Closed position #2 at 2.4059 for +100 pips. It may take off without me but I’ll take 100 pips profit any day.
Making a move towards 2.4200…
…and back down again
I’m still hanging on, I’m waiting to see if the GBPUSD bounces from its extreme level to give the GBP a little power to take me to target Worst case is a few pips profit so hey ho lets see
It is impressive to see how quickly it changes direction and moves 100 pips.
It makes it difficult to trade with a stop loss. A SL of 100 pips is nothing, it can take you out in 15 minutes and then reverse. Without a SL you risk being down a lot of pips in a short time.
Exactly the reason I dont use a trailing stop on this pair Yohec. As soon as you put one on its taken out.
In again. Long at 2.4020
No bounce from GBP left me floating around all night with crossed fingers lol. I still feel GBP is going to get stronger before a move down and as such along with what PipMeHappy has indicated in his extremely good fundamental analysis of the NZD I’m looking to buy this pair perhaps up to a retest of Monday highs but only of retests of strong levels. Lovely pips to be had if you can stand the pain 
I’m still long and waiting
out at 5pips, a fun ride though. I will be looking to long around 2.38 depending on PA
On the 4Hr chart it looks like it is forming a falling flag pattern. Stochastics are Oversold and slowly starting to point up.
Now I am waiting for the reversal candle and I’ll be in long again for a few quick pips. Hope this next trade breaks the losing streak I’m down 23% now.
Hello all, the daily shows a very reduced range, which is also what has been happening to GBP/USD and NZD/USD…the quiet after the storm
Trends have halted, waiting for the next big cues… The Jackson Hole Symposium today may do little to help the situation, as Yellen will be absent; perhaps the USA GDP figures this afternoon, forecast to show growth, may help the Greenback making progress.
In the meantime, GBP/NZD will continue stagnating around 2.40.
Position #2 Long at 2.3920.
Order triggered while I was sleeping.
Took a short @2.3856 at bottom of 20 per dochian channel.
In again.
Position #3 Long at 2.3820.
I’m not playing today with this pair. I feel that the friday low is like a magnet but I’ve just got no feel for PA today, so sitting on my hands other than eurgbp
The way this pair has moved over the last month, it seems like it does not matter whether you go long or short. Give it enough time and it will eventually give you a profit. LOL.
Hello, Kiwi peeps!
The NZD/USD finally broke the 0.65 level today, but GBP/NZD surprisingly switched its mirror correlation to the Kiwi in favour of that to the Pound: with the latter falling around four hundred pips this week, the fact that GBP/NZD also fell by an equal amount (from around 2.42 to around 2.38) is proof of this, and for this reason we ought to watch for the UK GDP figures released tomorrow morning; however, with these forecast to come out equal to those of last month, in the event of this coming to pass there may not be much fuel to spark a Pound (and, consequently, GBP/NZD) recovery…
Well it has been a week since my personal “Black Friday”!. Ha.
I’ve removed the majority of my balance for use in my business but I have a small amount in the live account to keep my hand in. ( I don’t see the point of demoing after months of live now other than to test ideas)
Do I attack this pair again?..the pair that must have caught so many traders out around the 2.40/2.39 level as it fell back below what seemed like the daddy of all S/R levels.
The pair that stopped me out on Friday and would have been the biggest payday of my forex life (it doubled my demo account as I had, from the Friday, two similar positions open without a stoploss) on the Monday had my positions still been running. I haven’t been able to bring myself to calculate what my profit would have been if those positions had a 50 pip wider SL…that would be a dark hole to fall down!.
I didn’t expect it to drop so far below the 2.4, but I also didn’t expect the pound/dollar to drop below 1.565 either.
I can’t decide whether to sit it out until next week or to go with my gut and short both pairs.
Hope everyone else survived the mayhem!.
Shy.
Sorry to hear about Friday Shyfx, I think more retail traders will have been affected by Fridays move negatively than Monday as it was against most trends. The 2.4 was a very strong level for sure but those MM’s couldnt resist running some stops knowing what had gone on by the looks of it. The GBPUSD is certainly at a very strong long term fib now so lets hope next week sees the bounce to the levels that the fundamentals would suggest she should be.
You can probably guess by now I’m a very cynical trader trying to think how the MM’s work and piggybacking when I can when they are with the trend if there is one.
Good morning, traders…
UK GDP figures released less than ten minutes ago met expectation/forecast, and this was the GBP/NZD reaction:
Could this be a relief move, or the start of the pair’s recovery?
Short recovery, straight back to where it started. However, I firmly believe the uptrend will recommence. price didnt drop anywhere near as low as it was doing before (2.32 area).
I think the baseline has been raised and, so long as no unexpected ‘surprises’, it should edge up again.