GBPNZD Trade Update

GBPNZD facing rejection at resistance.. by LearningFX on

 Well today was a fun day! Don’t you just love it when you make a quick profit? Got in on the GBPNZD trade on two prices 1.97179 and 1.97416, short, as expected the market failed up there and gave us a handsome profit 🙂

The weaker short price I had 1.97179 I was going to give up on break-even but seeing how well it was going I decided to get a few decent pips out of it since it was already in there. Made 20 pips off the whole position which I would have normally broke down in two. This was just a bonus and am happy I held on to it.

The stronger position I have I got in at 1.97416, which is now half as I took some profit at 1.96773 which was +64 pips for my actual trade. There’s still half of it open with the stop at break-even. We’ll see how it goes, as for the trade, half position is still open and it could go a long way down unless it has other plans, either way I made a profit and am risk-free.. and if it goes even higher, I may look at the price action and get back in with a full position.

All the updates were done through twitter since its quicker and easier to do, you can follow us here.

Trade idea on tradingview

Update 29th May 2014

This trade ended at breakeven. Total result was +84 Pips. You can still short this pair with a stop at 1.98040. Short with Risk Reward in mind.

Update 30th May 2014

Entered short of GBPNZD again at 1.97516 as risk reward was in favor again and trade had provided more than risk. Setup still valid.

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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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