Trade 13: Short NZD/CHF (First Open Trade Update)
Went short after spotting how this pair has been on a longterm downtrend, the resistance area since Dec also held strong and I also spotted a potential double top forming.
This was last week. After I entered, it went into purgatory mode where it’s basically just consolidating. This is one of those trades where I get antsy because I start wondering what the opportunity costs are.
Here’s my setup for your reference:
I’m up almost $9 as of this writing. It still has a bit more to go before it hits my TP but now I have two options: keep my TP or remove it in anticipation for more bleeding from this pair?
In the meantime, I will move my stop loss to the open price of yesterday’s candle so at least it’s a risk-free trade (well, more like a +9 pip trade, so tiny I know but better than getting chopped up I suppose).
Would love to read what your thoughts are on my plan/setup.