Forex Trade Review: EUR/NZD and NZD/USD

Too fast, too furious! NZD/USD fell faster than I could go “Say Geronimo!” upon hitting the .7800 resistance zone. Here’s what happened to my short-term forex trade:

NZD/USD 1-hour Forex Chart

NZD/USD 1-hour Forex Chart

Luckily, I was quick enough to sell at market when NZD/USD started stalling close to .7800. I set my initial PT at .7700 though, thinking that I could still have time to assess how much lower it could go. Before I knew it, price already hit my PT!

As some of my trusty comdoll buddies mentioned in my NZD/USD forex trade idea blog post, the pair is already sitting on a major support area on the longer-term time frames and may not have much room to fall. With that, I’m happy with my quick win on this one as I was able to grab 100 pips for a 1% gain on my account.

As for my other trade setup on EUR/NZD though, well, this just erased my recent win! Here’s how it all went down:

EUR/NZD 1-hour Forex Chart

EUR/NZD 1-hour Forex Chart

After weeks of holding on and hoping for the best, EUR/NZD broke my heart and the resistance at 1.6250. Ouch!

It looks like the odds really weren’t in the comdolls’ favor recently, as commodity prices have been dropping like crazy. Just when I though the strong New Zealand jobs data would be enough to keep the Kiwi afloat and that the upcoming ECB rate statement would weigh on the euro, the markets thought otherwise.

And what’s even worse is that I risked a full 1% on this long-term setup so I wound up with no gains at all on these recent forex setups. Now I’m wishing I kept my CAD/JPY long trade open for much longer!

Got any comdoll trade ideas that you think I should be looking at?

Cheers,

Happy time

Other Popular Articles:

What is the STA strategy? Q3 2014 in Review Comdoll Trading Kit CAD/JPY Trade

  • ForExchange

    Hi Happy Pips,

    Two completely opposite trades up there!

    On one side you played pretty good that tough call on NZD/USD, you got in the best price and got out also the best price as the pair retraced after the reaching the main support area. That was an ideal result for you. Maybe a break below would be good to enter but until then it is questionable.

    On the other side the EUR/NZD turned out to be the worst case for you. I work with a wider stop there and if you see it reached exactly your stop and turned back down. That was basically the worst exit point. The weakness of the EUR is shown greatly that as you said, commodity prices fall like crazy and still this is not enough to push NZD down. The pair floats and as soon as commodity prices get stable I think NZD gets strength. Until that time little choppiness and good carry trade is expected.

    Good luck for the last days of the week,

    FE

    • Thanks for helping me sum up the things I should remember moving forward! Yep, in hindsight I realize that I should’ve had a much wider stop on EUR/NZD and probably waited for a better entry then instead of trying to catch the breakdown. I entered at the worst possible price too!