Demystifying a Fakeout ; Fake Breakout ; Wyckoff Theory / EURCAD
In this Analysis I break-down what everyone knows and hates most. The Fakeout.
The fakeout is simple. I hope this conveyed in the Chart.
1. We are in a Range
2. We closed outside the Range, we get candle closure confirmation. The 3 C's.
3. Shortly after we print candles back inside the range, closing strongly
4. At this stage you can wait for a retest of the bottom of the range (like me)
or you can just place an entry right then .. because the Fakeout structure has initiated at this point
Thoughts on where we are going form here anyone?
I'm Looking to 148 for swing trading.
We must stay above 146 now since we closed above this zone
on Friday's NFP day.
The fakeout is simple. I hope this conveyed in the Chart.
1. We are in a Range
2. We closed outside the Range, we get candle closure confirmation. The 3 C's.
3. Shortly after we print candles back inside the range, closing strongly
4. At this stage you can wait for a retest of the bottom of the range (like me)
or you can just place an entry right then .. because the Fakeout structure has initiated at this point
Thoughts on where we are going form here anyone?
I'm Looking to 148 for swing trading.
We must stay above 146 now since we closed above this zone
on Friday's NFP day.