SmartTradingFX
Short

NZDUSD: Review Of My Recent Short On This Pair

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
296 0 7
Bit of a different post but wanted to look back at this trade after having two losses previously!

It shows i was disciplined in following my plan and continuing to do what i know works for me!

Price was approaching minor structure resistance but what i liked about this potential setup was the fact i could have a tight stop loss, this is always the first aspect i look for, my risk!

I then started to go through my technical's and had some Fibonacci confluence in a 1.272 extension and a 1.414 inversion! Harmonic legs completed in my zone and RSI was overbought! Price printed a Doji signalling to me some potential selling pressure!

I set my first target back into structure and my projected second target was a 0.618 Fibonacci retracement of the last leg! As i mentioned on the chart i was actively managing the second position using the 5 minute and was stopped out for +24, as you can see if i hadnt of followed this rule then i would of given all my initial profits back!

I hope you take the time to read this post and understand the importance of having a plan in place and following it!

If you like this post please click the like button and comment any constructive feedback you have! Id love to hear it!

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