HamzaLeith
Short

GBPNZD Correction is about to take place.

FX:GBPNZD   British Pound/New Zealand Dollar
Idea is based on Elliott wave theory and the use of Fibonacci extension ratio confluence. Stochs are used for wave confirmation. More info on the chart. Good luck
kmk.msp
2 years ago
Many chances of RBNZ will cut rate by 25 bp this Wednesday than whats your view than....
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HamzaLeith kmk.msp
2 years ago
Considering that I am a technical trader, I can't really say anything on that. I have seen many times that fundamental and technical analysis usually aligning and causing the market to move in the same direction. Long term bias for this pair is bullish according to my analysis, corrections can be shallow, so If the rate cut takes place, I may very well take a hit, depending on the technicals at that moment, if I have enough evidence that the correction won't be a deep one, I will then switch position and aim for the long target.
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moneymaking
2 years ago
Hey Hamza, I commend you for your analysis on shorting this strong bullish pair. I really hope this works out for you, I tried shorting this at least twice and was stopped out both times. I would really advise you, NOT that you need any; you're one of the BEST traders according to me :), to actively manage your shorting positions on this pair. The bulls are still going to party hard on this pair, they might take a little break, but they will be BACK :)
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TahirAli moneymaking
2 years ago
Hi moneymaking you are right about that.Another interest rate cut is expected by New Zeland on coming wednesday.After that there will be another sell off.As a whole New Zeland's dollar's position looks bleak.Right now this set up is very risky(IMHO).
+1 Reply
moneymaking TahirAli
2 years ago
Hey Tahir, In my opinion it's very unlikely to see another cut in the interest rates of New Zealand, since they just cut it to 3.25% from 3.50% this previous month, June/10/2015. I haven't seen a Bank cut interest rate twice within 2 months time span. If it does happen than this will be a new experience to me :)
+1 Reply
TahirAli moneymaking
2 years ago
Hi moneymaking,Lots of experts are expecting that rate cut on wednesday because in spite of cutting the rate recently,their 3.25% rate is still the highest among all the notable currencies.My point is why to take a chance,one should wait at least till wednesday to avoid stop loss being hit.
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moneymaking TahirAli
2 years ago
Hey Tahir, Yes, waiting till Wednesday is definitely a good idea. All the BEST mate :)
+2 Reply
HamzaLeith moneymaking
2 years ago
Thank you for the kind words my friend. Thing is, as you can see from my other idea's my technical analysis yields a bearish bias for GBPUSD and bullish bias for NZDUSD, so due to the correlation and the stand alone analysis for this pair I am expecting a correction. However, if we break the next confluence line (2.449) to the upside, I will be definitely aiming for 2.540 and may very well short there. As soon as you let fundamentals dictate your decision making process (which is in my case always based on technicals) you become hesitant and unable to follow up on the decisions which are the result of your technical analysis. That is why we have a system of risk management in place, taking losses is just part of the game. What matters is that your winners are far more glorious than your losers :-) Wishing you the best mate.
+2 Reply
TahirAli HamzaLeith
2 years ago
Hi friend,I wish you all the best for this set up.Please don't take me wrong as I never intended to prove your analysis wrong,my concern was that that as a trader one shouldn't lose money.
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HamzaLeith TahirAli
2 years ago
No worries mate, on the contrary, your words of warning are most welcome, being exposed to different perspectives is what makes this website such a great source of information. Wish you both guys many pips.
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HamzaLeith
2 years ago
snapshot
+1 Reply
moneymaking HamzaLeith
2 years ago
Hey Hamza, how you doing mate? Currently market is in a clear downtrend, at least for short-term. I'm only looking for long opportunities on this pair. Better to stay with the trend :)
Reply
HamzaLeith moneymaking
2 years ago
Hey mate, I am good thank you, you? one more push upwards is not unlikely. However, as long as that orange pitchfork is intact, I will keep my short bias. Good luck to you my friend.
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