I entered this trade late today just at the close of trading hours here in the UK. What I like here is a) the seemingly clear double top pattern we have on the daily and b) the bull exhaustion wicks we see at the apex of each of these tops clearly hinting at pattern repeatability and an incoming further drop to the downside. Here I have a nice tight 65 pip stop and a take profit just past the neckline of 150 pips (isn) which I can see being hit, although granted this has been a strong week for the Aussie. My stops have been moved to even as this trade is sitting in a nice +70 pips per position, but I am not closing out yet as I await further downside moves.
This has been a tough week to trade - with movements not really following patterns (or indicators, if you use them) but nonetheless some nice opportunities have shown up, I got a nice buy, then sell, on EURNZD, a nice move here on AUDNZD, and a nice shorting of gold today. I've also been stung a couple times where I've been stopped out on UJ (hate trading that pair but I shorted it and it moved against me) and also on GBPJPY which I also shorted as an overextension at some daily resistance but as you guys will know it kept going up! As you can see I never have much luck trading the yen - hopefully you guys have better luck and have caught some nice moves!
This has been a tough week to trade - with movements not really following patterns (or indicators, if you use them) but nonetheless some nice opportunities have shown up, I got a nice buy, then sell, on EURNZD, a nice move here on AUDNZD, and a nice shorting of gold today. I've also been stung a couple times where I've been stopped out on UJ (hate trading that pair but I shorted it and it moved against me) and also on GBPJPY which I also shorted as an overextension at some daily resistance but as you guys will know it kept going up! As you can see I never have much luck trading the yen - hopefully you guys have better luck and have caught some nice moves!