MY TRADE PLAN
But now that it has done this, price action at this point is . So it is likely but still not probable yet that TP2 will get hit. But I am now holding additional SHORT position from the "double-dip" to go to the TP2. But I will setup a trailing stops of 50 pips (20% of the +260 pips I just banked) to try to get the TP2. Again, keep in mind that I am still expecting more upside to go on this pair so I will be watching for signs of reversal back up and act accordingly.
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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thanks for your informative posts. I am very new to trading and would like to ask you one thing about this double dip trade you were discussing here. My question is, what have you been doing with your positions after the succesfull shorts on both dips down ? Did you close your short positions at the B point line or did you left them open or maybe did you even get stopped out when the price was heading back towards the D point of the Butterfly pattern ? Sorry if this question sounds stupid but Im new...