Ive been in this pair for a while now, since I spotted your posts, and its been a nice earner. Still in it now with profit locked in and happy to let it ride.
A great example of why long term trading makes sense.
Hi Pablo… you may indeed ask that! The Kiwi-Dollar down-move is as overdone and ripe as the up-move on the GBP/NZD, so either you sell the NZD against the JPY, which, again, will have a correction at some point, or you may still have to keep off the Kiwi altogether and wait for the
23rd of July for the RBNZ possible rate cut… Also, do not forget that we are trading the GBP/NZD for its average
300-pip-per-day range, which makes you money faster (and loses you money too at as a fast a rate, of course) than other Kiwi pairs… That is why we rode this wave, rather than the Kiwi-Dollar, for example…
I would also never, EVER discount the possibility (no matter how low-probability that scenario may seem the day before) of something like a surprise rate hike from the BoE, which has its rate decision tomorrow, 9th July… Just like it happened for the RBNZ last month, when it caught a lot of people by surprise as only a minority had accounted for a rate cut, and yet Gov. Wheeler got up there and announced just that… bang… and do you remember what moves we got from the Kiwi?
Maybe you should wait for the BoE rate decision (tomorrow) and/or the RBNZ one (23rd July) , or even the
BoE minutes (22nd July) before deciding what is going on… and then there is also Greece…
THere may well be more attractive pairs… who knows…
Good evening, traders… I am about done for the day and will be going on holiday for the next twelve days, so no Forextown for me until I am back…
Speaking of the GBP/NZD, it looked like it may spring back, but after a non-event for the BoE rate decision (=hold), there was no pick-up for Sterling and GBP/NZD dropped another hundred pips, to 2.27… The pair has shaved off about 800 pips this week, after spending twelve weeks(!) in continuous appreciation, rising about 4,200 pips!!
Let us take things into perspective: in one week, the pair has lost about 1/5th of what it had gained in twelve weeks! On the
other hand, for a pair that has averaged 300 pips per day, this is normal… What we should do is to halt any buying for now, and wait for price to regain footing for its next leg up… we can all agree that price never rises in a straight line!
