Update: Priceline Breakthrough!

The price line has been breached! If we see consolidation under the price line, that could indicate that price will continue down, further into profit.

Look for big rejections under the price line, to confirm the move to the downside.

I'm not going to make the same mistake I made yesterday.

I'm going to wait until price reaches demand, and take profit then look to get back in at supply. I'll know more about where that will be when it happens. I actually went ahead and took 30 pips off the table already and used the last spike as my supply entry back into this trade! I did this twice, I'm just trying to keep things consistent on the charts.

I'll let you know when my next take profit happens!

Check out my previous post for a play by play on this trade, the goal of this little series is to show you guys how I approach these moves, and manage my positions while the trade is active. I hope this helps!

Have a good day!

Comment:

For anyone wondering how I found the price line, on this 15 minute chart, I used the Regression Trend tool under found by clicking the small arrow next to the "the Line trend tools" button, and dragged my regression line from around 11:15 August 5th to 14:30 August 8th, that was the consolidation phase of the breakout pattern we're seeing now!