Geronimooo! Comdolls have been on a selling spree these days, thanks to falling commodity prices and a surprise BOC cut. Here’s how my latest forex trade ideas are faring.
I was able to enter a short position on NZD/JPY at market (81.85) with 0.5% risk after the previous weekend gap got filled. I put another short order with 0.5% risk on a pullback to the 83.00 major psychological level since I figured the pair might be in for a much-needed correction sooner or later.
Unfortunately, the pair missed my short entry at 83.00 by a hairline. Argh, it was soooo close!
Anyway, I’m still open to adding to this swing position on a break of those previous lows around the 81.00 major psychological mark, but I guess I’ll have to wait for the RBNZ interest rate decision next week. A few weeks back, Forex Gump already shared a bunch of reasons why the RBNZ might cut interest rates again, and I think the recent releases could strengthen that dovish bias.
As for my EUR/AUD long forex trade idea, well, I might’ve missed the bounce already. I set my sights on a potential entry around 1.4650, which is close to the rising trend line and the 61.8% Fib, but I guess euro bulls were eager to charge at the 1.4700 area of interest.
I guess I might’ve played this one a little too safe, but I’m not feeling too bad nor am I looking to chase the rally at market. Even with the Greek parliament approval on the bailout proposal, the euro is looking weak against its other forex rivals like the dollar, pound, and yen so I’m thinking that EUR/AUD’s gains might be limited.
You know what I’m hoping to catch, though? That strong Loonie selloff after the BOC interest rate cut! Got any short CAD trade ideas you’d like to share?
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