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 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 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 price action at that point.
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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Also, DON'T SELL the retrace! That's not a good thing to do. It's unpredictable as to what it will do. It may NOT go down and may just go sideways. This is a wave 2 so hard to tell what kind of correction it will be. Best to wait and look for opportunity to catch the next wave up. Which is a wave 3!