Long Signal in the GBPNZD

Hey traders, how did you do yesterday with the US GDP and FOMC statement?

Did you have any trade open or just closed them out?

Now, tomorrow we’ve got the Non-farm payrolls report, so again we need to be careful about your open positions…

But not too much, in the last few months we haven’t seen much impact after the NFP report, but that doesn’t mean it doesn’t have the potential to have a large impact in the market…

So we still need to be careful alright?

How do you handle your trades during important announcements like these ones?

Ok, now to our signal.

GBPNZD Long term analysis

First things first…

GBPNZD 1D

At first sight, it seems that the GBPNZD is trading near an important level… But when you look at the short term charts you see that it has already broken through that level…

GBPNZD short term analysis

Here is the hourly chart:

GBPNZD 1H

It’ clear that the market already broke through the important resistance level triggering a bullish condition, se we are clear to look for long opportunities.

Here are the details about my entry stop order:

Entry: 1.9975 + spread
SL: 1.9925
TP: 2.0190

So we’ve got a pretty good risk reward ratio.

Again, be careful with tomorrow’s announcement ok?

Your turn

Are you currently trading the GBPNZD? Are you going to trade this one?

What other currency pairs are you monitoring?

Share your thoughts

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .

  • Muhammad Ali Awan

    Hi Raul,
    Is it good time to buy CADCHF?

    • Raul Lopez

      I dont think so Muhammad, right now it is trading below the ST support level… we need to wait a little longer…

  • Chad Hogan

    Raul,
    I have two pending orders on cadchf and eurcad. Im also looking at eurusd & audnzd looks like it could be shorted inside range pending aud news today.

    • Raul Lopez

      I just updated my ST support level in the EURCAD to 1.4563… I like the idea of trading the range in the AUDNZD, but not so sure about the EURUSD…

      Good luck Chad!

  • Chad Hogan

    Raul,
    My gbpnzd trade hit TP at around 140 pips at the top of the range so Im pleased with that. However I was in two minds to leave my buy stop on during the nzd news. Unfortunately I did and price tagged my order and retraced to hit my stop only by 1 pip! I had my stop 10 pips lower than yours initially and I moved it up after reading where your stop was. I should of left it alone! I suppose the lesson learnt is to think for yourself!! Was only a small loss though, plenty more opportunities.

    • Raul Lopez

      Good thing that you what you did wrong and the market went against you… try not to make the same mistake again!

      Congrats for your 140 pip trade…

      What other pairs are you monitoring?

  • Chad Hogan

    Hi Raul how are you?
    I went long on gbpnzd at the bottom of the range on 1 hr. Hoping to add if range is broken the same as your order. Goodluck to us both…

    • Raul Lopez

      Hey Chad! Good to see you here!

      Yep I know, good luck to us! We’ll see how it goes!

      Cheers!

  • Eramzan Ali

    Sir I think its good to b short as shooting star form on weekly chart

    • Raul Lopez

      Hello Eramzan, thank you for your comment…

      Take a look at the daily or weekly charts and see how many times it forms a shooting star or a hammer and the market goes in the opposite direction?

      I trade based on the market condition, which is how the market reacts to LT important S&R levels… I think its a more objective way to trade and analyze the market!

      Let me know if you have any question!

  • TasosK

    Hi Raul,
    Firstly, thank you for sharing your thoughts! Your articles are very important to me!!!
    Now, I cannot see why 1.9873 is an important LT level; the market has not been rejected twice from this level (according to the definition in your ebook) and the level has not been respected 9 times in the period Nov ’13 to Mar ’14. To me the LT level is at 2.0225 and the market seems to make a new high in the range 1.9394 and 2.0225 which is a long signal.
    On the other hand, I agree with your ST analysis although to me the ST Support level is at 1.9837 and not at 1.9880.
    I wish a great weekend and thanks for your support.
    Tasos

    • Raul Lopez

      Hello Tasos, yes, it has been rejected from there twice… But remember it doesnt have to be in the exact same level, when we talk about LT S&R levels we are actually talking about zones instead of plain levels…

      Thank you, Hope you have a great weekend!

      Cheers

  • Waqas Khan

    very nice

    • Raul Lopez

      How is everything Waqas?