I lied to you

Misconceptions in Forex

Hey Traders, how is it going?

How did you do yesterday?

Finally the markets started to move this summer, just when I was thinking about taking a week off… And I’m glad I didnt…

Anyway, I have a confession to make…

Two weeks ago I wrote about what I thought was the easiest trade ever… I took 140 pips on a EURNZD trade.

Or maybe at that time it was the easiest trade ever…

But take a look at this other trade…

Last week I wrote about another signal… It didnt get triggered until yesterday…

Guess what… It reached my TP order (500 pips) in just a few minutes…

I’ll have to say then that this one is now the easiest trade ever, without a question.

500 pips in just a few minutes… that’s all I need… You see why I’m glad I didnt take a week off?

How did you do with yesterdays movements?

Here is another currency pair I’m trading right now.

USDCAD signal

The USDCAD is trading in a very clear bullish condition. I’ve talked about this before.

The only problem was that in the last two weeks, the USDCAD did nothing at all, it traded in a very tight and unclear short term range… So I had to wait…

But now its different.

Let me show you the short term chart:

USDCAD 30M

As you can see, I already took my first trade:

Entry at 1.3213
SL at 1.3125

And my second entry is a breakout signal:

Entry: 1.3312
SL: 1.3270

Both of my TP orders are at 1.3926

Your turn

What do you think about the easiest trade ever?

How did you do yesterday?

Are you going to take the USDCAD signal?

What other currency pairs or instruments 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

    Hi Raul,

    I missed that signal, that’s 1 of the downfalls of trading in Australia, we miss the US market because we’re all too busy sleeping! My charts are all a little messed up because of the recent spikes so I am waiting for some clarity. Nice trade, I’ll be looking for the next retracement.

    Chad.

    • Raul Lopez

      Thanks Chad, that one was a great trade!

      And as you said, we need to wait for more clarity on some currency pairs, but there are others that have a clear condition… like the USDCAD???

      Good luck Chad!

  • dominiek

    Hi Raul,.. you were lucky… still your sl was too close!LOL.. buy yes… that was a great trade.. i was long also and when i saw the spike i managed to close it right at the top (2.52922). Was my best trade ever! (was long from 2.33998).Thanks to the Chinese!! About your usd/cad… true is in a bullish condition but USD behaving strange… does not seem to react at good US news… But is like you say.. when market is bullish we look.to buy. Thanks for your analysis raul!

    • dominiek

      Ow… and another thx to your gold analysis some weeks ago… i went short yesterday after it retested the broken support…seems to be doing great. Normally i don’t trade gold but because of your article i kept an eye on it… thx… will transfer you half when i close my trade!

      • Raul Lopez

        Ahh dont worry Dominiek… give it to charity.

        Good luck!

        • dominiek

          Was joking raul… haha… ur usdcad trade… i hate to say ‘i told you so’… sl too close??

          • Raul Lopez

            I know, I was joking too…

            I dont think so, maybe you think there are too tight because you are not comfortable using such tight SL orders… But that’s part of the strategy…

            Some other traders would say they are too wide…

            So its all about perspective Dominiek…

            And yep, got stopped out on one of them, but I’m still holding a trade in the USDCAD…

            Good luck!

          • dominiek

            yea.. we all have our trading strategy… i don;t like it because of spikes (like what happen today with usdcad). But all the best Raul…

          • Raul Lopez

            That’s right… there are as many strategies as there are traders…

            Good luck!

    • Raul Lopez

      Lucky??? Haahahahaha dont think so… I was there, on the right direction, at the right moment… :D

      Yep, I usually use tight SL, that’s the the reason why I take my trades off the short term charts… so I can use a tighter SL…

      They seem to be working fine…

      Congrats for that trade! It was awesome!

      I dont care too much if the USDCAD react or not to the US news, I just trade based on what I see on my charts… all fundamental information is already reflected in the price chart. What do you think?

      Thank you as always for your comment!