Moving done, unpacking started, and the trades are starting. I am kicking myself a bit for jumping the gun on my EUR/USD short today ~ taking a measly 15 pips before the real move started, same with EUR/JPY, but that one did not travel as far down. Still, a few pips added to the account is better than a kick in the butt...as I have learned to tell myself when this sort of thing happens. Another way of putting this into perspective is that my life just changed drastically and my trading was only off-line for about 3 days ~ a bad three days to be out being month end an all, but C'est la vie!
I have not traded this pair at all, and NZDUSD is still a bit expensive for my liking, I would love to buy that in the high 70s and hold it, so I will do this instead as it has come down quite a clip in the last quarter and looks to be basing around the 0.74 handle.
I am only playing on contract, and as such it gives me almost nothing to play with in terms of multiple scenarios. I would love it to bounce back above 75, but I think that may provide some near-term resistance. RBNZ rhetoric should also provide some talking against this position, but I think a trip to 0.7470-90 could happen relatively quickly, say a couple of days. I will be watching for that level and would probably get out on a significant retrace if it goes up and turns back down below 75; in the meantime, it is a relatively stable carry trade. First hurdle would be 0.7030-45 on this one.
I have not traded this pair at all, and NZDUSD is still a bit expensive for my liking, I would love to buy that in the high 70s and hold it, so I will do this instead as it has come down quite a clip in the last quarter and looks to be basing around the 0.74 handle.
I am only playing on contract, and as such it gives me almost nothing to play with in terms of multiple scenarios. I would love it to bounce back above 75, but I think that may provide some near-term resistance. RBNZ rhetoric should also provide some talking against this position, but I think a trip to 0.7470-90 could happen relatively quickly, say a couple of days. I will be watching for that level and would probably get out on a significant retrace if it goes up and turns back down below 75; in the meantime, it is a relatively stable carry trade. First hurdle would be 0.7030-45 on this one.
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