Forex Trade Updates: GBP/CAD and EUR/NZD

Thanks to the ECB’s decision to cut rates again and to the growing possibility of Scotland’s independence, EUR/NZD and GBP/CAD saw a lot of movement in my favor recently! Here’s what’s going on so far.

EUR/NZD Correction

EUR/NZD 4-hour Forex Chart

EUR/NZD 4-hour Forex Chart

First up, here’s an update on my trade that’s been open for over a month already but only showed downside momentum when Draghi unveiled the ECB’s additional stimulus plans. I was able to short at 1.5750 with my initial stop at 1.6000, and price has moved around 150 pips lower so far. With that, I decided to move my stop to entry but I’m also considering closing early ahead of the upcoming RBNZ statement.

GBP/CAD Trend Line Play

GBP/CAD 1-hour Forex Chart

GBP/CAD 1-hour Forex Chart

As for my GBP/CAD short trade, I was able to try out a 150-pip STA last week as I added to my position when the pair sold off sharply. However, I decided to close my positions ahead of the weekend, anticipating that another round of polls on Scottish independence might change pound sentiment again. I still left a sell stop order at 1.7650 though, in case price gaps down… and it did!

For now, I’ve got some profits locked in with my GBP/CAD short and I’m also looking to take some off my EUR/NZD short as well. Got any tips on what I should do? As always, I’d love to get your feedback on my trades!

Cheers!

Happy time

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  • Peter Griffin

    Congrats on these sweet pips. The Euro and GBP weakness is a fresh breath of air after that bulishness earlier this year. I will probably be going short on NZD/USD and/or AUD/USD now. The USD is on a roll and seems to be unstoppable. Top notch economic reports (except for that last NFP, hardly even scratched the USD though), global risk aversion (there will be no truce between Poroshenko and Putin, IS in Syria, etc.), Fed said to probably hike rates. It’s a beast.

    The NZD and AUD seem to be just floating along, going wherever the wind takes them at the moment. Even steady Chinese data can’t help them. Last AUD job report was devastating. NZD had no good report for the last few months. I don’t see why that should change or switch their bearish sentiment to bullish.

    Not sure whether I should risk it and go short before the reports to get extra pips, or wait for the data.

    • Thanks for the positive feedback! Finally caught a few good pips with these setups, even though I still think I could’ve played ’em a little better. I do agree that USD strength is a consistent factor these days, but we might see a few corrections before the overall trend resumes. It looks like we’ve got Chinese data and US retail sales for the rest of this week then the FOMC statement could be a big mover next week.

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  • As always, thanks for checking out my blog! Your feedback on my previous trades have really helped too. How’s it going for you so far?