Adding to the GBPCAD trade and other signal in the GBPAUD

Forex Market Analysis

Hey traders, How was your weekend? hope you enjoyed it… did you do something different? Or just relaxed for a few days?

I took some time to relax, because next weekend I’m going to need some spare energy…

Anyway, how was yours?

As every monday, I like to see what are the most important fundamentals of the week… But you know, this week we don’t have a lot of fundamental releases…

Which is good and bad at the same time.

Its bad because sometimes we need this type of volatility to get the market moving faster…

But its good because it will move entirely based on the sentiment of the market.

Regardless of the fundamentals… What we need to do every single day (which is by the way the most important aspect of trading) is to focus in the currency pairs that have both:

  • The clearest market conditions
  • And the most profit potential

Focus on those two things day in day out, and you’ll be on your way to consistent results.

By the way, here is one of the currency pairs that I feel most comfortable trading with.

GBPAUD signal

You already know that the GBPAUD is trading in a very clear bullish condition… If you look at the daily chart, you’ll see that it broke through an important resistance level, therefore, it is likely to continue its way up, at least, until it reaches its next LT support level…

Which is by the way, more than a thousand pips from where the market is currently trading.

Now, In the last few weeks I’ve been trying to take advantage of the GBP crosses, its not that I always trade them that much, but right now, I believe are among the best opportunities out there… So I’ll be there, trying to take advantage from them.

Here is what the short term charts look like:

GBPAUD 1H

My entry order details are:

Entry: 2.1289
SL: 2.1219
TP: Open

Add to my GBPCAD Trade

Some of you took the GBPCAD trade a few days ago, at this point we have more than 650 pips on our favor…

And we might have a good opportunity to increase the trade size of this trade…

Let me show you the short term chart:

GBPCAD 30M

Details of my order:

Entry: 2.0342
SL: 2.0286
TP: 2.0463 (same as my other trade)

We’ll see what happens.

Your turn

What do you think about this week? Is it going to be slow?

Are you going to take the GBPAUD trade?

Did you take the GBPCAD one? Will you be willing to add to your trade if you did take it?

Share your thoughts.

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .

  • Eric Aroh

    Hi Raul,

    I am trading the GBPCAD (LONG), and USDCAD (LONG); the GBPAUD is on my watchlist.

    I went through a video (today) that convinced me that using a trailing stop may be better than taking profits on half position size with intention to move the SL to achieve breakeven. What do you think?

    Thanks.

    • Raul Lopez

      Hey Eric,

      Yes, definitely trailing your SL is better than taking partial profits… by taking partial profits you are actually limiting your profit potential!!!

  • Chad Hogan

    Hi Raul,

    Yes I have those orders. Thats how I know Im trading ok when Im doing the same thing as you! Im well up on GBPCAD so I hope it continues on its way. I also had an order on USCAD triggered but it may look like a false break yet. We’ll see. Goodluck.. m8.

    • Raul Lopez

      Hey Chad,

      Please take a look at todays post for the complete trading plan of the GBPCAD