Ok, a new week and new trade plans
The US DXY is showing slight strength and decided that I will bet against the major economies for today and consider my swing trade for USDJPY on a better day.
Currently, my capital is:
My focus is in distributing my risk depending on the probability of success, therefore, I have arranged my position accordingly to my intuition of probability of success. I will probably need to keep tally on the performance of each trade after next week, creating a trade performance journal.
I took a day trade based on the likelihood of the US DXY correcting temporary, I lowered my position sized and plan on closing this trade before the economic event of GBP and EURO.
This will happen in 2 hours roughly and if the economic events show confusing statements, I’ll choose the currency that will have the highest probability of success, which will be linked with the correction of the US DXY and bad economic data from either economies.
Currently my trade is NZDUSD (day trade position size 300, risk amount- S/L 0.17%, T/P 0.23%):
In this trade, I considered the price action of bulls exhausting, US DXY overall gaining slight strength and the volatility.