MY TRADE PLAN
I will close 50% of my LONG positions here and let the rest run with a trailing stop of 30 pis (about 25% of profits) just in case prices do continue higher. If it reverses and goes back down, then I will still have bagged +92 pips.
Year-to-date Profits: +5,794 pips.
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I don't agree with your Wolfe Wave because your point #1 is not placed correctly. That point is not part of the retracement. It is part of the previous impulse wave. Can it still work out that prices "happen" to get to your target? Sure. It can. Anything can happen. The danger will be that if it does, you may believe that the way you did it was right. And you'll do the same the next time and you get burned. That goes for drawing any kind of pattern! Many times, even if someone drew the pattern wrong, prices happen to go to their target for whatever reason and they will "think" they did it right. When in fact, they did not. And they repeat the same mistake the next time and get burned. That's why trading is not an exact science. Anything can happen. It's up to each individual trader to interpret the data correctly.
But as I said, by no means am I the authority on Wolfe Waves or any other technique. So no need to take my word as fact. For me, I don't see a good enough reason to take a SHORT trade on this pair for now. Again, I do THINK it may go down but I don't make trades on what I am feeling. I need hard data to take any trade. GL!