Hello traders, how is your week so far?
I have mentioned it before, and I will keep mentioning it because I think it could be the difference between a successful trader and a trader that will keep struggling to get good results.
Trading consistently is about choosing the right instruments to trade, and trading them at the right time.
That’s how some traders define as luck. But I’ve seen a pattern here, the more I do my analysis and make sure I trade at the right time, the luckier I get.
And it makes perfect sense, if you trade a currency pair because it has clear swings, clear levels, a good profit potential, most of the time, the market will move on your favor.
What we’ve got to do now is just repeat: Analyze – Determine which ones to trade – Trade
That’s it traders! That’s how the job is done!
But please don’t tell me that you are trading only one or two currencies, or that you are trading something because of the spread, or because someone else is trading it…
The only reason you should trade any instrument, its because it has both: a clear market condition and a good profit potential…
Does it make sense?
Ok, now here is what happened to my GBPCAD trade
GBPCAD Trade Analysis
Two weeks ago the GBPCAD started to trade in a very clear bullish condition… Which means that the market was likely to continue its way up.
The market formed a new range and decided to go long based on a retracement signal, here is that signal:
Then last Tuesday, we decided to open two new trades, another retracement signal, and a breakout signal:
And both of them got triggered.
But every time I open a new trade, I need to move my SL from my first trade to where I set my SL of my second, and then to my third trade.
And that’s exactly what happened.
At one point, I had all of my SL’s at 2.0286… and as you already know, all of them got triggered, I liked in some profits on my first two trades, and at a loss on the third one.
So everything is closed now.
Here are the results:
1st trade: 714 pips
2nd trade: 116 pips
3rd trade: (- 55 pips)
For a total of 775 pips.
Just to put this into perspectiva, the pip value for the GBPCAD right now is US$7.7 per pip, this gives us a total of US$5,967
Not bad for just one currency pair isn’t it?
Do you think I managed well this trade?
Did you take advantage from this trade?
What other currency pairs are you monitoring?
Share your thoughts.