I had a couple of retracement trade ideas earlier this week but it appears that neither worked in my favor. Check out the EUR/CAD and NZD/USD setups I was watching:
Trading the RBNZ Rate Statement with NZD/USD
As you can see on EUR/CAD’s daily forex chart, the pair didn’t even make it to my sell zone before the ECB decided to announce its easing surprise! In retrospect, I probably should’ve just shorted at market or when the daily candle confirmed the spinning top reversal candlestick right on the 38.2% Fib.
As for NZD/USD, well, I just decided to cancel my short trade idea when the RBNZ decided to hike interest rates again. I did consider switching biases and going long but I wasn’t sure whether this would be the last of their rate hikes or not.
Pretty disappointed with my trading so far, as I haven’t been in the mood to take on risk lately. I know, I know… Forex trading is all about taking risks! Maybe it’s just that I haven’t been raking in plenty of profits lately that I’m afraid to worsen the damage on my account. Then again this mindset prevents me from catching opportunities to make profits.
Got any tips for me?
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