TRACKING THE PROGRESS - Good Moves. Bad Moves. Lessons Learned.
20 days ago on Nov. 12th, I posted this chart:
Prices did EXACTLY as I expected it would and being patient and waiting for the proper setup, 6 days later on Nov. 18th, I issued a trade call to "AUDUSD - BUY@.71200" (see Related Ideas: "TRADE: AUDUSD - BUY@.71200 "). This was a trade call I gave to my members only. Later that day, prices dropped and triggered my BUY LIMIT order @0.70710. This turned out to be a PERFECT entry as shortly after filling my limit order, prices SHOT UP and began the expected uptrend. Then 2 days later, my targets were hit on those 2 LONG trades and I closed both of them out for a +464 pips gain. I closed the trades as my wave count had the wave ( iii ) of (3) as having finished and a wave (iv) of (3) retrace was to come.
Well, if you look at my chart, you can see that I was EXACTLY CORRECT but I didn't expect such a quick retracement and prices then popped up to finish the initial move up. I had closed my trades too soon. The next move of the overall progression of this move up was a larger retrace back down in what was a wave (iv) of (1). It was a MUCH deeper retrace than I had been expecting and I wasn't alert enough to catch it.
On Nov. 24th, I issued another BUY trade call anticipating that the wave (iv) retrace was over and the final leg of this initial wave (1) up was beginning. This again was almost a perfect trade as shortly after I issued the trade to BUY@0.71840.. With this trade, I was trying to catch the beginning of the wave (v) of (1). That brings us to today where I finally closed out this trade expecting the end of wave (v) and wave (1). This trade yielded another +144 pips for a total pip count off this uptrend of +508 pips with no losing trades.
So here we are and my adjusted wave count is showing that there is still a little more upside to go on what I am calling the initial wave (1) of this MASSIVE MOVE up.
Seems prices have just finished the wave iii of the ending wave (v) of (1) and are now retracing in a wave iv of (v) of (1). After this wave iv retrace, we should see a final wave v to finish the wave (v) and also the wave (1). This will setup a possible nice large wave (2) retrace of the wave (1).
This wave iii reached up and completed the POTENTIAL Bat @0.73388 and promptly dropping in a retrace from there. There is another pattern further up which is a POTENTIAL . After this small retrace, we should see prices move up to also fill that . This will probably happen before prices reach the TP1 of that Bat.
MY TRADE PLAN
As of now, I am out of any positions on this pair. I am now waiting for this small retrace to complete and then the final wave v of (v) to begin. Will I take a LONG trade again to catch this final push up on this initial wave (1)? Not sure but I'll be giving my members the signal to BUY when or if I see the opportunity. And you can be sure I'll be all over that wave (2) when it happens. And so will my members.
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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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