***NOTE***: The trade entry point represents MY own entry point into this trade. If you decide you want to get in this trade, you must choose your own entry.
Note that the TP1 of this is right at/near the previous upper of the former . I would expect that prices would retest the broken as is typical seeing as that was former and now could be seen as support.
MY TRADE PLAN
I will expect that prices will reach the TP1 at least. The TP2 I am not so sure. One thing I am sure is that this uptrend has a LONG WAYS to go and I am still VERY on this pair as I have been for weeks now. Once prices hit the TP1, I will watch the price action for clues as to the trend resuming. If so, I will close my SHORTS and look for opportunity to get LONG again.
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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I didn't see this yesterday but it does confirm what I acted upon, catching the retracement back down! Was a good trade for me, hope for you too!
Hope to catch some more of that move down, if I'm not overdoing it...:
About EW theory: could you confirm that we could be in an ABC retracement as in my analysis below? (I've only been briefly introduced to EW)
I know that it's opposing what you say about the direction, but I'm asking anyway..., hope I'm not bothering you too much with this... If it's not at all an ABC retracement then I will not mention anything on EW before I read up on it... ;-)
Here's my trading plan for taking trades. When I take a trade, I will open an even number of positions: 2,4,6...etc. So when I hit TP1 and say for example, "close 50%" and take 50% profit, what I'm actually doing is "closing half of my open positions". So if I have 2 open positions, I'm closing 1 and letting the other one go to TP2. So when you see my "pips profit totals" and I am adding it up, that is what is happening. Each position is treated as its' own trade. GL!