I have now closed both of these 2 LONG trades that I had been holding for awhile now. Combined, both trades bagged +700 pips using a straight point-to-point calculation. . A pretty nice haul. I had to hold both trades for 10 days but as I have said many times, time does not play a factor for me in my trades. And this is why.
If using my actual trade calculation, these 2 trades combined to give me +1113 pips!
Here's how the 2 trades broke down: 1. Bought @0.70011 (see Related Ideas: "TRADE: AUDUSD: BUY@.70011 Waiting wave (B) Finish. AB=CD Done") TP1=+272 pips TP2= +376 pips TOTAL: +648 pips
2. Bought @0.69497 (see Related Ideas: "TRADE: AUDUSD: BUY@0.69497 G-Zone Reversal + C Point of bat") TP1= +221 pips TP2= +324 pips TOTAL: +565 pips
I show these calculations to illustrate the exponential power of having a good trading plan with sound money management. These are actual pips that I've made on this pair on these 2 trades and are not demo trades. This is why I keep saying YOU MUST HAVE A GOOD TRADING PLAN and stick to it!
Anyway, I've closed these 2 trades and am now looking to go SHORT upon this Cypher #2 having been completed. I am now looking for bearish PA to tell me when is a good time to do so. In addition, as of the time that I am posting this, prices have not yet gone past the MAX Cypher C point I have located for the smaller cypher so that smaller cypher is in play until the MAC C point gets broken.
*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!
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Why do you want to sell now? What is the reason for it? If you can't answer those questions, then you should not sell. As you see (as of the time of this reply) prices are continuing up! Are you trying to "catch a falling (rising in this case) knife"? I will be waiting patiently for bearish PA before I even CONSIDER shorting this pair! It's a SOLID uptrend and although I'm out of the LONG trade now, I would not want to get in front of this moving train and get run over! Wait.....patience. Today is also Friday. Moves will be limited.
JackJohn
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Congrats on your pip haul.........
Hiisham
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huum thank you
ForexisbizFib
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Congrats again for the excellent trades.
EverythingForex
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Thanks! But I would hope you got a large piece of the pie as well.