June Trade # 19 - BUY NZD/USD

June 15, 2009 5:23 pm (Manila)

Unfortunately, trade did not go according to plan and was stopped-out at -38 pips/lot for a total of -152 pips.

A 'pump-fake' on that hammer.

This day's lessons:

- Befriend the trend.
- Take note of the pair's position on the bollinger bands.

======================================

June 15, 2009 3:10 pm (Manila)

BUY NZD/USD @ 0.6363
STOP - 0.6325
Limit 1 - 0.6393
Limit 2 - 0.6433

Trading on pure technicals. The pair has been trending down for the better part of the day. A hammer formed on the hourly chart, conciding with the lower bollinger band and a 50% fibonacci retracement level. Time for the NZD to fight back!

Let's see how this turns out.