Even though equities have been rising, USD seemed to be following them rather than being negatively correlated. Today was no different as USD was up. NZD showed some strength in the past, but had rolled over and looked like it would continue down. When I paired them together, they were showing signs of weakness and on the 15 min chart, a nice low-base had formed, so I set entry orders
Entry – 0.63895
Almost immediately after setting my entry orders, price moved in my favor and triggered my entry point
| Entry Order Level |
|---|
| 0.63895 |
| Stop Loss Level |
| 0.64225 |
| Target Level |
| 0.6333 |
Exit – 0.64331
I didn’t really take into account the news event that was coming out the next day when I took this trade. When I did see it, I was already in it and didn’t want to exit — I had my stop-loss set, and I thought that if it were to cause this to drop, I’d be sitting pretty. Unfortunately, though, price spiked on this news causing me to be stopped out — a bigger unfortunate is that it spiked so quickly, I lost an additional 10 pips due to slippage. I’ll just have to be more mindful of news events next time
