A Trendline Setup less clutter on your chart because this. Place your stop loss at least 2 pips below the low of the entire fakey pattern setup. Similarly, place your stop loss at least 2 pips above the highest point of the entire fakey pattern setup. Next, we are looking at an example of a counter-trend Fakey. You will for example, see fakeys with a pin bar pattern as the false-break structure. The false-break bar might also be a two-bar pattern where the first bar closes outside the inside bar / mother bar range and then the subsequent bar completes the false-break by closing back within the range of the mother bar and (or) inside bar. Then next candle does a breakout of the high/low of the inside bar pattern but that break happens to be false. Notice how price not only reversed to the downside after this fakey, but it actually kicked previsions forex eur / gbp off a new downtrend.
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These are the key price levels you should be watching to see if the fakey trading setups form. Fakeys are a very important and potent price action trading strategy because they can help us identify stop-hunting by the big boys and provide us with a very good clue as to what price might do next. The Fakey Trade Setup is being popularized by Nial Fuller, an Australian professional forex trader over. Fakey trading setups, can form in any timeframe. Heres what Nial Fuller had to say about the Fakey Trade Setup: Often times the market will appear to be headed one direction and then reverse sucking all the amateurs in as the professionals push price back in the opposite direction. A false breakout is a very big clue in the market, it shows us what the big boys are thinking and doing and gives us an opportunity to take advantage of that. To clarify all of this lets look at some examples: In the example below, we see a classic bearish and bullish fakey signal. The most common entries for a Fakey signal include the following: Enter as price breaks back past the inside bar or mother bar low or high, following the initial false-break. Based on this, you will then identify price levels where the market has the potential to reverse and in the process of doing that, a fakey trading setup may form to give you the clue that the market may be changing direction.
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