Thread: Im quiting trading but can someone elighten me on this?

What the [email protected] happened this morning? Im trading the GBP/NZD and there's not any major news that should affect this pair but guess what, it did and even the non farm payroll for USD also somehow managed to create some volatility within this pair. My broker even widened the spread to over 200 pips for 10 mins.

I have attached a screenshot of GBP/NZD on 1H timeframe....as much as im concened, this pair was ranging and breakout has been likely to happen at some point but this huge boost for GBP or weakness for NZD despite no economic news is suspicious. I'd checked other brokers bid/ask prices also it doesnt look like its my broker messing with me.

I am a lousy trader and all but I frankly don't see why the pair goes from bearish until 7am GMT and after that only rose nonestop.

Any ideas??

thanks

I hold transactions over this weekend. I have been burnt before and it was a tough loss. I shut my profit on Fridays and walk away. I don't have any control on what happens during closed trading along with its own fruing.

Fundamentals do not control price. Money will. They understand how you exchange and when you do actually trade they view you as more Liquidity in the other direction. Try term derivatives. This way you don't have any limit orders.

Originally Posted by ;

What the [email protected] happened? Im trading the GBP/NZD and there is no major news which should impact this pair but guess what, it did and even the non profit payroll for USD also somehow managed to cause some volatility within this pair. My broker even widened the spread to over 200 pips for 10 mins. I have attached a screenshot of GBP/NZD on 1H timeframe....as far as im concened, this pair was ranging and breakout was going to happen at some stage but this huge increase for GBP or weakness for NZD despite no economic news is suspicious. I had assessed...

Low quantity nowadays before traders return from the holidays explains part of it. It is not possible to know specifically why a currency pair moves in a specific way that may not appear to make sense. Maybe some huge flows from the big players, some international corp moving money or something comparable.

Originally Posted by ;

What the F!This morning @K happened? Im trading the GBP/NZD and there is no major news which should affect this pair but guess what, it did and the non farm payroll for USD also somehow managed to create some volatility on this pair. My broker even widened the spread over 200 pips for 10 mins. I've attached a screenshot of GBP/NZD on 1H timeframe....as much as im concened, this pair was ranging and breakout was going to happen at some stage but this massive boost for GBP or weakness for NZD despite no economic news is questionable. I'd checked...

I know the feeling of blood fleeting out of your mind after you thought you had everything covered and figured out and the let down that follows. Ive been there and also the FX warriors out there who have been in the trenches for many years know what I am referring to.

Since I know the feeling and went through a number of these up/down cycles, so I'll stick my neck out and say that you are giving up too soon. (I make this entire statement without knowing anything else about your situation or the amount of money you've spent ).

At the same time, I can tell from the post that you have not developed an intuitive sense for those markets (yet).

This is not supposed a put down in any way, yet to illue in which you are in your development as a trader.

I personally stay away from exotics such as GBP/NZD. The very exotic pairs that I track are EUR/AUD or even EUR/CAD. Anything more exotic does not scale anyway.

Also if you had established a synthetic position from GBP/USD and NZD/USD I doubt you'd be looking at 200 pip spreads. Looks like you also will need to ditch your broker.

As for the trade. Remember, one losing trade signifies nothing. The mathematics behind your profitability are what counts and you only need a R:R of 1:1.5 using a 50% win rate to generate money in this business.

Hope this helps.

Q

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