LESSON of the day: Wait for Strong and Confirmed BreakoutsMany people like to predict breakouts.
If there is one thing you learn today it's this.
Always WAIT for a strong and confirmed breakout.
There is a reason why the price hasn't breached the neckline (resistance). And that's because the fight is still on between the bulls and the bears.
Now that Glencore has broken down not only has it slanted the Cup and Handle pattern but also.
1. There is a Break- away gap - Bearish.
2. The price is below 200MA - Bearish
3. 7=21MA and looks to cross down.
Sure the price can turn up and close the gap, but the risk is too high!
So follow your strategy and wait for a confirmed breakout.
These lessons are important to learn before they become costly.
