Forex Trade Update: GBP/NZD Channel

It looks like the odds were ever in my favor on this one, as the pair reached my profit target at 2.1600 before turning back down. Oh, if you’re wondering what I’m talking about, make sure you check out my initial long GBP/NZD trade idea before reading on.

GBP/NZD 1-hour Forex Chart

GBP/NZD 1-hour Forex Chart

As you can see from the chart above, I was able to go long at the bottom of the channel at 2.1200 (0.5% risk) then I added to my position (another 0.5%) after price broke past the mid-channel area of interest at 2.1400. I also adjusted my stop to my initial entry at 2.1200 then, keeping my risk limited to just 0.5% of my account.

I must admit, I did get a little lucky on this one since the price on my broker’s feed did actually go a tad beyond 2.1600, just barely enough to hit my target. Phew!

Here’s how it turned out:

1st position: +400 pips / +1.33%

2nd position: +200 pips / +0.50%

Total: +300 pips (average) / +1.83%

It looks like the ascending forex channel is still intact though, which might offer another chance to go long at the bottom. Do you think it’s still a valid idea?

Cheers,

Happy time

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  • Prem Kumar

    I hope the price may bounce up

    • Looks like it really did! Were you able to jump in a long trade?

  • Rayfo

    Great! Now that’s what I wanna see from you!

    “If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet a success unexpected in common hours.”

    ‘Henri David Thoreau’

    • Thanks for the positive feedback and the motivating words!

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