You may recall my recent choice to take a risky trade in AUD:NZD whilst waiting for a EUR:GBP set-up to fully play out. Obviously I could have entered both trades but on the basis that the EUR:GBP set-up didn't look quite ready for entry, and the AUD:NZD despite being far riskier did, I just went with the latter.
Unfortunately for me, the EUR:GBP short would have been an instant winner, whilst the AUD:NZD one is yet to show a profit of any kind! In fact I widened the stop slightly on the AUD:NZD long on the basis that my original stop placement didn't leave enough breathing space. At present the AUD:NZD position is showing a loss of approximately 140 pips whilst the EUR:GBP trade, had I taken it, would now be showing +180 pips!
Firstly I have to apologise for the lack of updates to the blog. Hopefully you will understand that my life outside of trading has been really testing over the last few Months restricting my ability to spend the time I'd like to spend on analysing and taking new trades. Despite not taking many trades, the set-ups I've posted over the last few Months have in the main played out very well so I hope there's been some inspiration from those!
In all honesty there still isn't much out there that's worth trading based on my low-risk approach but as I've not posted any updates for a Week here's a quick one just to show I'm still plugging away in the background waiting for opportunities.
Last Week I mentioned a few trade possibilities and 2 of those played out well even though I didn't take them myself. The 3rd one was AUD:CAD for a swing short from the same 50% fib level in this chart although I did suggest it may take a while to play out.