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And I’m out! The pair didn’t make it all the way to the triangle top I was aiming for, but I did manage to lock in some gains.

Long GBP/NZD Trade

I jumped in this long position on a bit of bullish momentum as GBP/NZD made a quick bounce off the triangle bottom. Price hesitated halfway through on its climb, though, so I thought it best to roll up my stop in order to protect my profits.

GBP/NZD 4-hour Forex Chart
GBP/NZD 4-hour Forex Chart

As it turned out, resurfacing Brexit jitters and a bit of trade optimism on upcoming trade talks between the U.S. and China dragged this pair back down and hit my adjusted stop in the process.

Do I wish I rolled my SL a bit higher to catch more wins? Why, yes of course. I probably should’ve tried to exit manually when I first heard news of those trade talks. Then again, I’m pretty happy with my decision as I still caught a few pips. A win is a win, right?

Here’s what I got:

P/L: +20 pips / +0.03%

I’m still bullish on this pair, mainly due to differences in policy biases between the BOE and RBNZ, but I think I’ll let the U.K. event risks play out first. Never know if a “no deal” scenario could drag the pound down again!

How’s your trading going this week?

Happy

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.