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Detecting a fake break out
sonicdeejay;
Some suggestions;
I use the USD/JPY as an Indicator for the GBP/JPY carry trade. On MT4,
I shift between 5 minutes and 1 hour charts. On a 5 minute chart, you should see a Yellow Reversal histogram stick. I use Lyn V-3.
If a 3 hour chart is good for you, I see you have no UPPER Tend line. This should indicate a break out or reversal.
Any MOMENTUM indicator should reveal price direction through strength or weakness. Don't read the lines or histogram, read the Math for strength or weakness.
Also, instead of Candlesticks, you may want to use Doji's, if you can read them better. (Inside Doji)
Maybe somebody can I.D. your broker chart and have an additional suggestion.
Hope this helps.
__________________
Not Everything that looks straight is: Until you measure it.
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