AUD/NZD closed for a profit...BUT!

My NZD/USD trade closed for a profit last night, after the Governor of the RNBZ made his statement.

However, the market was fairly volatile during his speech, and whilst my profit target was hit....the spike which did so was so rapid, that my profit take order did not get filled.   Fortunately I was watching the price action whilst the Governor spoke and I was able to take a "manual" profit.

This is a very frustrating thing to deal with in the market...but it happens from time to time...and we just have to learn to deal with it and move on.

There is always the consolation that my strategy was correct...and as I placed my orders correctly, there is nothing more that I could have done...a well spotted and executed trade that just didn't work out as well (financially) as it should have.

Note that my indicators were showing a bearish divergence with price all the way from my entry point to the red vertical line which is when the price began to fall.

New short trade NZD/USD

I have entered a new short trade today on the NZD/USD pair.

The price has been in a rising uptrend for most of June and is currently running along the mid line.   However, my indicators are showing a bearish divergence and the price is approaching the round number of 0.7800.

The Bank of New Zealand issues it's Official Cash Rate and, more importantly, it's press conference and rate statement at 10p UK time tonight and this may produce some volatility in the price action and of course this could stop me out.

However, It is often the case that my indicators lead the price action so I'm banking on the bearish divergence.

The daily chart on this pair is showing a potential head and shoulders pattern with a long term potential downside target at around the 0.600 level, depending upon if and when it breaks through the neckline