I’ve been bullish on NZD for a while now, and cautiously bearish on AUD. Today, AUD was decreasing from the top of the low base it’s been in (in it’s basket), so I thought it was a good time to short it. AUD/NZD was in a nice low base pattern, so I set entry orders just below support with a stop above the high of the base
Entry
Price moved against me a bit before it filled, but stayed within the range. I got the notification this morning (the 10th) that my trade had triggered overnight. Now I’m simply following my rules and waiting for price to reach 1R so I can move my stop to break even!
| Entry Order Level |
|---|
| 1.04041 |
| Stop Loss Level |
| 1.0432 |
| Target Level |
| 1.03457 |
Exit – 1.04323
While price broke through that level of support, it didn’t do so convincingly. I had faith, though, this has happened before. Price reversed a bit, and then headed back down, and even broke support slightly again, but couldn’t sustain. Eventually, by the end of the day, price had fully reversed and hit my stop-loss. Disclaimer: I’m journaling this a few days later. Looking at the chart today (12/17), it looks like price is back within a position where I want to short it again, maybe at the same price. I wasn’t completely wrong, just bad timing
