In this trade, I have now taken off 50% of my open positions and bagging +145 pips. My original TP1 target was a little bit higher shooting for +147 pips but I'm not going to quibble about 2 pips. I'm moving my stops to 50 pips above B/E which is at a point that is little less than 50% retrace of this leg up and also below a minor sr structure. If I get stopped out there, I will still bag 50 more pips from the other half of my open trade positions. But if I do get stopped out there, then prices may actually continue lower. That is the reason for me to move my stops there.
Now, by taking this profit it DOES NOT MEAN I don't think it will continue higher. I do think so. BUT I what I don't know is how far will any retracement back down could go before it starts going higher again. IF it does. There's no guarantee it will. So that is why it's wise to at least bag some profit off this nice move. I'll let other half ride for more profit up if it does continue higher.
But what I do think will happen is that prices will retrace somewhat here and then go up again to fill that cypher
. Let's see.....