I rarely hold trades over the weekend. I have been burnt before and it was a tough loss. I close my profit on Fridays and walk away. I have no control over what happens during closed trading and its frustrating.
Fundamentals do not control price. Big money does. They know how you trade and when you do actually trade they see you as more Liquidity in the other direction. Try short term derivatives. This way you don't have any limit orders.
What the F!@K happened this morning? Im trading the GBP/NZD and there is no major news that should affect this pair but guess what, it did and even the non farm payroll for USD also somehow managed to cause some volatility on 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 point but this huge boost for GBP or weakness for NZD despite no economic news is suspicious. i had checked...
Ignored
Low volume these days before traders are back from the holidays explains part of it. It's not possible to know specifically why a currency pair moves in a specific way that may not seem to make sense. Maybe some big flows from the big players, some international corp moving money or something similar.
What the F!@K happened this morning? Im trading the GBP/NZD and there is no major news that should affect this pair but guess what, it did and even the non farm payroll for USD also somehow managed to cause some volatility on 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 point but this huge boost for GBP or weakness for NZD despite no economic news is suspicious. i had checked...
Ignored
I know the feeling of blood fleeting from your brain after you thought you had everything covered and figured out and the let down that follows. Ive been there and the FX warriors out there who have been in the trenches for years know what I am talking about.
Since I know the feeling and went through many of these up/down cycles, I will stick my neck out and say that you are giving up too soon. (I make this general statement without knowing anything else about your situation or the amount of money you have already invested).
At the same time, I can tell from your post that you have not developed an intuitive sense for the markets (yet).
This is not meant a put down in any way, but to illustrate where you are in your development as a trader.
I personally stay away from exotics like GBP/NZD. The most exotic pairs that I monitor are EUR/AUD or EUR/CAD. Anything more exotic does not scale anyway.
Also if you had created a synthetic position from GBP/USD and NZD/USD I doubt you would be looking at 200 pip spreads. Looks like you also need to dump your broker.
As for your trade. Remember, one losing trade means nothing. The mathematics behind your profitability are what counts and you only need a R:R of 1:1.5 with a 50% win rate to make money in this business.
