As I’ve already mentioned that most of the price action patterns failed because all of are probably based on fibo ratios, trendlines or head & shoulders breakout patterns & that is why they all are prone to fail most of time. Failed failures patterns are best to try out sometime if we follow strong Drawdown rules and don’t carry loosing trades too far.
But As I said there are few rules to trade every pattern exist and well worth practising. In this brent oil chart price spent lots of time inside boundries and coming out of strong breakout and then price consolidate abouve that & once we saw this breakout a pattern build and this is how we can see market never lets you trade pending orders above breakouts.
After market breaks out something was left on the table and that was taking out stops of retail traders and those who trade breakouts once again had to covered but market demand or orders was just below the pattern where I mark red rectangle and once first test was completed we need to notice if price could desperate to recover & that is what happened and market build another one and second entry was offered at test of the previous holding resistance.
I would update the chart as market has reached the pa zone again for oil as this could another move up if it hold and if we see market give it away easily then we can see this breakout could be target for shorts.
Stay tuned for updates.