Technical Analysis Based on Breakout

This is a trend following analysis using a breakout entry formation that generally has the greatest results. This analysis is good for 4H trading, but can also be used on almost all time frames and on all pairs. Basically, this analysis is based on breakout and certain forms of reversals. The analysis seeks to highlight potential breakout setups that can result in higher reward. To ensure consistent successful trades, the trader should exercise some degree of patience and wait for the perfect set up to execute trades. There’re are several types of breakouts, I only focus on two types of breakouts, trend line breakout and double top/triple top/ bottom breakout. Even with the two, I only trade double top/ triple bottom breakout most of the times and trend line breakout at some other times. Double top/Triple top/ bottom breakout is more dependable and reliable than the other. Note, trend line breakout includes also breaks that occur out of various shapes such as wedges, channels, triangles, and all the other shapes part from rectangles. Below are the simple sketches of some of the breakout setups I’ll be focusing on.

2021	EURUSD	GBPUSD	USDJPY
12 November	Remain flat Technical observation This week EUR went down and even broke below a supportive zone 1.1511-1.1469 with a big red candle. I still expect further bearish movements of this pair however despite the anticipated downwards movement, price is bound to retrace to the zone mentioned above followed by a r Lebih	Wait for a pullback to sell GBP. Technical observation Just like EUR, GBP is trading with an increasing bearish bias slightly below a supportive zone it established at 1.3475-1.3429 and right now i expect further downwards movement followed by a pullback to the just broken zone and a bounce within it. As long as GBP is contained Lebih	Remain long with your take profit at 114.35 Technical observation On the daily chart above, price retraced to a supportive level 112.83 and it could not break below it, it was sustained above the line and for several days now it has been rising steadily with an increasing bullish bias. If you picked long positions at the level 112.83 after Lebih
11 November	We are bearish towards 1.1365.	Wait	we are flat
10 November	Remain long with your take profit at 1.2248	We are bullish towards 1.3686	Wait for a correction to 113.33-113.25 to sell USD
09 November	Wait for a correction to buy EUR	Expecting a rally to the level 1.4627	Wait
08 November	We are bearish towards 1.1512.	Wait for a pullback to 1.3546-1.3534 to sell GBP.	Expecting a rally towards 114.23

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Technical Analysis Based on Breakout

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