Pick of the Day: NZD/USD - Close Trades
Trade Closed: 2007-02-05 07:55
Our first short order triggered during the Euro trading session and reached profitability for +30 pips. Our second trade order was triggered as well. Stochastics look to be in the oversold area, so with the current market price at .6815 I will close the second trade order to lock another +5 pips. Congrats to those who caught some pips!
1st Half: +30 pips
2nd Half: +5 pips
Total: +35 pips
Trade Idea: 2007-02-04 20:21
Welcome to another week of Forex trading, and for tonight's Pick we'll take a look at NZD/USD. We have a nice little Fibonacci retracement setup as we see the pair rising after making a strong move from about .6900 to about .6760. Stochastics and RSI are floating around overbought territory, so we will scale into a short position in NZD/USD.
Short half position NZD/USD at 0.6855, stop at 0.6885, pt at 0.6825
Short half position NZD/USD at 0.6820, stop at 0.6860, pt at 0.6780
Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.
Related Posts:
- Pick of the Day: NZD/USD - Trade Closed 18:35 14 March 2007
- Pick of the Day: EUR/JPY -Trade Closed 00:20 19 March 2007
- Pick of the Day: AUD/USD - Trade Closed 20:50 14 February 2007
- PIck of the Day: USD/CHF - Trade Closed 07:20 26 April 2007
- Pick of the Day: EUR/JPY - Trade Closed 17:25 22 February 2007
Archived Comments (2)
Forex Blog: Pick of the Day
It is hard to find any good trends at the early start of the week - but that was a great find Pipcralwer! I went short on the first order but decided to stop after because the charts were showing oversold and it looked like it ran out of steam. But well done - it has made my monday much more interesting :)
Thanks for the comments Pete! Glad to make your Monday a little more interesting!