Long AUDNZD (+100, +400)
This trade lasted almost a month, which is much longer than my average 1-5 days, as it developed into a good pattern on the daily charts as well as my more normal 1 hour chart. The trade was opened when my wave projection turning area coincided with a trendline on the daily chart. The trade was backed up by the economic surprise index clearly showing that the Aussie economy was accelerating just as the New Zealand exconomy was flat lining. After 15 days my confidence increased as the trade completed a clear head and shoulders pattern (quite a reliable turning pattern), I used this pattern to help develop the final target for the trade and althoughit might go higher the area around 1.08 has a number of technical levels suggesting a turn lower might be at hand. The mometum indicators I use were also suggesting that momentum might be fading so it seemed an opportune time to exit the trade.