NZDUSD: Review Of My Recent Short On This Pair
Bit of a different post but wanted to look back at this trade after having two losses previously!
It shows i was disciplined in following my plan and continuing to do what i know works for me!
Price was approaching minor structure resistance but what i liked about this potential setup was the fact i could have a tight stop loss, this is always the first aspect i look for, my risk!
I then started to go through my technical's and had some Fibonacci confluence in a 1.272 extension and a 1.414 inversion! Harmonic legs completed in my zone and RSI was overbought! Price printed a Doji signalling to me some potential selling pressure!
I set my first target back into structure and my projected second target was a 0.618 Fibonacci retracement of the last leg! As i mentioned on the chart i was actively managing the second position using the 5 minute and was stopped out for +24, as you can see if i hadnt of followed this rule then i would of given all my initial profits back!
I hope you take the time to read this post and understand the importance of having a plan in place and following it!
If you like this post please click the like button and comment any constructive feedback you have! Id love to hear it!
SMART TRADING
It shows i was disciplined in following my plan and continuing to do what i know works for me!
Price was approaching minor structure resistance but what i liked about this potential setup was the fact i could have a tight stop loss, this is always the first aspect i look for, my risk!
I then started to go through my technical's and had some Fibonacci confluence in a 1.272 extension and a 1.414 inversion! Harmonic legs completed in my zone and RSI was overbought! Price printed a Doji signalling to me some potential selling pressure!
I set my first target back into structure and my projected second target was a 0.618 Fibonacci retracement of the last leg! As i mentioned on the chart i was actively managing the second position using the 5 minute and was stopped out for +24, as you can see if i hadnt of followed this rule then i would of given all my initial profits back!
I hope you take the time to read this post and understand the importance of having a plan in place and following it!
If you like this post please click the like button and comment any constructive feedback you have! Id love to hear it!
SMART TRADING
