How’s it going, forex fellas? I hope everyone’s having a good trading week so far… well, at least better than mine! Here’s what happened on my USD/CAD and EUR/AUD trades.
I caught a pretty good entry on this setup, as I was able to short at 1.4350 right before the ECB announced its massive bond-buying program. The pair dropped to the 1.4000 level right away but unfortunately, my profit target wasn’t hit on my trade platform.
I thought price would head further south so I didn’t bother exiting early at market… then it started to reverse! Good thing I was able to move my stop to entry, and this was eventually hit when the RBNZ dropped its hawkish bias during their rate statement.
I knew I should’ve been a little more patient with this USD/CAD entry, as price made a much larger correction this week. I was too eager to catch the uptrend that I went long at market, only to get stopped out when the pair made a pullback to a stronger area of interest around the 1.2400 mark.
Here’s the damage:
EUR/AUD: 0 pips / 0.00%
USD/CAD: -200 pips / -1.00%
Luckily, my AUD/CAD short is working out fine so far, but I’m a bit bummed that I wasn’t able to risk a full position on my entry. Do you think I should add to this trade or should I look for another idea instead?
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