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