Hello everyone,
As I let you know last Thursday, I am long on NZDUSD from 0.8084. Well, yesterday Friday price licked my first exit limit order for +109 pips of profit right before reaching the previous swing high on the daily chart. In fact we’ve had quite a retracement down from that previous level of resistance which is exactly why I mention on my Forex trading course that I am usually keen on cashing out some profits off the table right before banging onto that key resistance area.
Anyway, right now it’s a risk free trade: I have taken out some profits and I have trailed my stoploss to breakeven, so from now on I can pretty much sit back and relax over the weekend. Lovely, isn’t it?
Let’s watch the video!
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15 March, 1:11 pm
Thanks for the update Hector,
How was the 2nd extension calculated?
Was it based on the channel height or from the first bounce of the MA’s (dynamic support) after price broke the MA100 in the channel ?
Nic
15 March, 2:37 pm
Range height aye :)
-HECTOR-
15 March, 3:12 pm
Hi Hector,
I was also monitoring the NZDUSD chart for the last few days, but at the last minute I opted out of making the same opening trade you did because:-
a)the potential ‘Friday sell-off’ caveats
b)wasn’t sure if it would hit target before the weekend
c)The imminent Friday news releases
d)the 1:1 risk:reward ratio to first target price
My gut feeling was that there were just too many ‘warnings’ on my tradeplan too take this trade -
even though it was technically valid.
Nonetheless, I’m glad the 0.8200 was eventually hit!!
;-)
15 March, 3:45 pm
Hello Paris,
Well, this trade actually triggered in the Tokyo session from Wednesday to Thursday, so technically we still had two full days to reach the first target. Had it triggered on Friday I would have been more apprehensive to enter.
-HECTOR-