Sunday, September 7, 2008

NZD/USD 9-8-08

NZD/USD short. Sentiment was dollar positive and a nice slingshot trade presented itself. I needed to be greedy with this trade. I have a clear understanding of s/r and when I saw that the base of the fractal lined up with the .618 target as opposed to .786 target, I opted to cash in on the .618 target. Thank goodness I did. The pair never made it to the .786 then blasted off in the other direction.