Break Retest Pattern

Entering the Trade –

  1. The price must break out of an established level.
  2. Price will move away from the breakout level creating white space on the chart.
  3. The market will move price back to the breakout level where a rejection signal will form.
  4.  The signal will be as follows: First scenario, a spike candle will retest the level then close back in the direction of the original break. The second scenario, a two candle engulfing signal will form and reject a move back into the level. And the final scenario,  the market may pull back inside the breakout level and reject the Bollinger band rather than the level.
  5. Please note that the fundamental difference between this pattern and the Break Check will be where the take profit is targeted.

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