Stopped out on a pullback! But it’s all good as my adjusted stop loss was able to lock in more than a hundred pips with this early exit.
Short NZD/CHF Trade
Just like my Guppy short play that enjoyed bearish momentum and got closed on a pop higher, I was also booted out of this NZD/CHF position as price recently pulled up from its dive.
In this case, though, I had a better R:R as my stop was relatively tighter. After the RBNZ gave a less upbeat policy announcement, Kiwi bears came out to play and allowed me to roll my stop down and lock in some gains.
But when risk-taking returned on the prospect of trade talks between the U.S. and China, this pair popped higher and hit my adjusted stop. In retrospect, I probably should’ve set it slightly higher past the .6600 handle if I wanted to stay in the trade longer.I’m still bearish on this pair because I think trade tensions are far from over and the RBNZ’s downbeat bias is a pretty huge deal. But while I like the franc’s safe-haven appeal while political concerns weigh on the dollar, I can’t help but feel wary of potential SNB jawboning at some point.
Gonna keep my one good eye open for any short-term pullback plays, though! For now, here’s what I got:
P/L: +140 pips / +0.46%
Almost a 1-to-1 play with my 0.5% risk for this setup! I’m actually happy with how things turned out and how I managed this position. That’s back-to-back wins for me, too!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.