AUD is still, basically, the only currency that seems to be rising. NZD on the other hand, was falling, and sitting on some support. I was a bit apprehensive about taking AUD long and NZD short, but that’s what the baskets showed me.
When I looked at this pair, it was in a bit of a high base on the daily chart and looked to be pushing higher. On the hourly chart, it was in a clear – pretty high base, so I ran my numbers and set entry orders.
Entry – 1.05803
| Entry Order Level |
|---|
| 1.05803 |
| Stop Loss Level |
| 1.05075 |
| Target Level |
| 1.07 |
Exit – 1.05
Price did go in my favor after the trade triggered for a little bit, but didn’t move enough for me to move my stop to 1R. I decided to keep my trade open over the weekend, even though I was down about 1/2 by EOD Friday — I liked what the baskets looked like, and I was playing AUD to pop when the markets opened back up on Sunday.
Unfortunately, though, the opposite happened and I was stopped out for another sizeable loss. I need to do some re-tooling and figure out how to become profitable again. It’ll happen, I just need to keep working — and work harder.
