Forex Trade Review: Long GBP/NZD

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:

Long GBP/NZD Trade Idea

GBP/NZD Forex Trade Adjustments

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!

GBP/NZD 1-hour Forex Chart

GBP/NZD 1-hour Forex Chart

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%

Cheers!

Happy time

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  • Peter Griffin

    Congrats. I exited too early as well, but better safe than greedy. 1100 pips is a lot. The RBNZ really pulled a stunt on this one. Suprised me a lot, when my economic calendar stayed void but the NZD got dragged further into the black hole it’s in right now. With RBNZ targeting the NZD/USD at 0.65, the Kiwi might be in for further losses soon, but it seems to have come to a resistance at the moment. I’ve closed my Kiwi shorts for now.

    • Congrats! Haha “better safe than greedy” I’ll keep that in mind! Seems like a correction is happening so I might just wait for a better price to re-enter. How about you?

  • ForExchange

    Hi HappyPip!

    Congrats from me too. At this moment there is a good moment maybe for you to re-enter. As Peter wrote, I also believe in further losses. For this reason, I did not close though my NZD shorts. Although there is a pullback at the moment, sometimes the weakening comes unexpected and very sudden and it would be done without me. So I rather sit it through, I can allow it with many pips already gained. I might lose some of it but I think it is still a smaller loss than what I can lose with not being in the market during the next move. It is not that I want to lose what I gained already but I think the setup is still confirmed.

    We will see how this story further develops.

    • Thanks! I’m still keeping close tabs on this one and waiting for a good chance to re-enter. My long-term bias for the pound is a bullish one anyway. This is just more volatile than the usual pairs I trade so it’s a bit of a challenge picking an entry area and deciding how wide to set my stop. Think it could pull back a little lower or is it due to bounce soon?