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Help stuck in a GBP/NZD trade

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  • Help stuck in a GBP/NZD trade

    Hi, I'm still stuck in a GBP/NZD long started Thursday by Smart Scalper which has since plumeted from about 1.9585 to 1.9445 so in big drawdown. My fault as I turned off the EA and didn't get out when it closed. I'm pretty new to trading and writing here to ask for advise from anyone who understands the charts and can indicate whether there is potential for it to go back up or is it is still looking like it will keep going lower. I just don't know whether the draw down is going to continue to get much bigger or whether there is some hope if I hold on to the trade. Anyone understand the charts to give their opinion appreciated please.

  • #2
    oh Khybee, what have you done what were you thinking, why did u turn off the EA, you were earning nicely with scalper and one mistake coulld cost you so much. To me sclaper changed the trend on GBPNZD, its gonna short now. But in the medium term i am still bearish on NZD, but you may not end up in profit.
    Trade the market, not the trader

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    • #3
      I can't even remember what happened that I turned off the EA but I am in drawdown of almost $1000 and actually looking at the chart the 1st buy was up at 1.9625 so it has almost dropped by 2 cents. I'm not wanting to make profit just to get out of it without losing so much money but I am worried that Monday it will continue to drop even further. When I look at the chart I think may be this is a resistance level and it may go up but I am new and really I don't know or understand the charts. I appreciate any advise you can give me. Do you think I should shut the trade now at $1000 loss or do you think it might go back up a bit so better to hold it for now? Any advice much appreciated.

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      • #4
        Originally posted by Khybee View Post
        I can't even remember what happened that I turned off the EA but I am in drawdown of almost $1000 and actually looking at the chart the 1st buy was up at 1.9625 so it has almost dropped by 2 cents. I'm not wanting to make profit just to get out of it without losing so much money but I am worried that Monday it will continue to drop even further. When I look at the chart I think may be this is a resistance level and it may go up but I am new and really I don't know or understand the charts. I appreciate any advise you can give me. Do you think I should shut the trade now at $1000 loss or do you think it might go back up a bit so better to hold it for now? Any advice much appreciated.
        Depending on your account balance I would cut the trade now, not because I think it will go down further, but only because it will cause you more stress, as you are now in uncontrollable territory. you will make the 1K back with SmartTrader, even if it takes some time. I highly recommend his non-scalping signal . But do note heavily that I'm here in UK living and the pound is just getting stronger and stronger at the moment.

        -- I just had a look at the charts for you and to be honest I think the pound will rebounce and head back up, even just for a bit. That's my view I'm quit strong about that opinion. Since I'm a risk taker I would probably hold on to it.

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        • #5
          Thank you both Vijay and Waleed121 for your responses I do appreciate you taking the time to write me. My account balance is about $12,500 so the draw down is okay at that stage but I'd rather take a loss of $1000 if it is going to keep dropping even more. I feel like it has dropped like a stone already and surely must find support at this level so I will hope for a bounce and see what it opens at tomorrow.

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          • #6
            The GBP/NZD has fallen suddenly and now slowly going down. I think it will make a pivot n the near future, so I'm going to play long at this market today.

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            • #7
              Hello, forum members!

              Does anybody know what this gap means? What happened to this pair?

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              • #8
                Originally posted by Steven454 View Post
                Hello, forum members!

                Does anybody know what this gap means? What happened to this pair?

                NZ rate cut was announced
                Trade the market, not the trader

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                • #9
                  The GBP/NZD is currently moving down I guess the next pivot will be around the level of 2.4040, so I'm going to open a sell right away.

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                  • #10
                    Well lets see, it's probably because of dairy outputs. However, GBP econ. is strengthening as they indicate they want to move rates up. Watch AVG hrly earnings for GBP econ as this will determine rate increases that might be coming.

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                    • #11
                      The GBP/NZD fell significantly during last week, but now I won't be surprised to see an up-gap at the opening of the market.

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