When should breakout be taken and when should wait for retest

In honesty - IF we knew the answer to that question - we’d all be rich !

You could try looking at support and resistance on the bigger timescales.
And the workings of the old masters Like Wyckoff certainly give food for thought since the patterns he speaks of seem to apply to Forex as well as to Stocks - false breakouts are forecast by his studies - but then again - so are “Real ones”
If you do a search on Wyckoff you’ll find several threads here, including this one ;

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and of course - this one ;
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