I am closing 50% of my LONG positions here and will bank +63 pips despite not yet reaching the TP1. This is due to the possibility of a deeper retrace occurring and also the TP1 and TP2 of the completed cypher pattern having both been reached.
I will leave the other 50% to continue to run in case prices do continue on higher. But I will also leave that 50% of positions even if there is a retrace as I do expect that if prices do drop here, it will only be a retrace for a move higher later. I will be watching this pair as prices move to look for another good opportunity to go LONG.
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Hi. I think your decision is good. At the moment we have good opportunity to go small short trade or wait for wave C to complete before rally in to wave (iii). This is very early wave count, but it is how i see situation in USDJPY. What do you think about it?
EverythingForex
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I agree with your wave count. I made this decision to bank some profits because of the wave count. Not sure how deep the wave 2 of possible 5 wave move higher in a larger wave 3 could go. It could go deep. No need to risk all the profits already made. Besides, always must keep in mind that it is possible to be completely wrong and prices could just plummet. +63 pips is a nice gain as is.