this is a counter trend trade and I will be looking for 30-40 pips max of quick profit.
I am expecting to follow the ‘NOW’ momentum, esp. when price has just broken below 3 days low, after a wr3b have been completed as well.
NZDJPY -40 .
Choosing JPY crosses was right but not neccesssary NZD as NZD was still going strong.
Had traded off a Wr3B and shorted on h4 close below 3 day flat low.
However, this trade was hanging in the lifeline and i did not want to carry this loss over the weekend.
Decided to cut this position at 40 pips.
Not the best type of setup that I would have look for , and the only consolation was that i decided to invest small for this trade.