SO HOWS THE WATER BEEN MY fellow forex nerds and addicts:p
Well first I had a amazing labor day weekend(4 those of u who don’t know its excuse not to work grill everything, yeah even corn)
Then I met megan fox on Clearwater beach, water in upper 80 s and told her I trade forex and we slipped back to her place did a lot of well u know
what I mean.
Then a strange thing happened. I had the better half yelling to get the and take me to dinner.
lmao theres only a few truths in there:7:
Funny haha I nearly believed you…
On another note, Sam Coventry’s article is worth a read;
Thank u PIP for link. You always have good stuff, your fxmen title is well deserved my friend and I will bookmark it
and again sorry for double post to all
Low volume and movement on GBP/USD…this is not a Cable push…This pair has a mind of its own haha
Ps: 3fx, you are too kind!
I’ve been guilty of judging this pair by my analysis of cable and I’ve missed out on a lot of pips by doing so.
Don’t fret: as I explained in my last trading video, correlation for this pair can shift between Cable amd Kiwi-USD, so you can never be sure anyway…
Don’t fret: as I explained in my last FreeFx video, which I posted here not long ago, this pair can and does shift correlation from NZD/USD to GBP/USD (and vice versa), so that, even though it is now more driven by the NZD/USD, you would be right to keep an eye on what the Cable was doing…
Here is a question that I have been asking myself:
should Yellen raise rates next Thursday, what would a synthetic pair like GBP/NZD do?
Being certain that such an event would be bullish for the US Dollar, we could safely state that both GBP/USD and NZD/USD would be hit and drop a few pips: if GBP/NZD took its cue from NZD/USD, then it would rally, but if it took its cue from GBP/USD, it would do the opposite of that.
Also, if it took a ‘risk off’ cue from the ‘flight to safety’ that would result from the Fed rate hike making the US Dollar a more appealing global investment than, say, equities, then GBP/NZD, which has been a fairly ‘risk-on’ pair, may also drop off.
Finally, there could be a ‘flatline’ scenario, where the pair could not decide whether to correlate to a rapidly falling GBP/USD or NZD/USD, consequently failing to either rise or fall…
What are your thoughts, anyone?
So, there I was thinking how slow things were going when I decided to look at my trading history this week.
Up 14% on the week, even today up over 3%. Funny how trading these volatile pairs changes your perception of quiet and busy days.
Hi Cesty,
As you can see from this live table, FXCM spreads are very competitive.
That’s because we have multiple liquidity providers competing with each other to fill your orders at the best price. If the spread widens, then it’s because market conditions have led the liquidity providers in the market (which include several of the largest banks in the world) to widen their spreads.
While spread can widen in certain market conditions (news events, New York Close, etc.) for any currency pair, it’s important to note that GBP/NZD is not a major currency pair like GBP/USD or USD/JPY. Therefore the spreads of GBP/NZD are more likely to experience widening in such conditions.
Hello Traders!
Since showing this chart on my last video, I went back on it to show the three long-term tops of a descending channel,
circled in orange; as we have seen the pair struggle around the third, cyclic contact with the channel top, we are indeed
at a critical moment, where not only this could be an opportunity for aggressive selling, but also one for breaking to the
upside:
I have been so tempted to go short since it broke past 2.4500.
I’ve taken a short position at 2.4475.
I closed out my position at 2.4375 for +100 pips.
Nice one!
I am still on my long, opened around 2.45 on ‘Black Monday’…
Thank you. I’ve found it quite profitable to take 100 - 125 pips when I can get them instead of holding and waiting for several hundred pips profit, even though I usually leave a lot of pips on the table. This pair moves so fast that a +150 pip profit quickly becomes a -200 pip loss, as you well know. Similarly, a big losing position can reverse and become profitable just as quickly. I’ve noticed that the only posters that lose on this pair are the ones that use stop losses. I only use SL to lock in profits.
It appears that this pair may settle into a range between 2.4300 to 2.4550. I don’t think I will be opening another position this close to the weekend unless it reaches one of these extremes and starts to reverse.
