GBPNZD long at market price (ask 1.9608)
Updated
GBPNZD requires a protective stop of around 500 pips. What we are attempting is a much tighter stop while relying the weekly support will not be tested.
In such a scenario we expect GBPNZD to post moderate gains. This is a very high risk we are taking as we are laying a much tighter stop. The odds of the market triggering the stop is high but the potential profit outweighs the risk.
GBPNZD long at market price (ask 1.9608)
Take profit: 1.9940
Protective stop: 1.9528
Risk Ratio (RR): 1: 4.3 (approx.)
Estimated duration: 16 days
Relevant as long as GBPNZD is below 1.9650.
Note: The potential drawdown is a re-test of 1.9566.
In such a scenario we expect GBPNZD to post moderate gains. This is a very high risk we are taking as we are laying a much tighter stop. The odds of the market triggering the stop is high but the potential profit outweighs the risk.
GBPNZD long at market price (ask 1.9608)
Take profit: 1.9940
Protective stop: 1.9528
Risk Ratio (RR): 1: 4.3 (approx.)
Estimated duration: 16 days
Relevant as long as GBPNZD is below 1.9650.
Note: The potential drawdown is a re-test of 1.9566.
Trade active
GBPNZD is trading at 1.9721 at the time of this writing, we are closing 10% of the long trade at market price.Trade closed: target reached
Following today's gains in GBPNZD we are noting the possibility of some retracement in the cross.We are unwilling to absorb the potential retracement. As some risks were taken in the trade and as we were not expecting these gains to materialize in less than 24 hours we decided to exit GBPNZD at market price (1.9737).
We are remaining in GBPCHF as it is a weekly entry.
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