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.
Second, we reached out target! However, the trade never triggered. The NZD was soo weak, it never pulled back to our support at all. Here is the current chart this morning.
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.
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