First, the title of my blog was wrong. I didn’t take the NZDJPY trade….I took the EURNZD. Only the title was wrong but the trade description along with the charts…etc was all correct.
We canceled the trade since the setup is over! This is ok. We only want to take trade where the market meets our condition. We don’t want to CHASE the market at ALL! In taking pull backs, this may occur if the momentum is extremely strong as in this case. We did not take a breakout trade because we will be sleeping when the trade triggers and wouldn’t have the ability to adjust the stop. Breakout trades have a higher risk so the stop needs to be adjusted right away.
EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results