Forex Trade Review: EUR/CAD and NZD/USD

I had a couple of retracement trade ideas earlier this week but it appears that neither worked in my favor. Check out the EUR/CAD and NZD/USD setups I was watching:

EUR/CAD Retracement to 1.5000

Trading the RBNZ Rate Statement with NZD/USD

As you can see on EUR/CAD’s daily forex chart, the pair didn’t even make it to my sell zone before the ECB decided to announce its easing surprise! In retrospect, I probably should’ve just shorted at market or when the daily candle confirmed the spinning top reversal candlestick right on the 38.2% Fib.

EUR/CAD Daily Forex Chart

EUR/CAD Daily Forex Chart

As for NZD/USD, well, I just decided to cancel my short trade idea when the RBNZ decided to hike interest rates again. I did consider switching biases and going long but I wasn’t sure whether this would be the last of their rate hikes or not.

NZD/USD 4-hour Forex Chart

NZD/USD 4-hour Forex Chart

Pretty disappointed with my trading so far, as I haven’t been in the mood to take on risk lately. I know, I know… Forex trading is all about taking risks! Maybe it’s just that I haven’t been raking in plenty of profits lately that I’m afraid to worsen the damage on my account. Then again this mindset prevents me from catching opportunities to make profits.

Got any tips for me?

Happy time

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  • Steven

    You should have went long with this pair, the AUDNZD and NZDUSD where well overbought in the days before this rate hike

    New Zealand had raised interest rates for 2x in a row and they made it pretty obvious they wanted to keep doing that

    I shorted the AUDNZD 2 days before the hike expecting this and made some good money with it.(went from 100$ to 500$)

    Read past actions and comments along with the technicals and if they all align like they did with these pairs then go for it

    • Happy Pip

      Yeah I really just thought the RBNZ would pause since dairy exports and milk prices are falling. Congrats on your win though!