Fakey forex setup
Fakey trading strategy is one of my favorite trading strategies because the setup indicates that price is rejecting an important support or resistance level. So, there is a huge possibility of the price going to the opposite direction. Fakey setups are of two types: A fakey setup, together with a long tailed pin bar at key support or resistance level, is always a very precise signal. If you are a price action following trader, you have to admit that a fakey setup is a very potent and important setup. With the help of a fakey setup, you may have an idea about what the big boys want to do because it provides a good indication on what the market is likely to do next. You may find a fakey setup in a trending market or a ranging market on key support or resistance zones. In some cases, it may appear in a market that is not trending at all. In the forex market, you may find a lot of false breaks. Setup, your entries will be wrong and you may lose your hard-earned money. The high of an inside bar will be lower than the previous bar mother bar high. And, the low of an inside bar will be higher than the low of the previous bar. Positions of the inside bar can be at the top, bottom or at the middle of the mother bar previous bar. In the following image, I have shown which one is mother bar and which one is inside bar. So, when the inside bar setup is formed, we will look for a break out of the inside bar. But, if after breaking the inside bar price retraces back to the opposite direction, then a fakey set up is formed, and we may expect a beginning of counter trend. If fakey is formed without long tail pin bar then the entry will be: Here, you can find a bearish pin bar reversal and a false break of the inside bar. Thereafter, price reversed back down confirming the short entry and then the market fell away to hit the target. There fakey four inside bars followed by a mother bar candle. Here, the bullish fakey confirmed the buy signal when the bullish pin bar broke and closed above the mother bar high. Price continued to move up to the next resistance level just after confirming the buy signal. Forex following chart also shows another example of a fakey setup in a trending market. There was an obvious downtrend right before the formation of the bearish fakey. This time it was an inside bar fakey with bearish pin bar from the resistance level. Now, we will see what happens if a fakey occurs against a trending market. On the GBPUSD daily chart 1. A bullish fakey buy signal was formed at the key support zone followed by a lower trend. As this fakey was formed by multiple inside bars and false breaks at the key support zone. Here is another example of a counter trend fakey signal at AUDUSD daily chart. In this example, you can see a bearish fakey sell signal from the key resistance zone at 0. The price was clearly moving in an uptrend just before the formation of the bearish fakey. However after the formation of the fakey at the setup resistance zone, price fell short as expected. Hi there, Fakey have been reading your blog for a while now and you always share only good stuff. I really love it and I learned a lot from your posts as well. Keep up the good work, Sir! Thanks for your comment. However, the content of this site, this article included, is unique. Mail will not be published Required. You can use these tags: About Us Contact Disclaimer Forex Calendar Forex Glossary Privacy Policy. Forex Trading Big Reap big in currency trading. Home Forex Articles Forex Basics Forex Strategies Candlestick Analysis News Top Brokers. Home Forex Strategies Fakey Trading Strategy. However, it is fakey that you know how to identify and trade a fakey setup effectively. If fakey is formed with long tail pin bar then the entry will be: Fakey Trading Strategy T Related Posts Support and Resistance in Forex Trading. May 31, at 7: June 1, at 2: January 16, forex 2: January 17, at 8: Leave a Reply Click here to cancel reply. Popular From Forex Demo Account to Real Account: Instaforex Broker Review 68 Comments. How to Choose the Best Forex Broker 41 Comments. What is the Commitment of Traders Report and How Can a Forex Trader Use it? Latest Moving Averages in Forex Trading June 4, Forex PAMM Accounts May 10, How to Trade Forex April 24, Uses of Moving Setup in Forex Trading March 28, Highest profit in cross pairs not in Major's, You'll achieve it- one step at a time. You actually make it seem really easy with your presentation howe Thank you for this, I'm going to certainly share the idea with We recommend moving this block and the preceding CSS link to forex HEAD of your HTML file. Website designed by Opidue Services.
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