fakey trade setup bearish fakey trade setup, a bullish fakey trade setup forms when a market is in a downtrend for a while and if it forms in levels of support, it should. First you need to have an idea of the structure of the market, is it trending or going sideways. The closing price is back inside the range. This can set off some pretty big moves in the. From your own site.
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In our example, when traders identify a break and pile in short but the real intention is to the upside, they must exit their shorts and perhaps then buy into the market once theyve been taken out. Or place your pending buy stop order at least 2 pips above the high of the pin bar and let the breakout activate your pending order. These bearish price action forex fakey setups work very well when a market is looking to break to new lows in the context of a down trend, because there is a good chance of continuation. But the big price moves and so the chance of more bigger profits happens on larger timeframes. Breakouts tend to sucker a lot of traders in looking to catch the beginning of a new trend and the Fakey pattern looks to take advantage of those traders. There is also Pin Bar false breakout. Read Three White Soldiers Three Black Crows Forex Trading Strategy So what are the best timeframes to trade the fakey setup? The fakey / pin bar setup gave us a signal to get short before the breakdown occurred. Buying Rules If a fakey pattern involves a bullish pin bar/hammer, you can either buy at market when the bullish pin bar closes.
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