Break Check Pattern | Live Forex Trade | AUDCAD | 4 Hour Chart

By | March 6, 2016

See attached video – Originally posted in July of 2014. Nice breakout candle followed by a pullback candle then the check spike candle. Take notice that the spike candle nearly engulfs the pullback candle as well as completely rejects the breakout level. It is important to look to the left for a logical level where there will be resistance encountered because these levels are areas where reversals can be triggered. I kept the 2x profit target just beneath the small bounce to the left, notice the large black candle that formed after the small bounce. This large candle signifies an area that traders are watching and when the price returns to this level it is libel to fall again. Therefore, I have placed my profit target just beneath it.

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