So a few weeks ago I said to sale the failure of the Breakout WHY? 1. Most breakouts are failed breakouts 2. Ranging diagonals are reversal patterns 3. The bigger breakout from the channel lower has a zone with orders.
Looking at the market now
It don’t seem as if the market will break lower
1. The high isn’t controlled by one candle which means the market still see liquidity in the move
2. The pullback into the breakout isn’t swift IMO
3. It looks like it’s correcting itself now
I would wait for the daily closing candle before buying or selling as from a fast look I don’t notices a reversal pattern but it looks like it’s making one a hammer 🤔 idk I would sit out as most traps occur around these moments of continuation As the market would do its best to trap traders on both sides!
So unless you know how to identify traps just sit this one out and watch over hitting the button you may learn something 😎 but gl
Looking at the market now
It don’t seem as if the market will break lower
1. The high isn’t controlled by one candle which means the market still see liquidity in the move
2. The pullback into the breakout isn’t swift IMO
3. It looks like it’s correcting itself now
I would wait for the daily closing candle before buying or selling as from a fast look I don’t notices a reversal pattern but it looks like it’s making one a hammer 🤔 idk I would sit out as most traps occur around these moments of continuation As the market would do its best to trap traders on both sides!
So unless you know how to identify traps just sit this one out and watch over hitting the button you may learn something 😎 but gl
