Selling the NZD against a basket of currencies
Updated
I have sold the NZD against the USD, EUR and CAD this morning. I have taken small trades because they are effectively the same trade I just could not decide which is the best of the three. The RBNZ was really dovish in their recent monetary policy report saying they thought the chance of a rate cut was just as likely as a rate hike, this puts them at the opposite end of the table to the BoC which firmly re-stated the fact it believes it is in a rate hiking cycle. Trade war issues continue to fly around the market giving a risk-off feel to the start of the week which will help the NZDUSD continue its trend lower and maybe validate the count that I am showing in this post. The EURNZD is in a similar trend moving higher with some pace and the good economic news that the eurozone released this morning allowed me to take that trade.
I have risked 1% of equity with each trade (making them half the usual size) and am hoping for a Risk Reward of 4:1 which is higher than normal but they have established trends with fundamentals behind them as well as clear wave technicals.
Friday was a poor day with AUDUSD and GBPUSD hitting stops, it is always annoying when stops are hit just before a pair turns in the predicted direction but that's trading and careful risk management means the damage is very minimal.
I have risked 1% of equity with each trade (making them half the usual size) and am hoping for a Risk Reward of 4:1 which is higher than normal but they have established trends with fundamentals behind them as well as clear wave technicals.
Friday was a poor day with AUDUSD and GBPUSD hitting stops, it is always annoying when stops are hit just before a pair turns in the predicted direction but that's trading and careful risk management means the damage is very minimal.
Trade active
Stop to break even on NZDUSD and EURNZD. Both have made adequate progress, NZDCAD is lagging but in the moneyTrade active
Stop to break even on NZDCAD, a great start to the week all 3 trades risk-free, it is always now you wish you had taken a bigger position but if i had done that on friday i would have lost a load!!Trade closed: stop reached
After an initial move in the predicted direction allowing me to get the stops to breakeven price has reversed and breakeven stops have been hit.So no gain but no loss either
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