GBPCAD Closed + 776 pips – How to find trades like this one

Golden Ratio Forex

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.

That’s it!

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?

Your Turn

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.

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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 .

  • Chad Hogan

    Happy Birthday Raul. ?

  • Chad Hogan

    Hi Raul,
    Well done, nice effort. I’m still up around 700 pips on GBPCAD. I decided not to take the 2nd position as I considered the two rejections off resistance as one. They seemed too close for my liking. I’ve decided to hold this position over the weekend. My TP IS AT 2.05752. That’s around 300 pips to go. I cant see any reason price wont retest former highs looking at the long term charts. Wouldn’t that be something, my first 1000 pip trade!! I am also long on USDCHN, UP AROUND 180 pips. I took advantage of weak data out of China and price action on long term trendline. My GBPAUD order has also been triggered.
    Thanks Raul. Have a good weekend.

    • Raul Lopez

      Wow Chad!!!! Vongrats for that trade… I’m also confident and think it will continue its way up… Yep, and I’ll have to agree with you regarding that last breakout trade… It was a valid entry, but then it formed a new range…

      It would be great Chad!!! A 1000 pip trade!

      Congrats again!

      Now its time to enjoy the weekend!

  • Manvinder singh

    Raul, Do you think AUD/JPY long is a good trade on daily chart.

    • Raul Lopez

      It was trading in a very bullish condition… but now, since it broke through the short term support level, we’ll have to reassess our analysis…

      Enjoy your weekend!

  • Eric Aroh

    I was in the trade. It was nice – lots of pips gained. I also closed my trades ( 2 positions) earlier than yours – both trades were gains but with total pips less than yours. Guess that’s why you are the pro!

    Currently watching the following pairs:

    ** NZDUSD : bounced off LT R @ 0.6499 (1 Wk chart), but reversing to 0.6577 (1 D chart). Next LT R @ 0.6214 – 250+ pips away. Breakthrough trade.

    ** NZDJPY : LT R @ 0.7991 ( 1 Wk chart); bounced off 80.75 ( 1 Day chart) but retracing. Next LT R @ 0.7518 – 450+ pips away. Breakthrough trade.

    ** EURCAD: ranging between 1.3092 and 1.4343 ( 1 Wk chart) i.e. 1200+ pips. Bounced back from 1.4343 ( 1 Day chart). Range trading but extra care in selecting R:R from money management point of view. Tricky trade, will consider if there are no suitable alternatives within the next week.

    Have a nice weekend.

    Eric

    • Raul Lopez

      Hello Eric,

      I’m glad you took advantage of the GBPCAD… How many pips did you get on that one?

      On others, I’m not sure… I’d like to wait until monday to take a decision on those pairs!

      Have a great weekend Eric!

  • dominiek

    Hi Raul,.. you know i like your trading techique. Also nice profit on ur GBPCAD! I also notice your signal on GBPAUD… i guess for those that took it it got triggered last night and a few hours later SL was reached… now i believe it will go up. You should know that when a resistance gets broken the resistance becomes a support and many times the market retest that broken line… i don’t understand why you put your SL right on the broken resistance…many times i have the feeling your SL is way to close… often sl gets triggered.
    But like i said… i love the way you explain things… also your gold analysis yesterday… i went short after reading it

    • Raul Lopez

      Hey Dominiek! I’m glad you like my methodology!

      Yep, I got stopped out on that one… That’s what happens at time Dominiek, you cant expect to win all trades… Its just about trying to find the right place to trade on the right currency pair… and that’s it… sometimes you need to try more than once…

      But you just need to focus on those currency pairs that have the best profit potential!

      Have a great weekend… we’ll see what happens next week!

  • randy bunan

    Thank you Raul.

    • Raul Lopez

      No problem Randy!

      Have a great weekend!

  • Daniel Maidi Masikinya

    Great analysis. Whats your take on the EUR/CAD pair daily chart?

    • Raul Lopez

      Hello Daniel,

      Its slightly bullish, but I woudlnt recommend you to trade it right now… I think the risk is not worth it… There are other currency pairs with clearer conditions…

      By the way, I sent you an email yesterday, did you get it?

      Let me know.

  • Bruno

    Good operation Raul and thank you for your explanation.

    • Raul Lopez

      Hey Bruno! Nice to see you here!

      Let me know if I can help you with anything alright?

      Enjoy your weekend!