The EURNZD is still struggling to break the 172 resistance, this is still in my radar as trend on the Daily and H4 chart is showing there is an upward momentum which the bulls are pushing for.
The first two trades I opened, AUDCHF and EURGBP, I’m still in one trade whilst the other has closed after hitting my SL.
As this is a demo account I’ve been experimenting with various time frames. I must admit, after all this research, my preference now is the longer time frame of daily and H4 although I still look at H1. The first two trades I’ve done I used very tight SL looking at the H1 chart, this is not something I will be doing when I start trading on live account.
The AUDCHF trade followed the trend down. It is still showing a downward trend on the Daily and H4 chart as well as H1 chart. Given that Daily and H4 chart are still showing a downward trend, aided by the poor news that came out of Australia yesterday morning I could have stayed in the trade having taken some profit. As I used a shorter time frame and tighter SL & TP, my trade has closed. Once the trade moved in my favour I moved my SL to break even then moved it again by 20 pips where it eventually closed after retracement. Not much of a gain but, it was an experiment which I am fairly satisfied with:
I’m still in the EURGBP trade which is still struggling to break the 0.8910 resistance barrier. Watch this space.