Practical Illustration of NZDJPY Forex Pair Trade
It is a classic trade example from 15th April 2020 for forex pair NZDJPY. I finished my analysis on nzd to jpy forecast. It was an excellent beginning of the trading session, although I missed my first entry point, I managed to ride on forex pair a few minutes later for shorting JPY against NZD. My entry points are shown below in the image
Trade started performing, and around an hour later, I saw a price point which may be an area of interest for bulls. So I locked all my profits at price point indicated as nzdjpy buy or sell in the image below
Now I started monitoring NZDJPY chart and waiting for a pullback. Soon I realized that bulls do not seem to be interested in this area, so I entered the trade again, as shown in the image below.
However, I started seeing bulls coming in, so I closed my trade and let the pullback adjustments happen. This time, it was a deeper pullback as expected. Once the pullback occurred, I found an entry point which looks like a good entry for shorting the pair NZDJPY again; however, It was not ready to make a move. I waited further do the NZDJPY analysis, and finally, around 17:30 GMT+8, I found an excellent entry point with a setup ready to go. I entered the trade and let it run, as shown in the image.
My targeted price point was achieved around 21:00 GMT+8. However, I was away for dinner, and by the time I got a chance to monitor my trade again, the price was back to the pullback phase. I watched the NZDJPY trade for a while, and around 22:30 GMT+8, I exit my third and final trading entry for the pair.
Results
It was a decent trade for the day. From one single pair, my first entry gave me 38 PIPS, breakeven for my second entry, and 36 FOREX PIPS for my third entry. All up, total 74 forex PIPS
What do we learn from this?
Guys, I can’t emphasize the importance of finding the pair that shows all the traits of a forex pair that resonate with your trading style. Once you find it, then ride it till the time trend changes. I use this strategy all day long, and as a matter of fact, this is one of my pioneer trading principles.