Wednesday, 11 April 2012

Trade Closed NZDUSD ( +44 bps / 0.44R )

Despite the small gain, another poor trade in terms of risk/reward. I'll need to take more from winning trades if i'm to survive the inevitable losing streaks.





Apart from the exit, this was a nice trade, selling the outright high 0.8227 on a post Aussie employment data spike, having missed entry by 4 pips on the North American session. Entry was patient and disciplined.

Unfortunately, only 2/3rds of the position was filled, despite the high bid (0.82272) trading through my offer of 0.8227. The 1/3rd not filled had a 30 pip take profit attached which would have been filled and added another +16 bps to performance. The matter is with my broker, who at this stage is claiming lack of liquidity for the partial fill. With the bid trading through my offer, I find this hard to accept, but given the decentralised market it's a battle I'm resigned to losing.

Uncertainty over whether the trade would be honoured affected my exit decision. The whole thing left a bad taste in my mouth and I kinda spat the dummy and closed out in an emotional state.

Overall, a reasonable trade, but the poor risk/reward is a problem.

Update : Broker eventually admitted fault and filled the disputed 1/3rd position, taking return to 44bps at 0.44R.