UPDATE #2:CLOSED TRADE: EURUSD:Sell@1.16209 TP (+530 pips)

I have now closed this trade as prices had hit 1.12900 which was within 10 pips of my target TP2. Why I did this was because I am expecting that wave 5 will start sometime soon and there's no need to wait for the extra 10 pips profit. I prefer to be in a neutral position in order to evaluate price action without any bias towards an open trade that is opposite to what I am expecting to come. For now, I do not see any bullish price action to which to go LONG yet.

Again, for those of you have questions as to how I am calculating my pip profit totals, they are representative of the way I trade and my trading plan. Whenever I open a trade, I always open an even number of positions and treat each position as their own completely separate trade apart from the other positions though they are all the same trade. So when I close out any positions at TP1 and I say I am letting the remaining positions run to TP2, I am essentially only closing half or whatever percentage of my open positions. Say for example, on this trade. I opened 4 positions SHORT. When prices hit TP1, I closed 3 of those positions (yes, I know that is 75% and not 70% like i said but for ease of accounting, that is what I did) and let 1 open SHORT order to run to TP2.

So I made +238 pips on the first 3 positions and made another +292 pips on the remaining 1 open positions for a combined total of +530 pips. That is my trading plan on every trade I open. It is not for the purpose of inflating my pip totals because in the end...WHO CARES how much I made, right? Only me, my accountant, my wife and the darn IRS!

I hope that helps explain my accounting methods and also to help those that need some help with their own trading plan. That is what having a trading plan can do for you!

*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. 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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