Forex Trade Adjustment: Short NZD/USD

My swing trade of the week in NZD/USD seems to be working out well so far, but with the RBNZ monetary policy meeting coming quickly, I’m adjusting to reduce my risk.

Short NZD/USD

Original Trade Idea: Forex Trade Idea: Swing Short on NZD/USD

NZD/USD 1 Hour Forex Chart

NZD/USD 1 Hour Forex Chart

As I mentioned in my original trade plan, the likelihood of a rate cut is in the cards from the RBNZ, but as the saying goes, “anything can and WILL happen in the markets.” With that said, I decided to not take a chance but give myself an opportunity to profit if the market does go my way by trailing my stop to breakeven (.6650) to create a nearly risk-free trade.

That’s it for now as I leave it up to the markets to either take me out for no-loss or a nice 0.25% profit locked in for the week. ¬†Whatever the case may be, I think I’ve played each step correctly, but if you disagree on my adjustments, please leave your thoughts and adjustment suggestions in the comment area below. ¬†For all you Kiwi traders, good luck with the RBNZ event!

Also, my Technical Forex Short Opportunity on CAD/JPY is rocking and rolling, down about +150 pips from my open price. I will make an adjustment soon to lock in profits. Stay tuned!