Bit of ring rust after a month off but hands up, I screwed up my prep.
This weekend after completing my homework I noticed the NZD had been gaining strength. Actually by my reckoning it had been the strongest currency for two weeks running (although that might have changed now)!
So I went through my NZD pairs and found a long on the NZDUSD and a short on the AUDNZD, net long the NZD. I did my technical prep then looked at the economic calendar, I never trade in front major data. I noted the RBNZ had it's economy report out on the 21/07 so I thought I'd have 48 hours to hit targets and would close out before the announcement, regardless of P/L.
The data was on the 20/07 not the 21/07 so I just traded right into and through the announcement and it wasn't pretty for the NZD.
Long NZDUSD (pin at W1 demand) I got a 100% stop on this.
Short AUDNZD (BearEP at W1 supply) I saw my mistake and managed to exit before a full stop for R-0.6.
prep
This weekend after completing my homework I noticed the NZD had been gaining strength. Actually by my reckoning it had been the strongest currency for two weeks running (although that might have changed now)!
So I went through my NZD pairs and found a long on the NZDUSD and a short on the AUDNZD, net long the NZD. I did my technical prep then looked at the economic calendar, I never trade in front major data. I noted the RBNZ had it's economy report out on the 21/07 so I thought I'd have 48 hours to hit targets and would close out before the announcement, regardless of P/L.
the mistake
The data was on the 20/07 not the 21/07 so I just traded right into and through the announcement and it wasn't pretty for the NZD.
MOTR 8
Long NZDUSD (pin at W1 demand) I got a 100% stop on this.
MOTR 9
Short AUDNZD (BearEP at W1 supply) I saw my mistake and managed to exit before a full stop for R-0.6.
summary
Not much to say. Seeing that I've has a month off I'm pretty pleased with my prep and management on the whole, with obvious the exception of that one mistake. Guess all I can do is double check in the future and move on. Fact is if the data had been when I thought it was these trades were completely "trade plan valid" positions, so I'd take them again.
