I had expected once the price broke and closed below the trendline drawn, that it should follow the course and ultimately end reach new lows.
However, I did give an allowance for something of the sort, that has taken place, to happen. None of the points that cause doubt or even invalidate the scenario have been broken and the revisit of price to higher ground coincides perfectly with a touch and rejection of the previously supportive trendline, which might serve as the tip price needs to really take off to the downside.
One must not lose sight that this is a probabilistic endeavor and as such can't afford to overextend in our looking for a position that may ultimately never pan out. Thus I advise practicing sound risk and money management when and if chasing a trade Idea like this. I'll update as a new development in the trajectory of price arises. Happy Trading:)
However, I did give an allowance for something of the sort, that has taken place, to happen. None of the points that cause doubt or even invalidate the scenario have been broken and the revisit of price to higher ground coincides perfectly with a touch and rejection of the previously supportive trendline, which might serve as the tip price needs to really take off to the downside.
One must not lose sight that this is a probabilistic endeavor and as such can't afford to overextend in our looking for a position that may ultimately never pan out. Thus I advise practicing sound risk and money management when and if chasing a trade Idea like this. I'll update as a new development in the trajectory of price arises. Happy Trading:)
