Falling wedge forming in EUR/AUD — False Breakout setup in progress?

A falling wedge pattern is forming in EUR/AUD in the H4 timeframe since 4 Nov 2020. Currently EUR/AUD is approaching the support zone at 1.6130, which could potentially setup a false breakout in conjunction with the falling wedge pattern and the support zone. If you are confused if it will turn out to be a false breakout or to proceed with trading the breakout, watch the video below (timestamp starts 4:15) to find out how to avoid the false breakout and even profit from trapped traders. Pay attention to the logic behind and the way to look for confirmation to filter the invalid trades or early entries.

Below are the key parameters for EUR/AUD potential long setup for trading session on 12 Nov 2020. Pay attention to the confirmation signal and context in the video to make sure the trading setup is valid.

Entry: long limit order at 1.6130 (look for confirmation in the video)

Stop loss: 1.6055

Take profit: 1.6267

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