Trade 2 EUR/USD Short Closing 1/4 of overall position or 1/2 of remaining position @ 1.3226 With Fed speak tomorrow and todays moderate gains; I am securing some profit as tomorrows volitility could stop us out.
Trade 2 pip tally 1st 1/2 position: 26pips 1st 1/4 position: 84pips final 1/4 position: breakeven or profit or add back to position?
The above illustrates my perspective going into this week. I have been focused on the 8/11 as an ideal turn date; while I have been taking early stabs at shorting the GBP/USD and EUR/USD as the EW patterns are complete and the highs have been tested. While both trades have proved to be profitable; the trades advanced further than I anticipated they would without a significant followup retracement; so gains were not fully capitalized. I have posted a chart below that includes my EW counts and my expected retracement targets.
closing half position @1.3179 as prices overnight will likely retest highs and possibly take out our shallow stop and offer further re-entry opportunities.
Trade 3 EUR/USD SHORT 1st position half: 21 pips 2nd position half: 200 pips overall average: 110 pips current tally on all 3 trades: 191.5 pips
"With commodities getting hit; the Auzzie is vulnerable even to the weak Euro. Our position size is half our average size on this trade as this is a trend reversal trade on a grand scale so we intend to add to position if conditions warrant. The pair is severely oversold and the technicals are showing multiple simultaneous extensions and thus is indicating that a rebound is in order. The Fibonacci's are also harmonizing on multiple timeframes so we look to take an early stab at a potentially massive rebound. We are still cautious and are not willing to risk too much as further testing of the low is always a possibility." entry: 1.4282 stop: 1.4250 target: 1.4648