Trade summary part 1 - AUDNZD
Waited for 4 days before the price reaches 1.2500 on Thursday. I went short at 1.2517. However, i felt uneasy about this trade. And i went in and out of this trade quickly. Reason being despite the recent rate cut for AUD, AUDUSD remained strong and trended up well. Looking at the AUDUSD chart, it trended up from Monday to Thursday. Only on Friday it went down after failing to break above 1.0300. With the price action for AUD being strongly bullish for this week, i decided not to fight against the trend. Always leave the trading account intact to trade another trade.
Trade summary part 2 - AUDUSD
One of the reasons for the uneasiness on shorting AUDNZD was this. I attempted to short AUDUSD twice this week. First attempt show me a small loss. Second attempt was a breakeven trade. These 2 trades give me a strong hint that AUDUSD is trending up, and it is not ready to go down. Maybe AUDUSD will be ready to trend down for week 42?