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…
1 hr chart
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 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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[...] 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… [...]
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.
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.