UPDATE #1: TRADE: AUDUSD: SELL@0.72750 TP1 Hit (+138 pips)

Prices have now hit the TP1 of this trade. But I am NOT going to take any profit off this TP1 because this pair still has MORE room to drop! As I've said, I'm expecting it to retest the 70 cents level at least. However,I am expecting that there will be a retrace of this current drop at some point soon in a wave b. So to protect and bag some profits while letting my positions run more if prices do continue dropping, I'll use a trailing stop on 50% of my positions of 40 pips (30% of the current profits) but let the 50% of my positions run without stops for a full ride down to 70 cents should that happen.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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