We have a new activity on the challenge! The EURNZD short trade has been running for a long while now. I consider this trade to have a large upside potential as the market hasn't been able to make any significant bullish progress since it reached the support area several weeks ago.
In my opinion, this is a strong sign of seller pressure in the support area. However, we have a big news event coming up: inflation data for Europe. I see this category of news as one of the main 3 (inflation, unemployment, and interest rates).
When we have one of the main news events about to happen while having a trade running, I like to take strong defensive measures to prevent a turn-around in the position's PL. In this case, I decided to move the SL to 1ATR above the closest H4 resistance area.