UPDATE #1: TRADE: AUDUSD: BUY@0.69170 LONG +139 pips

Updating this trade, now that prices have climbed +139 pips, there is a cup & handle pattern that is forming and prices have now just about reached up to the B point line which is also a relatively strong resistance zone as well. The top of the cup & handle also meets at this point. Usually, with cup & handle patterns, the handle will complete around the 38.2% retrace of the previous trend. If you notice, the 38.2% is almost EXACTLY at the 70 cents level.

What I am expecting is that prices will now retrace back down to the 70 cents level and then bounce from there to resume the uptrend.

MY TRADE PLAN
I am now taking 50% of my open LONG positions off and banking some profits while letting the other 50% ride just in case this cup & handle fails and prices continue to rise. I am FULLY expecting that prices will continue to go up in this pair to complete the patterns and reach the top of the trading channel again. So by taking some profits off now allows me to bank some pips while still shooting for that pattern completion. I have said that the 70 cents level will play and important part in this trade and that I expected that prices would exceed the 70 cents level and then come back down into it and then bounce again confirming bullish price action and further upside. That is EXACTLY what I am expecting to happen here. So if/when prices do drop to the 70 cents level, I will be buying again provided there is bullish price action at that point.

*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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