Well done, Eddie!
Not a bad day…
Not at all…
We are above 2.42, so this is not a bad result (meaning, we have broken through 2.40 sufficiently to warrant
entering long for the long haul again)…
What a beautiful day…
This is where the joy of trading actually does come in these incredible moments…
It will be hard not to be euphoric…
I must stay off doing anything crazy…
Stay calm
breathe
OMMMMMM
On the down side, those candles are going to mess up chart viewing for a while
You know, I have completely abandoned reason after what happened, so …
stuff those pretty charts haha
Okay, sure, when the dust will settle we will be able to clear the trading debris and make some sort
of sense of this… if possible?
Done ok on this pair but been slaughtered on all my other trades.
Still, you can’t win them all, and Ive built up after big losses before…I think it makes me more focused
HAHA
It looks a bit painful if you turn it ninety degrees, like this:
:18:
[QUOTE=“PipMeHappy;718630”] HAHA It looks a bit painful if you turn it ninety degrees, like this: http://www.mainlesson.com/books/tappan/greek/zpage212b.gif :18:[/QUOTE]
Haha.
Just heard a senior trader from not sure where (only caught half of it) on radio 1 news blame today’s massive moves on junior traders inexperience in dealing with the news while covering senior positions during the holiday period!.
Expected the same volatility across all markets for the remainder of August.
I suppose they have to blame someone, they cant admit its their algorithms to blame–price drops 20 pips so algo sells, this pushes price lower so algo sells again, this pushes it lower still… you can guess the rest
Anton Kreil said at the Cass Business School talk: there are times when machines fail and humans need to step in.
Could there be a more perfect example here?
Ps: check point no.4 from this Jones quotation:
Good luck everyone!!
I managed to jump in on this pair at market 2.41485 just before it hit the 38.2% fib.
+125pips so far
Fingers crossed this breaks the losing streak.
So does anyone else think its all about ranging until we break the low of last friday or the high of monday, or is the consensus that the top may be set now with perhaps another retest ?
Just throwing initial thoughts out there. Ive made some nice pips on the way up, but would be ever so nice to be making money on the carry and the move on the reverse
Good morning, traders!
Well, it looks like GBP/NZD is back within the channel, although there is such a thing as a channel break, so you never know:
This is the daily chart screenshot from my FXCM web-based trading station, showing yesterday’s crazy candle (with the massive
wick to the upside covering almost the entire width of the channel, about 1,000 pips) and today’s candle, the latter being significant because it has put price, once again, within the channel.
The 4am inflation report for NZ did not move the currency much, and as we get closer to that RBNZ and BoE rate decisions, as I said many times now, there will be less data to feed big moves that are currency-specific to the Kiwi (and, in this case, the Pound), although events like the Chinese stock market crash from yesterday can still defy expectations and blow the best-laid plans.
The 11.45pm (GMT+1) NZ trade balance release today, again, may or may not move the Kiwi, but as the markets digest yesterday’s shockwaves we will possibly see some repositioning…
Noticeably, the FTSE100 has returned above the significant round-number figure of 6,000, a strong monthly-chart level, after
weeks of consecutive losses; the S&P500 has also staged a stall to its losing streak, regaining its 1,900 level, and looks to be
stable today: these indices being a gauge for ‘risk’ and ‘fear’ in global investors’ minds, it is worth keeping an eye on them; similarly placed are Yen crosses, with the USD/JPY recovering to near the 120.00 level, and even the NZD/JPY pausing for a while in its crashing through various levels.
It may be that volatility, after yesterday’s mayhem, has been drained out of the market, and that we will see either a quiet continuation of pre-existing trends, or a stall (especially where breakouts occurred but found no new fuel to sustain their moves).
Keep an eye out for opportunities, but if you made a lot of pips from yesterday’s moves, be content with that for the rest of the week, or at least for today - sometimes you just get lucky, in trading, and you just have to be grateful for a helping hand (but then, it is back to the grind of following a plan, being methodical, and waiting for trading set-ups to come up in the markets).
Good luck trading, everyone.
Happy Trading!
Haha,
This pair is literally going to ruin me!.
Hi UKkev
I’m having a bit of a guess at this… According to pipmehappy’s screen shot and analysis the pair is in a uptrending channel and with the recent economic data hinting that BOE may be looking at raising it’s interest rate and the Kiwi showing pretty solid weakness as well as a few high level data release coming later in this week. I would make an uneducated guess that any moves short on this pair would just be a correction/retracement(as I have already found out the hard way).
I agree fully with your fundamentals. I also think the probability is high to retest yesterdays high at some point when the market retraces enough to build buyers. I’m bullish on GBP for sure, but just looking to be careful now with these macro economic events happening. As I said Im keen to be selling this pair, but in no rush at the moment. It will be nice to benefit from the swap after so long paying out on it.
By the way, you may find Lisa Sanat’s article of interest (she is the AUD and NZD specialist at PoundSterlingLive):
