A very light news session, but we were able to find a trade on the NZD. The NZD and the AUD both reversed upward at the same time. The Kiwi set up nicely for us as it bounced off a technical level allowing us to enter long with an affordable stop loss in place beneath the Asian session low. This met our minimum criterion of a 3:1 Reward to Risk to our Target 2. Once price rose above yesterday’s high, we raised our stop loss thereby removing all risk from the trade. As price continued slowly to rise, we raised our profit stop to protect ourselves and we are ultimately closed by the market.
Last week was a very slow week for us as we do not trade on NFP Fridays and the trade setups were less than desirable most days.
The trading ranges should pick up this month as the volume increases.
On a side note, my new computer died on the weekend and few things are as frustrating to a trader as a malfunctioning computer or a loss of internet connection. I will be on my backup until I get the new one back. Make sure you back up your data regularly, as I will be inconvenienced by thinking I could get away with doing it less frequently due to the fact that I had a new state of the art computer. Technology failures happen and it is best to have a backup plan for when they do. Always have the phone number for the trading desk you deal with – in the event that you lose your internet connection. It is very stressful to be in a trade and unable to see price move. Always trade with a stop loss!!!
Good luck with your trading!
Back tomorrow if we can find a trade.
