Woohoo! Pips in the bag! I was able to walk away with profits on my two forex trades last week before all the market ruckus started. If you’re wondering what I’m talking about, make sure you take a look at my long USD/CAD idea and my long EUR/NZD setup before reading on.
EUR/NZD actually hit my profit target near the previous highs on Friday, when the euro managed to outwit, outplay, and outlast its forex counterparts amidst the global stock market rout. I was able to enter at 1.6825 (0.25% risk) and at 1.6765 (0.25% risk) and close with a 0.52% gain on my account, which I was already feeling pretty good about… before the pair zoomed up by around 1,500 pips this week.
As for USD/CAD, I simply decided to close my long position at market before the weekend rolled along. I wasn’t so confident about keeping a long dollar position vulnerable to potential market gaps, given how traders seem to be pricing in a delay in the Fed liftoff.
With this pair, I was able to go long at 1.3135 (0.25% risk) and close at 1.3165 for a meager 0.02% gain since I had a really wide stop.
All in all, I think that shaped up to be a good trading week for me and allowed my account to recover some of my previous losses. I can’t deny that I’m feeling slightly bummed out about missing those huge gains on EUR/NZD since I had second thoughts about keeping a part of my position open with a trailing stop.
Oh well, no use crying over spilled milk! Onto the next comdoll trade! Got any ideas you’d like to share?
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