Possible Fakeout Trap for Buyers
Updated
If price breaks above the descending channel, I have the suspicion it may be a trap, similar to the one to the left in that larger ascending channel pictured to the left.
Though price could just as easily break to the downside.
If price does break upwards by about 100 pips or so, conservative traders may want to wait for a double top, just like the one to the left in the larger channel.
Will consider selling tomorrow if price does confirm a downwards breakout. We may not know for certain until next week. September.
Agree? Disagree?
Let me know.
Thanks.
Though price could just as easily break to the downside.
If price does break upwards by about 100 pips or so, conservative traders may want to wait for a double top, just like the one to the left in the larger channel.
Will consider selling tomorrow if price does confirm a downwards breakout. We may not know for certain until next week. September.
Agree? Disagree?
Let me know.
Thanks.
Comment
Will sell if this triangle breaks.Disclaimer
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