Argh, not again! I had been waiting for NZD/USD to reach my entry area at the top of the range on the 4-hour time frame and for fundamentals to line up with my short bias, but price still missed my entry by a couple of pips. To think I already set my short order at .8395!
I should’ve jumped in at market when price turned around the .8380 mark and made a small bearish divergence after New Zealand released a weak quarterly retail sales report. At that time though, it appeared as though risk sentiment was shifting and concerns about a potential emerging market crash had eased. It didn’t help that U.S. data came in mostly weaker than expected, causing me to doubt my short bias.
Oh well, I guess it’s time to move on then! At this point, I think it’s too late for me to jump in at market and try to ride the selloff until the middle of the range. Anybody got any other trade ideas this week?
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