EURAUD & EURNZD Trade Update

Yesterday I wrote about these two trades, on Tuesday I went short EURAUD and yesterday I got a EURNZD to go long… these two currency pairs are positively correlated and most of the time both of them move in the same direction, I thought it was awkward to get opposite signals in positively correlated currency pairs… Anyway, I got stopped out on my second trade (EURNZD) and my first trade is still running, can’t say I’m safe yet, because it still has a long way to go (my TP order is at 1.3350 and it is currently trading at 1.3524, around +75 pips on my favor). I would feel more comfortable if it confirms the breakout of the ST support level around 1.3532, if this happens I will be able to move my SL closer to my entry level (otherwise I will have to close my trade before the weekend)…

Now, was it a wrong decision?

I don’t think so. A signal is a signal and each currency analysis is independent from each other. We can’t take trading decisions on one currency pair based on the way other currency pair is trading. It was a signal and I had to take it…

It’s all probabilities… I know that if I follow my system enough times, probabilities will make their job… I have always thought that my job as a trader is to make myself available to the low risk trading opportunities that the market offers me, aka: FOLLOW the system… If I do this, good results will come as a result…

Trade Safe!

Raul Lopez
Forex Training