That right I hadn’t played this pair well this last week. However if you have a plan, stick with the plan till you’re proven wrong! Changing from plan to plan isn’t anyway to make it as a trader because you’re guessing or at best not looking for high probability plays.
My mentor used to say.... Okay, a self-taught trader doesn’t really have a trading mentor, my mentor was my late DAD. He didn’t trade Forex at all and only got into stocks very late in life. But still the same, he had words of wisdom that apply.
Dad said; “ If you plan better, I mean take less crap chances you’ll get less chances to get crapped on!!”
With this short side plan on USDNZD my theory was dollar stronger, stocks weaker, so a slightly over sold dollar and over bought stocks should deliver corrections to out sized moves. My overall tone is bullish USDNZD but in currentMy in the short term Selling at new highs seemed like a plan. My mistake was getting my plan and mindset into to short of chart views. Take a lesson from this weeks trades. Go with longer charts and leave the shorter patterns inside of the longer term chart pattern alone unless you get those two point in line with each other.
Was scalping the short side from 68 ish last night and entered long this morning looking for a push higher to top trend channel line 6825-75 area to then go short again with better longer term limited risk and pattern resistance to play off of.
Over all still a positive trading pair this week—just could have played it way better using the bigger timeframe chart pattern.
All the best my friends.
My mentor used to say.... Okay, a self-taught trader doesn’t really have a trading mentor, my mentor was my late DAD. He didn’t trade Forex at all and only got into stocks very late in life. But still the same, he had words of wisdom that apply.
Dad said; “ If you plan better, I mean take less crap chances you’ll get less chances to get crapped on!!”
With this short side plan on USDNZD my theory was dollar stronger, stocks weaker, so a slightly over sold dollar and over bought stocks should deliver corrections to out sized moves. My overall tone is bullish USDNZD but in currentMy in the short term Selling at new highs seemed like a plan. My mistake was getting my plan and mindset into to short of chart views. Take a lesson from this weeks trades. Go with longer charts and leave the shorter patterns inside of the longer term chart pattern alone unless you get those two point in line with each other.
Was scalping the short side from 68 ish last night and entered long this morning looking for a push higher to top trend channel line 6825-75 area to then go short again with better longer term limited risk and pattern resistance to play off of.
Over all still a positive trading pair this week—just could have played it way better using the bigger timeframe chart pattern.
All the best my friends.
