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:
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:
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?
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