The Fakeouts script is meant for taking LONG trades on fake breakdowns, also known as 'Bear Traps'. The script can show fakeouts on stocks, indices, forex, cryptos, commodities, or any other financial instrument on which rules of technical analysis can be applied.
Telegram Alerts: Subscribers get alerted instantly in real-time through a Telegram channel, whenever a fake breakdown happens. For stocks listed in India, the telegram alerts are sent for daily timeframe charts for all the stocks and hourly timeframe charts for F&O stocks. For Bitcoin, Forex pairs & Indices (namely BTCUSD, USDGBP, USDEUR, USDJPY, USDAUD, USDCAD, NAS100USD, and US30), the telegram alerts are sent for hourly, 4-hours and Daily timeframe charts.
What are Fakeouts?
As the name suggests, Fakeouts are breakouts that failed to continue beyond a level, resulting in a ‘false’ breakout. Traders who take long trades on breakout of the resistance level anticipate price to keep going up. A fake breakout happens when price reverses and starts falling instead of continuing to go up. Similarly, traders who take short trades on the breakdown of the support level anticipate price to keep going down. A fake breakdown happens when price reverses and starts rising instead of continuing to go down. See the pictures below:
How does it work?
The script identifies fake breakdowns (also known as Bear Traps) and shows them on the charts. The breakdown of the last 40 to 120 candles are only considered. The price must close above the high of the breakdown candle within 7 candles of the breakdown. Subscribers get alerted in real-time through the Telegram channel immediately. Users can also set alerts for such fake breakdowns. The fake breakouts (also known as Bull Traps), will soon be added to the script so that users can take SHORT trades as well.
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