Thursday, June 14, 2012

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.


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