Tuesday, March 27, 2012

27 March 2012 - closed GBPNZD in profit


I decided to close my trade on the GBPNZD after I identified a potential support zone that I had missed earlier. A doji formed around here so I decided to close the trade. My return was 29%. I need to pay more attention to possible support and resistance zones. As you can see in the chart below, my original TP would have provided an excellent risk-reward ratio.


As mentioned in the previous entry, I decided to short the USDCAD and split my trade into two orders, with the first TP at support level #1 and second TP at support level #2. My first TP was hit and I've moved my stop loss for the second order to slightly above breakeven, so whatever happens, this trade is now a win.

At the moment, price has slightly retraced, but price has already broken through support level #1 so this level should now act as resistance.

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