Account Risk: 0.5%
Long: 2x 1.0936
Stop: 1.0969 (33 pips)
Tgt 1: 1.0875, 4H 50MA (61 pips)
Mindset: Reluctant

Update 1 – Stopped out – 15 Mar

This sums up how I’m feeling about this.

I didn’t really want to take this trade, the AUDUSD and NZDUSD are very similar in price action and the AUDNZD is low volatility. However, I’m about trading set ups that I see rather than trying to be clever with my opinion and entries.

It’s another thing I’ve been wondering for a while – when looking at a trade you ideally want to be trading a weak vs a strong currency. The AUD and NZD just seem to be very similar and price action between the two seems marginal.

Here’s the set up …

4H chart setup

It’s actually a nice entry – price has diverged, inside the bands and is now testing the upper band. So I am happy with the entry.

I’ve looked at the higher timeframes and there’s nothing to suggest to me that price would stop it’s trend higher with maybe the exception of the month which has run into the 50MA. However MAs are soft targets in my mind. Price often chops around a MA.

Monthly chart

Will see how it plays out – at least the entry is good.

Update – Stopped out – 15 Mar

Just got stopped out of this trade. Price moved higher off the back of the Kiwi Q/Q GDP figures which took me out. The expectation was a growth of 0.7%, the actual was 0.4% – quite a big miss. After being taken out price then continued to move higher for a few bars.

Frustratingly I see I’ve missed another entry which looks like it might work out. This goes back to my trading plan. Not being consistent enough with my trading time. If I’m not routinely checking the charts at set times I miss trades/opportunities. At the moment I’m just catching the losing trades!

Need to add this to my trading plan. I might try a different timeframe that suits my day-to-day.