Disclaimer: Updating on 3/8
GBP had been pushing up for 3 days in a row and this morning it looked like it was going to be up again. I didn’t want to miss a trade in a currency on a tear, so I looked at this to the long side. NZD on the other hand wasn’t on my radar during my initial morning analysis, but after looking at the RSW vs JPY chart, it definitely looked weak.
When I got to this chart, it had spiked but was in the midst of a pullback, and maybe recovering from that pullback. There was a bit of a base at a level it had trouble pushing above, but that looked like a good “tradable pattern” so I set entry orders assuming this would push back up.
Entry – 1.92956
Exit – 1.92944
Price pushed up enough to trigger me into the trade, but it stayed within the base, for the next couple of hours. At one point, price dropped quickly and recovered, and I thought I was stopped out, but it happened so fast, my order wasn’t one that was triggered, so I (luckily(?)) remained in the trade.
Eventually price did push up, enough to reach 1R and allow me to move my stop to break even, but that was about it. Not too long after that it reversed again and stopped me out. I’m just glad it was a break even and not a loss.
