Just in time to buy my new Prada bag. Remember my article two weeks ago in which I explained how to trade the currency of New Zealand vs. US dollar? Well, I followed my own advice step by step and guess what? I made some big, fat, juicy pips in less than a week!
If you want to learn how to become your own analyst or how to follow my analysis, you should get your bones over to our education course right now.
It is called the most affordable, easy-to-understand, entertaining and informative trading education course for a reason.
Here is how I made money on NZD/USD last week:
After checking with all five points of the Invest Diva Diamond Analysis I made the decision to place a buy entry order for when the pair reaches the 38% Fibonacci retracement at the price of 0.82258. I originally set my stop loss order at the price 0.81287 on 50% Fibonacci, one level below my entry order.
I set my limit order to take profit one Fibonacci level above my entry order, at price 0.83431 on 23% Fibonacci level. Then I went about my day and gave Mr. New Zealand and Ms. USA time to dance on the forex dance floor*.
As predicted, on Wednesday Oct. 30, I automatically entered a buy position at 0.82258. By Friday, the market was still holding around the 38% Fibo level. Because we were approaching the weekend market close, I loosened up my stop and limit levels so that I won’t get out of the market by a false Sunday evening (New York time) open market movement. I changed the stop/limit levels back to original on Sunday evening and checked the news to see if everything was still in my favor. Nothing out of the ordinary, and all points of the ID Diamond still pointing to a buy position. And so I waited.
Bam!! On Wednesday November 5, 2013 around 4 pm EST I reached my target and my account automatically closed, earning me 117.3 pips!
I rushed to the Prada store right after. Check out my brand new bag:
Can you guess my account’s position size?!
* Forex Dance Floor is an Invest Diva metaphor used both in the book Invest Diva’s Guide to Making Money in Forex published by McGraw-Hill, and the Forex Coffee Break with Invest Diva’s education courses.
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