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.

2020	EURUSD	GBPUSD	USDJPY
24 April	Sell EUR at 1.0783 Technical observation On the daily chart above, price was not rejected at the supportive level 1.0783, instead it penetrated below it and is still showing signs of bearish movements. I expect a retracement to the just broken line followed by a bounce at it for a surge towards the lower supportive Lebih	Long towards 1.2746 Technical observation GBP continues to rise steadily towards the resistance zone it established around 1.2770-1.2746 and I expect further bullish price movements today. If you bought this pair within the supportive zone 1.2209-1.2173 after a bounce, remain long with your take profit at 1.2746 and Lebih	Remain flat Technical observation USD is stagnating below the resistance zone 107.99-107.86 it penetrated below some weeks ago and right now, i expect either a decline to the supportive level 104.96 or a clear breakout above the zone. If you are currently neutral with USD, remain so and wait for a bounce with Lebih
23 April	We're neutral	We're long towards 1.2746	Remain short
22 April	still short towards 1.0783.	Remain neutral temporarily.	still short towards 104.96
21 April	Remain short	Remain flat	still short towards 104.96
20 April	Remain flat	We're flat	We're short

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Technical Analysis Based on Breakout

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