been consolidating now for a while, hope you haven’t been greedy and has taken out your short term profits, since early June. So what happened today? Did SET fool traders, with a false breakout, or is it simply retesting the breakout? Well, if we tomorrow get a Gap and Go, it could be a bullish ride worth to follow for, a while. If today’s pattern of a Bearish Engulfing is confirmed by SET tomorrow, then I hope all traders out there, do use a stop-loss to protect their losses. Happy trading!
SET:SET
by SamuiTrader
2
FCPO TRADING : 85) a possible false breakout...hi, this is trade 85) frm haidojo trading. fcpo-oct has emerges and becomes the new active month...so if you have traded fcpo long enuf, u must know then onli trade the third active month...the resistance 2560 has officially not broken yet...so we wait for : 1) IF the price move back to retest the 2560 and failed, THEN we have a Double-Top formation, indicating short 2) IF there is a gap down today or tmr, THEN the 2560 candlesticks yesterday has become a "lone island", forming some kind of head...so we can still go for short... 3) IF price juz settles calmly near 2474-2480...THEN rebound...go for long, nothing has changed...uptrend persists... support level : 2475-2480 resistance : 2560 higher resistance : 2630 WARNING : this is solely for educational purpose onli, it is not an indication of buying nor selling therefore trade at your own risk... **welcome to leave some comments, your "LIKE" and "FOLLOW" are highly appreciated and they are my main source of motivation to proceed further to post more valuable contents...**
MYX:FCPO1!
by HAIDOJO_trading
FCPO TRADING : 78) false breakout shows its ugly head again...!this is trade no 78, an added info to the same fcpo chart... introducing a breakout killer - "false breakout"...today false breakout has yet shown its ugly head again...if you trade a breakout strategy then you need to add extra filter to eliminate those bad trades...well, I have found one...hehehe...let's share yours if you got one...tell me in the comment section below... I was waiting for my entry signal today and at last...found none...saved by the bell... gud luck and gud trading **PS : as a token of encouragement to motivate me further, I am really in need of some "LIKE" and "FOLLOW" **
MYX:FCPO1!
by HAIDOJO_trading
T-Rex pattern ( 2 hrly) - sleeping alligator series of patterns This pattern again uses pattern / volume profile for a slight edge... 1. condition 1 : market corrects strongly then 'false break out SPIKE lower forming ' Hind-legs' of T -Rex 2. Condition 2 : there is a double top ' bear flag that fails to go down and breaks upwards instead ...but this also fails forming T-Rex body and head; The idea here is that Short trading position have been re-engaged due to failed bull breakout but this is a trap also due to high volume zone below acting as strong support / defensive zone VPOC. Also there is now a strong bullish pattern of a double bottom above a spike below. 3.The three levels of daily VPOC's should correspond fairly well horizontally forming 3 levels 4. The visible rangeof price containing the whole body of T-Rex OR LARGER VPOC ( red line ) is the best lowest price for buying as most traded price 5. buy when head formed and correcting off new highs and buy between the upper daily VPOC line ( eye of Trex) and the RED LINE VPOC. 6. Stop loss should be just under lowest daily VPOC's ( about 2-3 atr) 7. Target should be > at 4 atr. note :This is my development pattern, not from 'Streetsmarts' book and is highly experimental !!!!
Long
by Aussie-scalper
SHort / Put on JHX ( ASX200) - Turtle soup failure 20 day HiggThis is taking advantage of a Failure at new 20 day high, it beat 4 days ago, but has corrected quickly back in....shows weakness. I prefer Put options due to risk of false break out again at highs if pushes up one more time in next few days; I figure June expiry is enough time and only looking for a 4% correction obvious support $1.00 below or more... For $400 risk, I can profit about $250 after brokerage if works out. I bought 500 slightly out of money puts with a delta of 0.43 gives position size equivalent of $ 6800 worth.
