I wanted to share this with you, something I have been watching form - we had the Big with the X leg being up at the 125's level - depending on which way price went with USDJPY - it appears that we may see the drop on USD over next week and following into the following week.
There is also a on 1H chart I have marked here for you to see, if you are looking for a short opportunity, which is what I will be looking for next week - if you would like me to post the with entries stops and targets let me know and I can post and add to this chart.
If I can get a short entry, if the 1H completes then I may even place a 3 target order and let the 3rd target run as far as I can hoping to get to at least the big bat entry level. When T1 and T2 have been obtained. I would simply leave the 3 position at break even - and watch price action create structure levels to see if I close trade hold trade or trail stops.
The best thing about a break even trade is you have secured your targets so the second or third position is almost like a free ride if you win you win you break even then its ok because you have been given that opportunity based on your analysis to be in this trade and take what ever you want from it. If the price doesnt and we get stopped out then its just a normal loss, one loss for the and the extra position for a structure base move.
The second target is always good because we want to secure our profits and not be greedy, if price falls past 100% and your target was 61.8% and you say to yourself - Oh I should have trailed stops or I should have extended targets then this is somewhat greedy and you will continue to do this because emotionally the last few times you missed what have could have been more profits, then the next 20 trades you lose profits because you extended your target too far and it hits T2 then just drops of to the 38.2 or back below entry for a break even.
Thats why I have suggested you follow your rules with T1 and T2 and use a potential Position 3 T3 for a trade like this. Hope this makes sense and helps
The problem with playing around with your normal strategy of Advanced Patterns could be the difference from turning a winning strategy into a losing strategy over time, stick to your rules - all the best traders
As always I have marked entries stops and targets on screen.
Good Luck and have fun this week traders