So I got long the NZDUSD...
Technically this pair met all my criteria, momentum and trend both up and price experiencing a deep pullback.
On the macro point of view there was an issue, Fed policy was due in 2 days however my trade plan allows me to trade this, provided I close a few hours before the data is due, which is what I did.
Price initially went my way by R+1 or more, then fluctuated before the fed announcement (I exited just prior to the durable goods report). I do wonder if price initially goes in my favour by quite some way, whether I might be able to hold on to this kind of trade in the future (as you can see the MFE on this trade was R+4.4).
This thought alone shows a hole in my trading plan/strategy; I don't know at what point (before hitting my target) a trade is a success. Definitely something for me to mull over and research! Ultimately my numbers are going to have to dictate my action here.
NZDUSD Long
prep
On the macro point of view there was an issue, Fed policy was due in 2 days however my trade plan allows me to trade this, provided I close a few hours before the data is due, which is what I did.
thought
This thought alone shows a hole in my trading plan/strategy; I don't know at what point (before hitting my target) a trade is a success. Definitely something for me to mull over and research! Ultimately my numbers are going to have to dictate my action here.
NZDUSD Long
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