Break & Retest? Fakeout?
Updated
Price has been playing within the descending channel.
However, the channel recently broke above, which could possibly mean that prices will continue moving upward.
BUT, the price is currently testing the channel resistance, which could mean that we may see a perfect example of a "break and retest" formation.
However, it could also mean that it was just a simple fakeout and the price may continue to play within the channel and continue moving downward to test our channel support level.
Either way, HAPPY TRADING! :-)
However, the channel recently broke above, which could possibly mean that prices will continue moving upward.
BUT, the price is currently testing the channel resistance, which could mean that we may see a perfect example of a "break and retest" formation.
However, it could also mean that it was just a simple fakeout and the price may continue to play within the channel and continue moving downward to test our channel support level.
Either way, HAPPY TRADING! :-)
Trade active
Trade closed manually
The market seems to have made a fakeout (fake breakout) and it is currently still trading within our descending channel.Personally, I'm seeing a lot of uncertainty in terms of the short-term future of the Rand as well as the US Dollar, which is why I did not want to risk holding the trade for too long instead of just banking my profits already.
However, if you're still holding, you've got a lot of heart.
I'll keep you guys posted as always.
Trade closed: target reached
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