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potential false breakout, price closed above channel but was unable to sustain this and re-entered the channel. i am anticipating price to fall to the support of the channel or moving averages may act as dynamic support so, i am anticiapting 2 enteries, 1st held till moving average (dark blue MA), 2nd held till channel support.
potential shooting star with price closing below resistance
potential false breakout of resistance
currently my bias is a swing trade short to support line.
this is what i call "False Breakout". I've posted an analysis on this pair in the last days but i was unable to take that trade (fortunately) as explained there (see attachment).
Nevertheless, i'm not in any correlated trade right now and i can indeed take this trade if the market will let me do that. The reason i think this could be a false breakout is ...