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New Zealand Dollar

Written by Hugh, on March 14th, 2008

kiwi.jpg

Pretty good trade last night, I’m trying a new format in the interest of saving input time. Hope this works better.

I probably should have made more than I did on this trade. Anyway…

New Zeland Dollar Trade

1 hr chart

nd.jpg

daily chart

I entered on a bounce off a previous daily high.  There was enough separation between the highs to give me some confidence that the trade would work.  There was also a MACD Dive on the daily chart.

I exited on the first 4 lots before the target and it hit the target easily. I believe that every single time I have taken profits early on a trade like this, price has always hit my target. Anyway, here are the results (click on picture for readable view):

Trade Results

Trade follow up: The NZD/USD ended up moving 100 pips from my entry price. It’s not a bad trade though. I wasn’t around to watch it so I am satisfied with the results.

P.S. – I have been experimenting with a GBP/USD system where I buy/sell the breakout of the Asian session range. I have been tweeking some of the exit strategies and hopefully I can start trading it next week. Backtesting isn’t as easy as I anticipated, so hopefully I can figure that out by the end of this month.




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Category: My Trading   Tags: ,

This post was written by . His goal is to become a professional trader.
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Hugh

You were right, I was actually in on the GBP/USD surprise and I took profit early. I'll have a video on it. Thanks for all the comments and keep them coming.

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kawika pipmonster

NZ/USD check it out, since the RBNZ just decided to a surprise 25bps cut on july 24, check it out this thing has a good chance of continuing to fall, especially against its recent all time high and highly commodity coorelated market. Saddly i was short right after the release but got stopped out. I'm looking for a pullback to ride this thing down for weeks.

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  1. Forex » New Zealand Dollar says:
    March 14, 2008 at 6:15 pm

    [...] FOREX blog wrote an interesting post today onHere’s a quick excerptPretty good trade last night, I’m trying a new format in the interest of saving input time. Hope this works better. I probably should have made more than I did on this trade. Anyway… [...]