AUDUSD#6 - Position

Big Red L2 seems to be formed now, and a J wave down is on the way.

Now I label again a new small yellow xab from Big Red L2. It seems it's half way C1 now, but there are always opportunities for entries when retracements happen.

Before badminton, the price was hovering around 0.8730 but seemingly on the up. I placed a sell order at 0.8750, which is about the bottom of the cloud and above the Kijun-sen on 1H chart. SL was rather big, just above the cloud. Target price is 0.8735, slightly above 4H EMA200. Small yellow c1 TP is 0.8619.

When I return from badminton games, I was then in the trade, with a little floating profit. (Another sell order for EURUSD wasn't done)

Saw a hammer pattern on 1H chart, was thinking about closing trade and wait for re-entry? Set trailing stop? Move SL? Closing the trade was rather tempting, but in the end I decided against it because:

1. TP is 0.8635, and the plan is still intact
2. It might be just yet another retracement on the way down, with lower-highs being formed along the way.
3. I should try to stick to my plan as my mentor told me (note: however, how do I know my plan good enough?) and pick up more lessons throughout

Finally, as of time of posting, I've moved my SL to 0.8765, day high, and also around the trend line. But my floating profit is only 25 pips now.

Let's see what happen next.

p/s: England won, with much better football this time but still rather dull. The Americans' spirited performance won them a deserved victory and qualification to the Round of 16.


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