This should be easy money trade. Goal GBP/CAD For 150 pips.
Trade less make more!
Hi doughnut, Tell us why these levels/entry's have significance. I probably have you're reasons but let us know you're thought process so we have a better idea of what you're seeing. I find that to many traders show where they will or want to enter the market but never say why.
Trade less make more!
- #4
- Feb 21, 2017 6:58am Feb 21, 2017 6:58am
- | Commercial User | Joined Mar 2010 | 1,663 Posts
Happens to be that I'm long GBPCAD right now as well
A good week of trading. Up 6.6 for the week was expecting little more but I'll take it!! I entered 2 trades this week one yesterday and one this morning.I closed off my second position from this morning and half of my first position from yesterday before the Canadian C.P.I number. Glad i did as trade went against me but manages to close my half position with 1.5% gain didn't get stooped out. The money is in the bank!! I will reevaluate this pair next week for clear direction and make more pips. Hope everyone has a good weekend!! Cheers
Trade less make more!
Again, in the same trade here. I've been long basket trading the GBPCAD since 1.63700. It will go up at some point. Right now, seeing good support at the 1.62600 level from the candle sticks. The push down is slowing. The GBPCAD is acting as if it wants to pullback here. How much we won't know till after the fact. My TP of 50 pips is around the 1.63200 level. {image}
Trade less make more!
- #14
- Feb 27, 2017 7:12am Feb 27, 2017 7:12am
- | Commercial User | Joined Mar 2010 | 1,663 Posts
{quote} Hey Cubbybgood i am not to worried as in this chart we have a classic reversal candle on 4 hour chart. I think it might chop around for a bit but i expect a good bounce soon {image}
Yup, agreed. Candlesticks on the m30, 1 hour and 4 hour all show good potential for some kind of bounce here.
Now the question is....Will it happen?
- #16
- Feb 27, 2017 7:34am Feb 27, 2017 7:34am
- | Commercial User | Joined Mar 2010 | 1,663 Posts
{quote} Ha ha Forex is like fishing. Sometimes you get lucky and sometimes you get skunked. But i get lucky %75 of the time!!
Yes! You could look at it like that but....there is also skill in fishing as well. Finding a quiet place, using the right bait, finding a good spot and so on and so forth. I'm not really a fisher so excuse my analogy lol.
Yes, luck is most definitely involved in EVERY trade we take but we as traders have knowledge and tools to increase are chances of success. The biggest problem is the plague of borrowed tools and knowledge. In most cases I don't see many traders fully understanding WHY they use the tools they do. If they don't understand WHY then it's likely The don't understand HOW. Something I'm trying to shine a light on with my approach.