ASX:JHXShort
by Aussie-scalper
SPY Short, Supply Zone, False Breakout False breakout: Break through the Supply Zone One bar Up, next bar down, Supply Zone had been confirmed after False Breakout Short: 306 -- when trend line beak (TLB1) Stop: 307.5; when breakout to higher High Target: 300; risk/reward=1:4 This is a trading school homework. I need few months to practice trading plan. If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
AMEX:SPYShort
by PlanTradePlanMM
1
Is Bitcoin Turning Resistance into Support?Bitcoin has been in a very tight range for the last month, despite halving on May 11. It might not be ready to rally immediately, but the bullish pressure seems to be growing. Today we’re focused on the downward-sloping trendline that’s formed in the last year. It’s been a clear negative for price that needs to be overcome before buyers can return with confidence. The last week or so has been positive on that front as BTCUSD comes down to hold the trendline. Old resistance could be turning into new support, which is usually a positive thing. Another bullish signal was the false breakdown below $8,500 on May 10-11. This was followed by a higher low above $8,600 on Memorial Day. Stochastics are also nearing an oversold condition. Finally, BTCUSD’s 50-day simple moving average (SMA) has risen above its 200-day SMA. This so-called Golden Cross isn’t the biggest deal for cryptos, but it still has some relevance for some chart watchers. Meanwhile, some potentially bullish narratives are also lining up fundamentally as China promotes the idea of a central bank digital currency (CBDC) and the number of hodlers (buy and hold wallets) keeps increasing.
BITSTAMP:BTCUSDLong
by TradeStation
EURAUD 15M BIG BEN BREAKOUT TRADING STRATEGYRule #1 Define the London Trading Range We’re going to use the range definition that takes into consideration only the body of the candles, excluding the wicks. Note* this trading rule can be adapted as you get more experienced at reading the price action. This strategy works because the Asia trading range tends to attract buy and sell stops above and below the trading range. The bulk of buying and selling stops becomes an easy target for the smart money. Remember that traders need liquidity to execute their orders. And, the smart money is always in search of liquidity to fill their large orders. That’s the reason why the smart money needs to trigger those stops. Rule #2: The One-Hour before the London Open Needs to Generate the Breakout Our backtesting results revealed that momentum really starts to pick up 1-hour earlier than the actual London opening session. There are some smart ways to trade this burst of momentum. Let’s see some technical ways to trade the pre-London open. We don’t need to guess in which way the market will break, we let the market tip his hand and show us the way. This is where things get interesting. Let me explain… During the London session we’re going to see the most traded volume thus the foreign exchange market should really take off in one direction or another. Rule #3 Price needs to fade Immediately after the London session opens, we want to see the price fading the pre-open move. If the move starts fading, we know it was a false breakout. Smart money has used the pre-open move to trigger the stops above the range and now they reverse the tie and start selling. We want to see price pulling back into the range at the same speed as it went up. Let me explain… In simple words, the bearish momentum used to produce the false breakout needs to be equal to the bullish momentum used to fade the pre-open move. We enter our trade after the first 5-minutes have confirmed that the price is reversing. Once this trade setup is completed, you should see a price formation that takes the V-shaped form (or inverse V-shape). Rule #4 Take Profit or Ride the Trend We can measure the size of the Asia trading range and project from the top or bottom of our range to get our profit target. But, oftentimes this type of setup can lead to a trading day that can extend in the days to come. Now, in this case, it’s wise if you employ other trading tactics so you can actually profit from this trend. In this example, the better take profit strategy would be to use a trailing stop. You need to be ready to explore other trading methods to manage your trades. Rule #5 Use a Time Stop Instead of a Price Stop In order to fade the London breakout, you need to use unconventional trading methods. In this regard, for our stop loss trading strategy we’re going to use a time stop instead of a price stop. The first time I’ve ever heard about the time stop concept was while reading the Market Wizards book. Billionaire Hedge Fund manager Paul Tudor Jones one of the greatest traders of our times said: “When I trade, I don’t just use a price stop, I also use a time stop.” So, how to apply the time stop to the London strategy? It’s very simple… If, in the first hour after the London open the price didn’t COMPLETELY reversed the pre-opening breakout, we exit the trade. It’s simple as that, no further explanation is needed.
Education
by Tradingstrategyguides
ABT Long, add position to existing trading plan (05/15) Condition: 1. False breakout stopped most of the positions bought in the demand zone. 1.1 After big down move 1.2 consolidation in Demand Zone 1.3 Break through the Demand Zone 1.4 One bar down, next bar up, closed Higher than previous high. 1.5 Up bar closed Higher than Demand Zone; 2. Down Trend line break. 3. 60 min demand zone confirmed Entry: 90 Stop: 87.5 Target: 98; risk/reward=1:3 This is a trading school homework. I need few months to practice trading plan. If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate. From now on, if I got more confirmation, I will begin to add position to existing trading plan.
NYSE:ABTLong
by PlanTradePlanMM