Trading Opportunity GBPNZD 22nd June 2020 - details in post

James

Forex Grade Schooler
Dear Traders

It has been a little while, hope you are all ok? Please find a trading opportunity that i have identified and as normal you understand and assume all risks by copying this trade and it is totally your decision to do so. Feel free to do your own analysis.

There is a early resistance line on the GBPNZD and i believe this will be the start of a buy opportunity, i will leave it up to you to decide when best start the trade and what your take profit and stop loss are going to be.

Good luck!

NOTE - i do watch the trades and if i believe the direction will change then i will update the SL or a TP depending upon where the price is at that time, you must check on your trade and you are responsible for it.

Please check out the website www.primeforextrading.co.uk for signals that you can copy FREE if you sign up to our broker.


Post 20.06.22.PNG
 

Black Swan

Forex Infant
Dear Traders

It has been a little while, hope you are all ok? Please find a trading opportunity that i have identified and as normal you understand and assume all risks by copying this trade and it is totally your decision to do so. Feel free to do your own analysis.

There is a early resistance line on the GBPNZD and i believe this will be the start of a buy opportunity, i will leave it up to you to decide when best start the trade and what your take profit and stop loss are going to be.

Good luck!

NOTE - i do watch the trades and if i believe the direction will change then i will update the SL or a TP depending upon where the price is at that time, you must check on your trade and you are responsible for it.

Please check out the website www.primeforextrading.co.uk for signals that you can copy FREE if you sign up to our broker.


View attachment 554
Hey @James , great to see you again with another great trade entry :)!!

I'm IN:

View attachment 555

I'm going to let it run a bit, but I believe my stop will be around 1.950

Where do you think you'll be setting yours?
Hey, how cool!
I'll be following this, and will join on the next one!
I think I'm too late to enter now.
 

James

Forex Grade Schooler
Hey @Chopper Man great to hear from you!

I'm obviously in and my TP is set for 1.93683 as i think there is a line there if you go back that could cause some price action, but i have gone for a slightly larger lot sizing but if i had gone for a smaller lot sizing i think your target TP is a good one.

Good luck and as always let me know!
 

Chopper Man

Academicus Forex
Hey @Chopper Man great to hear from you!

I'm obviously in and my TP is set for 1.93683 as i think there is a line there if you go back that could cause some price action, but i have gone for a slightly larger lot sizing but if i had gone for a smaller lot sizing i think your target TP is a good one.

Good luck and as always let me know!
Looks like we got a spike and a retracement....from what I understand, you are still in this trade as your level wasn't hit right?

I'm still in the thick of it:

556
 

James

Forex Grade Schooler
Looks like we got a spike and a retracement....from what I understand, you are still in this trade as your level wasn't hit right?

I'm still in the thick of it:

View attachment 556
Hi @Chopper Man

Yes am still in it and could be a bumpy ride but i still believe the trade direction is right, but careful lot sizing helps so as not to stress the account and am able to hold positions. But if in doubt you can always place a breakeven once you hit some profit or trailing stop (with a decent gap) etc
 

James

Forex Grade Schooler
Hey @James which indicators do you mostly look at when you study the charts?

Thanks
Hi @Eye

I use a variety of indicators and look at the overall positions, so initially technical analysis and then i check the upcoming news reports.

If starting out i would suggest support and resistance and bollinger bands are always a good start - but remember no indicator is full proof
 
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AlphaOmega

Forex Visionary
Hi @Chopper Man

Yes am still in it and could be a bumpy ride but i still believe the trade direction is right, but careful lot sizing helps so as not to stress the account and am able to hold positions. But if in doubt you can always place a breakeven once you hit some profit or trailing stop (with a decent gap) etc
I still think this is a good trade.
 

James

Forex Grade Schooler
Good luck guys!
Don't think this will be a trade closing today.
Looks like a long climb (!)
Hi @Golfer and @Bagelots

In all honesty these are interesting points and before entering a trade you should consider what duration you are expecting and what duration you are happy with.

