Woohoo! I scored a pretty good win with this long GBP/NZD forex trade setup as the pair eventually hit my ultimate PT at 2.0800. Before reading my trade review though, make sure you check out my initial trade idea and trade adjustments first:
As Forex Gump wrote about in his article on factors that could drag NZD lower, the RBNZ confirmed that they intervened in the currency market last month. This was enough to push GBP/NZD up to my profit target at 2.0800 and beyond!
Yep, I’m a bit bummed out about leaving a few more hundred pips on the table, as price eventually zoomed up to the 2.1000 mark. Even then, I’m happy with my decision to keep the remaining half of my trade open with a trailing stop until price hit my longer-term PT.
It looks like GBP/NZD’s uptrend just got a lot stronger so I’m still going to keep tabs on this pair to see if I can re-enter, probably on a pullback. For now, I’ve got the following gains on my account:
1st position: +300 pips / +0.75%
2nd position: +800 pips / +2.00%
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