I have been doing my trades in this pair and i have seen that the losses were more as i was not able to get the trends correctly
I had my WORST trade, (by FAR!!) with GBPNZD last week. Actually, I entered OVER a week ago, (a week ago last Thursday), with the intention of following the trend long-term. It had met my qualification for my price action strategy (can't remember off-hand, but can look it up if anyone is curious), PLUS there were 2 other bearish continuation signals. Thank GOD it was only 2 microlots-STILL the biggest hit I've taken!!
It SHOULDN'T have been QUITE that bad-but because I'd been stopped out on other attempts at long term trades, (I did good on 4 of them in the past month, got stopped out on two); I was overly cautious and used WAY too big of a stop loss!! I was just SO sure it couldn't be a reversal-even had Anna and David Coulling on their webinar a few nights ago, assuring me that both the technicals AND fundamentals were still signaling further down-trend.
Of COURSE, just an hour after I got stopped out yesterday, it started showing some bearish patterns... ((Sigh)) :,(
I'm going to take a break from charts today, get some things done around the house, maybe bake something for my new neighbors who are moving in. Then, I have some videos marked to watch on Sunday by Chris Capre on Price Action; as well as one on mindfulness and meditation for traders he did. I also practice meditation and yoga, so I'm hoping to hear "what I need", (so-to-speak
)
I've also decided to stick with the USD pairs, maybe EURJPY; but as the topic of this thread implies, I need to just concentrate on more familiar pairs (not to mention a more reasonable spread), and DEFINITELY stay away from GBP for now. The ONLY GBP pair I didn't mess up this week was EURGBP-even THAT is now OFF my list altogether!!