Part III. Trading Fakeouts. Commander in Pips: Now it’s time to pass to the fakeouts part of this discussion. If you remember, a “fake out” is also known as failed breakout. Dealing with fakeouts is as important as with a breakout or even more important. This is because fakeouts appear more often than breakouts, especially on intraday charts. In general, a fake out happens when initially the market shows a breakout of some support/resistance line but then returns right back and shows a move in the opposite direction. This support/resistance line could be different – trend line, channel, Fib level, classical support/resistance or lines in different patterns, say, neckline in H&S.