Couldn’t stay out long, this pair has been too good to me.
Long @ 2.37520
Now, now, that’s just a bit greedy 
Good luck and well done so far!!
Anyone have any open trades on this pair ? TP targets?
Anyone have any open trades on this pair? I’m long
I’ve got 2.
As above at 2.37520
And 2.34412
[QUOTE=“eddieb;712668”] I’ve got 2. As above at 2.37520 And 2.34412[/QUOTE]
You’re long at both of those prices?? I got in at 2.34 and have a TP at 2.36 but I’m worried it won’t reach target
[QUOTE=“eddieb;712668”] I’ve got 2. As above at 2.37520 And 2.34412[/QUOTE]
You’re long at both those prices? I got in at 2.34 with TP at 2.36 but I’m worried it won’t reach target what do you think
Edit: I don’t know why my posts are coming in twice
I wouldn’t worry too much, this pair is going up. It may not break 2.40, but its on the up
Yes, I am also on a large drawdown, but I am not worried: as I said in today’s FreeFX video, this pair is on a channel floor,
visible on the 4H time-frame, and it is rising from that level (2.33) as we speak - right now, it is at 2.3480, which makes
EddieB in the money by 40 pips on one of his long positions, correct?
I am not doubling up on my loss (entering again, lower down)… this is the Martingale way, and it does not suit my trading style,
so I am just letting this one ride; I opted not to use a SL (hear, hear) because the pair can have 300+ pip swings in a day, so I
started thinking that if I were to trade this uptrend, if I were wrong by 300 pips but could ride it for the next 3,000, would it
matter too much if I did not get the perfect entry to go long? If I think of all the times when I was testing this pair, and closing
trades early (for fear that it would not continue), by now I could have held one trade and gained maybe 2,000 or 3,000 pips
without coming in and out… I suppose I was fearful that the Pound would not find fundamental strength, and the Kiwi
would start hiking rates or that its sell-off would cease… But, mid-year, I am seeing that this is not the case, and I will try
to hold my nerve, keeping trades open longer.
I am doing the same with my FTSE100 short, by the way, which has taken an age to get to my current +100 P/L, but I will
not close it, because I fundamentally see this index having a much wider correction to the downside, which makes it
pointless to come out of this trade, only to get back in later on.
I will introduce a trailing stop once in profit by an amount equal or slightly higher than the daily ATR number…
Good luck to all, and good luck to you Zizo, especially, that you may get a better outcome this time!
@PipMeHappy thank you, what do you think about the EURNZD pair? I thought I’d ask for your opinion since you seem pretty good at Kiwi pairs lol. I’m short on it right now but I was thinking if NZDUSD is bearish and GBPNZD is bullish then EURNZD should probably be bullish…
Also worried because of the NZD news in an hour
This pair seems to be gaining popularity.
Hello zizo… With the EuroZone being the weaker area of the two, and with the Kiwi dropping fast, the EUR/NZD is not an easy pair to trade…However, technically this pair has come up from a multi-year low and the drop it experienced on Wednesday night (when the Kiwi rallied) has been absorbed, and the pair is pushing slowly higher… Also, the pair is cheaper to buy than, say, GBP/NZD (by about ten pence, with my broker at least), so you would think it would be preferable; however, fundamental troubles in the EuroZone make me wary of this pair… It is your call, it could be a winner, but keep an eye on the EuroZone…
i personally like to invest in EURUSD, but to invest in other currencies, how to you recommend to approach the subject, how to study currencies and understand the dynamism
Hello Jose…
Are you thinking about other Euro pairs,
or just other currencies?
Would you just want to trade ‘the Majors’, or also world/exotic pairs?
It all depends on what you want the most:
low spreads?
High volatility?
Trending pairs?
‘Safe’ pairs (i.e. with an institutional floor)?
Commodity-linked pairs (e.g. CAD)?
So, to go back to your question, what sort of forex trader are you, or want to become?
Hello pipmehappy
Can you perhaps give some examples for each?
it can be helpful for newbies, including myself!
especially safe pairs (with institutional floor)
Good question, oceanmen,
I am flying through an answer, as I am having to go out…
Currency ‘floor’: see this article about the Swiss and also the Hong Kong Dollar HKD peg back in focus as SNB removes currency floor /Euromoney magazine
Low spreads: Majors have them, like EUR/USD, GBP/USD, etc.
High-Volatility: currencies that have a high ATR (average true range), for example… add this to your charts with a 14-period value (default) and look at the daily chart, then compare a sample of pairs to see the difference in the last few days, weeks, etc.
Measuring Volatility with Average True Range | DailyFX
Exotic pairs… currencies like the Ruble, the Scandinavian group (Danish, Norwegian, Swedish Krone), Mexican Peso, etc. These are usually quite expensive to trade for US/UK (etc.)based speculators, so even at times of greater liquidity (e.g. middle of the day, London/US trading overlap) you may see double-digit spreads, easily.
That is me trying to do something too quickly, so forgive the lack of detail!
See you later!
INCREDIBLE!
The pair has gone up SIX HUNDRED pips in a day!
From 2.32, we are now above 2.38 and pushing…
HERE IT IS, to all the doubters, a pair that does not take ‘No higher’ for an answer!
Just for the noobies, please be aware that this pair can also drop 600 pips in a day. Its not for the fainthearted, you have to be able to sit tight if/when it goes against you. If you’re thinking of trying this pair I suggest micro lots and plan staying in for several days if not weeks.
Good call!
The voice of reason
Yes, indeed…
At an average range of 300+ pips per day, this pair can MOVE,
I trusted my analysis and let it run down and back up… Sure, if I had put a stop and re-entered at the
bottom it would have made for more short-term gains, but I am going to ride this one beyond 2.40, so
I let my drawdown build up and back down, because at this point I am in it for the longer term…
I will place a trailing stop at a reasonable distance (Daily ATR) once the pair goes back above 2.40, and
see how far I can trail a positive P/L (profit/loss)…
that is not a system that suits everyone…
So, as Eddie says, be ready for anything
Did you see that dip in 10 minutes from 2.3825 to 2.3625?