Updating on 3/30
I was stopped out on my previous trade, which was NZD/USD, but a couple of days later price pushed strong in my direction. I wouldn’t call this a revenge trade or anything because I didn’t realize I was looking at this pair again until I got to it and saw my previous analysis/numbers ran. I think I’m saying this to say that it goes to show that I largely have a good idea of where things are going, but maybe I need to work on my timing?
USD had been strong for a while, especially the previous day, but looked extended. This morning, though, it had pushed up again and based overnight, looking as though it was building steam for the next push up. NZD on the other hand I was a little iffy on initially, but after looking through the chart and talking through my reasoning, I wanted to look at it short. It looked, again, like there could be a nice run if it were to push through support.
When I got to this chart, it was in a clean low-base, after what appeared to be an extended move, which suggested to me another extended move. One more thing I want to say about this is that the analysis for this trade was the morning of the 24th but by the morning of the 25th price still hadn’t triggered, but I liked the position the charts were in so I left it out there, and it ended up getting triggered later that morning.
Entry – 0.69490
Exit – 0.7000
Price slowly but surely over the next 24 (almost exactly) hours pushed up enough to stop me out at my stop loss.
