27 March 2012 - closed GBPNZD in profit

GBPNZD

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.

USDCAD

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.

26th March 2012 - win on USDCAD, GBPNZD still in play

I'm not going to post my setups in this blog entry as I don't have much time. I'm currently live in two trades - the USDCAD and GBPNZD. I've taken profit on half of my order on the USDCAD and moved the rest to breakeven, so this is a win.

GBPNZD is in profit but hasn't moved much in either direction today. There's alot of scope for profit, so this trade may take awhile to conclude.