Updating this SHORT trade with the TP1 and TP2. So far, this trade has moved in the expected direction for +119 pips. I'll be looking for the POTENTIAL butterfly to be completed as the TP1 target. If/when prices get there, I'll reassess the price action to decide how much profit to take off and bank.
For now, prices are descending in a leg D of the POTENTIAL larger expanding triangle. But because this POTENTIAL expanding triangle is only 50% complete, it still can't be determined with much certainty that this leg D will complete. So some level of caution is recommended.
Therefore, my stops have now been moved to just above the most recent spike high to lock in at least some profit. So now this trade is no-loss trade.
*DISCLAIMER: 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!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
wow man...what a work you have done....TP1 reaches just now......so what next....will it go to 0.6995 region now...what price action says???...can you tell me how to analyse price action movement...do you use any indicator or sheer brain...if brain how u make price action movement??? i m asking for the Tip from GEnius...
aledelpi
⋅
i have a small question, but first thank you for all your great post, and dedication to all what you write. thank you very much. i am learning a lot from you.
now my question, is a good idea to keep fro a while a sell open possition in a pair like the aud when the roll over is high? for a long time, like now that is a flat mode
thak you again
EverythingForex
⋅
That will depend on the size of your open position, how much you are in profit, how much more you can project to make by holding till target and of course, how much is the rollover? These are calculations that you should've already made prior to taking a trade excepting of course the rollover as you cannot know how long you would be holding a trade and incurring rollover charges. Obviously, if you are trading a microlot, then the rollover could be a significant portion of your potential profits. But if you are only trading micro-lots, then I will also need to assume that the point of you taking any trade is more to learn than to actually make money. So the cost of learning through your trade must also be taken into consideration. Usually, I recommend to always hold your trade to your targets and not be jumping out at every turn against you. It's part of learning trade discipline.
aledelpi
⋅
great, thank you, yes at this momment my big challenge is to keep my mind cold until possitions take the final target, is an internal fight but trying to learn that they are there, targets, to book profits. seeing your post that you hold them it doesn t matter what happen until they take targets helps me a lot
EverythingForex
⋅
To be successful in trading, you need to trade without emotions. If you jump out of a trade before it completes because maybe you are seeing it retrace and move against you and you are sitting there watching your "paper profits" disappear and you panic and close the position before it reaches your TP, then you are doing it out of FEAR. How many times have you done that just to watch it turn back around after you closed your position and reach target? You set SL and TP's for a reaspn. And if you have set them PROPERLY, then you have reasons why prices should make it to the TP, right? Again, disclipline and patience....2 things successful traders have in abundance!
aeu.webmaster
⋅
Umm I have been watching for a good position to go in for SELL but doesn't look like the chance will come lol...good luck, I will sit out for now
EverythingForex
⋅
Good choice. There's always another trade around the corner. NEVER feel as if you NEED to jump into a trade or else you'll miss something. If you do that, most of the time, you'll find yourself on the losing side of things. If you do not see a good sell setup to get in on, just stay out. You don't want to jump into any market just because it is moving and then get churned and burned. Best to wait and let prices do it's thing and look for another good trading opportunity.