S3 – Short EURNZD (Trade #34)

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This bullish S3 setup completed on the 3pm candle on Monday afternoon.  At the peak (overnight) price had shifted 42 pips in my favour.  This raises the question of SL mgmt – should I have adjusted my stop as soon as I came in the morning?  I did not have a precise plan for how I was going to manage my stop (this is trade for each three of these S3 trades).  

Points on NZD trades

  • 1. when shorting NZD the rollover costs became quite significant.  On this trade I only did 1.4 lots and I was charged £11.50.
  • 2. NZD tends to be a momentum-based currency – meaning that when it moves, it really moves and does so quickly, and for a few hours, covering large ground.  Keep this in mind on future NZD trades.
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