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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