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Euro / U.S. Dollar
Short

how to identify a breakout confirmation

By VasilyTrader
Updated
snapshot

hey guys,

I will try to explain to you how we can use a combination of multiple timeframes and patterns
to confirm a breakout.

on the euro dollar on a 4 h chart we have a completion and bearish violation of a bearish flag pattern.
We have a series of rejection candles around 1.142 level and clear rsi divergence.

on a lower time frame we see a head and shoulders pattern standing on a very important level of support.
just recently, we saw a bearish breakout of a neckline.
snapshot

from this stand point, we can consider a bearish breakout of a flag pattern to be confirmed.
now I anticipate a retest of the market low,
let's see how the market will react on 1.126 level.

Good luck!
Note
market goes lower
Note
market is going down
FlagHead and ShouldersSupport and Resistance
VasilyTrader
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