[TW] 2012-05-11 NZDUSD Short by littlebopip

Trading Discussion
1

Pair: NZD/USD

Timeframe: 1-hour

Long or short: Short

Chart:

nzdusd.jpg700×303 17.6 KB

Trade rationale:

Risk hasn’t been on the Kiwi’s side lately and NZD/USD has been on a strong downtrend so I’ll just jump in. As they say, the trend is your friend!

I already shorted at the .7900 mark since it’s a Fib and a doji formed on that level. My trade idea for the coming week is to add on the break of the previous low (.7813) and keep adding positions every 50 pips and adjusting my stop by the same size.

Trade details:

Short NZD/USD at .7800, stop loss at .7850, PT at .7500. I’ll risk 0.5% of my account per position.

Reward-to-risk: Depends on how long I’m able to ride this trend but I’m hoping for at least a 6:1 R:R.

2

Trade is looking pretty good so far. I got in at .7809.

3

Hi Littlebopip, I also took 50+ pips on this trade , I think this trade must have been the trade of week, the others all failed.You generally have correct calls, congrats, when do you publish fresh trades ? Thanks :slight_smile:

4

All of my trades from yesterday have cleared minus one. I haven’t closed out of my USD/NOK yet so it’s not a loser and shouldn’t be. Check my post “Tomorrow’s Winners” if you don’t believe me. It’s here in this section