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📈 Price Action: How to spot fake setup and false Candlesticks and avoid them - IQ Option - BO Turbo

3,218 views · Published 23 December 2017 · 19:38 · Indexed 8 October 2026

Channel: BO Turbo Trader · 2017 · Education

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Indicators: 
EMA 3     (blue)
EMA 20   (yellow)
EMA 50   (orange)
EMA 100 (red)
EMA 200 (purple)

Bollinger Band Period 20 Deviation 2 (green)
Bollinger Band Period 20 Deviation 1 (white)

The Pin Bar Pattern (Reversal or Continuation) A pin bar pattern consists of one price bar, typically a candlestick price bar, which represents a sharp reversal. The Fakey Pattern (Inside Bar False Break Out). The Fakey pattern can be best be described as a “false-breakout from an inside bar pattern”. The Fakey pattern always starts with an inside bar pattern. Pin Bar, which is short for 'Pinocchio Bar,' is a single candlestick setup that clues price action traders into potential reversals in the market. A pin bar is an elongated wick that 'sticks out' from price action. 

This happens when price setups a break but then actually fails to continue. Is there a way how you can avoid fake breakouts? Luckily there are tools and methods that help our odds of success. This article explains how we use the candlestick wick to measure the strength or weakness of a breakout. Trading breakouts from a consolidation pattern is one of the most popular and (in the past) most profitable trades that a trader can make. 

A bullish engulfing candlestick can be a useful buy signal. But in order to trade them we have to be able to recognize reliable patterns. Price action trading and candlesticks patterns are probably the most commonly used concepts of technical analysis. A Fakey can, thus, be compared to a fake breakout pattern or a bear/bull trap where price shows a breakout but then immediately reverses. The engulfing candlestick patterns, bullish or bearish are one of the easiest of candlestick reversal patterns to identify. Because these candlestick patterns are two-candlestick patterns, they are more valid and are often looked upon as reversal patterns. 

In this Forex trading lesson, I am going to share with you three of my favorite price action trading strategies; pin bars, inside bars and fakeys. Therefore it pays to understand the 'story' that each candle represents in order to attain a firm grasp on the mechanics of candlestick chart patterns. 

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