Missed Trade - March 11, 2010

Published on Thursday March 11th, 2010 at 06:17AM by ronacoba

It was quite unfortunate and a bit *stupid* in my case that I missed a chance to short the Kiwi earlier today. Yesterday, I was already planning to sell it just before the RBNZ interest decision. The only problem was that the decision was going to be very early in the morning. I set my phone's alarm so that I would wake up on time. I actually did wake up on time. I then checked both the NZDJPY's and NZDUSD's price action when I did. I then computed for the right position size in Oanda. But since I was so sleepy, I forgot to place an order. Well, that sucks especially when I woke up I saw the Kiwi had slid already. Oh well.Technically, I was planning to sell the NZD at any significant 50 pip level right before the release of the decision. I chose NZDJPY over the NZDUSD since it was trading at 64.00 at that time. Notice also that the pair had been overbought for quite some time.
  • 2 comments
  • Go to Pipstradamus's profile

    On Thursday March 11th, 2010 at 07:00AM by Pipstradamus

    When the oscillator stays "way overbought" like that, it basically means the oscillator is telling you that price is in a strong uptrend. I think it would've been tough to know when to short this top, simply looking at this chart.
  • Go to ronacoba's profile

    On Thursday March 11th, 2010 at 07:19AM by ronacoba

    Hi. Aside from the pair's technical set-up, one of the main reasons why I wanted to short the Kiwi was that New Zealand's fundamentals (jobless rate at a 10-yr high, etc.) were suggesting that the RBNZ would most likely keep its rate unchanged. This would be bearish for the pair as its counterparts in Austrlia and even in Canada have already indicated improvements in their economy.

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