So to the chart we go. In my last update, prices had already hit the TP1 and I had already taken +142 pips profit and were letting 1/4 of my original trade to continue making me pips. Right now (as of the time of this posting), prices are heading towards my TP2 and that remaining open trade has given me another +190 pips so far. For a total of +332 pips up-to-date. If that's luck, I'll take it!
So post-FOMC, you might call this rise the residual rate hike effect or call it what it is, a wave retrace of the previous wave (3) back up to retest the broken TL just above prices. What kind of wave this is isn't really clear right now. It can be number of different waves but I have temporarily labeled it a 5-wave wave (A) type impulse corrective wave.
In any case, I'm still looking for this pair to head higher to possibly retest highs before dropping like a stone! Or it may do that A LOT SOONER! Depending on what this wave is. I'll be watching and continuously tracking this pair to watch for what I think is an INEVITABLE MASSIVE DROP yet to come! I invite you to trade it with me!
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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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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 agree on this idea in general. I have been hold shorts from 123.6 for weeks, it's been agony, was hoping to get some resolution from the rate hike, and totally missed the obvious hedging opportunity that this trade is based on due to my tunnel vision :)
anyways, keep up the good work
Thanks for the advice.