Have to be honest here , I did plan for this trade. However , due to my previous losses in AUDJPY and EURAUD, I hit out on NZDUSD with a bigger position size in attempt to recoup the losses. The plan may have backfired, if NZDUSD was to post another loss as well, the drawdown would have been more significant.
This was a short trade I had waited after FOMC and Kiwi cash rate.
I start off with an EWUS chart from Oct 2013.
I will be using fib5 ( 0.8176) and big fib as levels in my subsequent explanation.
After fomc n cash rate where I observed it closed below a key w1 sup and 3 days low,
I looked to short when it was consolidation below fib5 for many hours.
This was an A trade for me.
last position, from up + 150 to BE + 10. Is it right or wrong?
Do I need to take into consideration the mega fib5 as support?
Or last position be greedy and let it ride as far as possible?