GBPNZD Trade Idea – Looks Like Buyers Are Getting Tired

gbpnzdchart

 

GBPNZD, the buyers seem to be getting exhausted here, you can see the wicks and rejection near the recent highs. You could wait for better Risk Reward, I know I will. It seems to face rejection at this level and looks like a great short at this point, you can short right now too but the risk is high at the moment. A break below 1.6954 would also validate this idea, which has been support for the past few days. It would be alright to short it on a pullback if it breaks through there. Currently it is on watch, have not executed this trade yet. It pays to be patient with Forex. 🙂 Follow us on twitter, for updates.

Trade idea on tradingview

Trade update (28th May 2014)

I sold at two individual spots 1.97179 and 1.97416 in the day, and tweeted on twitter accordingly. I have taken off the weaker short at 1.96972 for +20 pips, letting the rest ride.

Closed half of what I had left at 1.96773 moved the stop to break-even. Now a risk free trade. It had good quick movement 🙂 lovely trade! Hoping to get more from what I have left. The stop is now at 1.97416. +64 pips on this one. 🙂

 

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Learning FX

The idea is to basically help out others trade and understand the foreign exchange market with more ease. My articles and trade ideas are based on my experience and are for educational purposes only. You can follow our updates on twitter

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