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Currency Power Ranking Makes Money |
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Wednesday, January 18, 2006 |
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The NZD/USD has been the weakest currency for 2 straight days. It turns out that this information made me the quickest 22 pips I've ever had. I never traded the NZD before this evening but consulted the charts to see how "oversold" it may have been. From the 180-minute chart, I noticed the pair had major support at .6830 and a downtrend resistance line directly above. I decided to short the pair at .6864 with a tight stop right above the resistance line. I sold at 21:14 EST, the pair shot down to .6842 where I closed the position at 21:21 EST. That's 22 pips in 7 minutes for a pair not known for its volatility. The pair has since broken through support (no candle close) but when a gift is handed to you, be thankful, not unappreciative. After taking a mini-hiatus early in the week, I've managed to rebound from last week a bit. I'm currently up 59 pips and over $500 but there are still 2 trading days left.
January 2006
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Last Updated ( Wednesday, January 18, 2006 )
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