Trend conntinuation/VSA Trade - On the 14th of Aug there was a high volume of supply that came in on the 4hr timeframe which sent price dropping well over 200pips, we now have a 38.2% retracement of that move where price has just put in a VSA Trap Upmove which rejected the 50ema and engulfed the last 40hrs of trading. I'm expecting price to trade lower to it's next key level of 1.45000 where I'll be taking partial profits and moving stops to breakeven and if price should break that key level I'll expect it to drop further to 1.43990.
Comment:
The last time price was at this level was in September 2017 (2 Years Ago) so I've moved my stop loss to breakeven just in case buyers step into the market. Still looking to take partial profits at 1.45000.
Comment:
Price was 1 pip away from 1.45000 so I took partial profits. Now waiting to see what price action does.