The theme continues with the NZD and AUD continuing to set up for short trades.
Trading is extremely difficult, frustrating and tedious at times! However, some weeks are easier than others and when themes are present, it’s a lot more fun.
You must have a system that you are confident in, keep it simple, and take the easier trade setups. Never force a trade! Never chase a trade!
The NZD could not close above its Asian session highs and down it went. Once again it sank with a 3 Drives Pattern, and we are stopped out at the end of the first drive. With the US session starting, significant US economic news pending, we tighten our profit stop and are closed out.
As long as the AUD and NZD continue to drop and trade with predictability, I will keep my eye on them for short setups. The key as always… is money management, get the risk out of the trade as soon as practical to do so, and protect profits while in the trade. It all adds up!
It’s a major US holiday tomorrow with many Americans making it a long weekend. Therefore expect the US sessions to be subdued.
Good luck with your trading. Happy Thanksgiving to our US neighbours!
Back tomorrow if we find a trade.