The crosses currency pairs can provide you some great trades as well as they tend to move quite a lot, and although this currency pairs may have a wider spread this can be offset by the fact that they trend in a daily range of 200p pips or even more. Cross currencies simply refer to currency pairs, or crosses, that do not involve the US Dollar. Trading in these pairs is often more difficult and riskier than trading major pairs, but as I said earlier you can make lots of pips trading them if you're a great market timer.

Although recently I took quite a big loss trading GBP/NZD, mainly due to NFP market reaction I still believe in this long GBP/NZD trade and the fact that this currency pair can trade higher. Although Friday we had momentum shifted to the downside , by the structure of this down leg, I consider it being just an corrective wave and I see the market retest at least the pre-NFP levels.


  • Figure 1. GBP/NZD 1h chart

See Figure 1 for more details about the trade I took. Now on my second trade my first target is set at 1.9860, the black line on the above chart. I'm saying my 1st target because it depends on how we test that level, if we break and close above that level than I'm expecting that level to turn into support level and the upside leg to be much more bigger, but if we don't manage to break that level I may consider taking all profits from the table.

Best Regards,
Daytrader21
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