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I wish I could say it will never happen to you as a day trader, but if you choose to trade momentum and breakouts of patterns, there is no “if” you experience a false breakout. The truthful word to use is “when”. With that said, the first miniature lesson is this: just because you experience a false breakout does not mean you did something wrong. At the end of the day, there are no perfect strategies, and the market offers no guarantees. In other words, false breakouts is just part of the game and comes with the territory of seeking out momentum. When you do experience a false breakout, what do/should you do? I don’t want to lecture to you “in theory”. I want to show you a personal trade of mine where I thought momentum was about to show up on a technical pattern breakout, but…. Yeah… it didn’t! What did I do? How did I handle the situation and continue to move forward from it? Let me show you!
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