Thanks to the ECB’s decision to cut rates again and to the growing possibility of Scotland’s independence, EUR/NZD and GBP/CAD saw a lot of movement in my favor recently! Here’s what’s going on so far.
First up, here’s an update on my trade that’s been open for over a month already but only showed downside momentum when Draghi unveiled the ECB’s additional stimulus plans. I was able to short at 1.5750 with my initial stop at 1.6000, and price has moved around 150 pips lower so far. With that, I decided to move my stop to entry but I’m also considering closing early ahead of the upcoming RBNZ statement.
As for my GBP/CAD short trade, I was able to try out a 150-pip STA last week as I added to my position when the pair sold off sharply. However, I decided to close my positions ahead of the weekend, anticipating that another round of polls on Scottish independence might change pound sentiment again. I still left a sell stop order at 1.7650 though, in case price gaps down… and it did!
For now, I’ve got some profits locked in with my GBP/CAD short and I’m also looking to take some off my EUR/NZD short as well. Got any tips on what I should do? As always, I’d love to get your feedback on my trades!
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