Sometimes before i trade i make a few handwritten notes to remind myself, as trading is as much physiological as it is analysis. I would always suggest that to keep the lot sizing low and do not get greedy.

A few key notes i generally cover are
1 - lot size - always low to keep DD undercontrol
2- TP & SL's (R&R)
3 - what type of strategy i am using for this trade

Also by keeping the lot size low i could always adapt my original plan and turn it from a single trade to a averaging option or bring in some hedging etc.

Hope that helps
 

Chopper Man

Academicus Forex
Hi @Chopper Man

Yes am still in it and could be a bumpy ride but i still believe the trade direction is right, but careful lot sizing helps so as not to stress the account and am able to hold positions. But if in doubt you can always place a breakeven once you hit some profit or trailing stop (with a decent gap) etc
Yup, we're in for a long one I think (!)

Careful lot sizing as in...you are planning to open more positions on this trade?
 

James

Forex Grade Schooler
Yup, we're in for a long one I think (!)

Careful lot sizing as in...you are planning to open more positions on this trade?
My original plan for this trade was not to open more than one trade, but by having a small trade i have options and can open more if required.

Also i can trade other currency pairs if this trade is small.

I suppose my style is to take small profit and keep trading rather than go for the big profits, as anything can happen
 

Corny

Forex High School Teen Rebel
My original plan for this trade was not to open more than one trade, but by having a small trade i have options and can open more if required.

Also i can trade other currency pairs if this trade is small.

I suppose my style is to take small profit and keep trading rather than go for the big profits, as anything can happen
It's not looking pretty right now 😬😨!

So @James you will be opening more trades a la Martingale?
 

James

Forex Grade Schooler
Hi @Corny @Chopper Man

How are your trades going?

I'm in profit, i started at 1.91984 for my buy trade and have decided to lock in some profit by moving up the SL and left enough room hopefully for the trade to move to the TP

If the trade did continue to move in the opposite direction - yes i probably would have adapted my original plan and placed another trade that may not have been to strict martingale technique but could have been a simple averaging play, but by keeping the lot size manageable i have options.

What size did you place on the trade?
 

Chopper Man

Academicus Forex
Hi @Corny @Chopper Man

How are your trades going?

I'm in profit, i started at 1.91984 for my buy trade and have decided to lock in some profit by moving up the SL and left enough room hopefully for the trade to move to the TP

If the trade did continue to move in the opposite direction - yes i probably would have adapted my original plan and placed another trade that may not have been to strict martingale technique but could have been a simple averaging play, but by keeping the lot size manageable i have options.

What size did you place on the trade?
Hi @James !

Check it out :D :

559

It's going REALLY WELL :D:D:D!!!! I'll be placing a stop loss to wrap up some profit :)
 

Bagelots

Crawling into Forex
Hi @Golfer and @Bagelots

In all honesty these are interesting points and before entering a trade you should consider what duration you are expecting and what duration you are happy with.

Sometimes before i trade i make a few handwritten notes to remind myself, as trading is as much physiological as it is analysis. I would always suggest that to keep the lot sizing low and do not get greedy.

A few key notes i generally cover are
1 - lot size - always low to keep DD undercontrol
2- TP & SL's (R&R)
3 - what type of strategy i am using for this trade

Also by keeping the lot size low i could always adapt my original plan and turn it from a single trade to a averaging option or bring in some hedging etc.

Hope that helps
Great tips, thanks @James (y)!!
 

Chopper Man

Academicus Forex
So this is with the SL and TP set:

560
Yup, we're in for a long one I think (!)

Careful lot sizing as in...you are planning to open more positions on this trade?
I was considering it....but no need to now :D
Hey everyone

My trade hit my original TP and made a massive 1699 points in under 24hrs

Hope you all had the same success!
Brilliant, very happy to hear you bagged a nice chunk of dough @James :D:D:D:D !!!
 
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