What do you think about the markets this week? There are many currency pairs trading in a clear market condition, making it easy to look for trade opportunities, quite different from what we saw last week. Lets see if at the end of the week the pips on my account reflect it! ;)
Some of the GBP crosses are also in a clear bearish condition (not the GBPUSD though), specially GBPCHF, GBPAUD, GBPNZD and GBPCAD, and most of them have a good deal of pips before the hit the next LT support level…
For instance, let’s take a look at the GBPCAD:
The next LT level is at 1.5427 and we are currently trading around 1.5777, so we have plenty of room to get a trade with a good risk reward ratio.
Are you monitoring this one?
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forex, GBPCAD Analysis, trading
The decision of holding your trades during important fundamentals releases its always tough, you never know what could happen. I definitely feel more comfortable once the market has already moved on my favor and in order to hold my trade, I need to have nothing at risk on such trade, for instance moving your stop loss to the breakeven level. But you need to remember that you still need to give the market some room so you don’t get stopped out during normal market swings.
So if it is too close to my entry SL level I just close it. However, if the market has moved on my favor, my SL is at least at the breakeven level and has enough room from my SL to the current market action, I hold my trade.
This was the case of the GBPCAD trade I took yesterday, I moved my SL since yesterday and had enough room to hold my trade during the non-farm payrolls report. It came out a little better than expected and the market didn’t take a big hit, which was good for my trade (finally hit my TP order).
Now, about the non-farm payrolls report, have you noticed that the market has not been getting a lot of impact from this announcement lately? I have… And its good! What do you think?
Have a great weekend!
Fundamental, GBPCAD Analysis
We got two signals triggered today, we actually got three signals (another one in the USDCHF) but decided to enter only in the following pairs:
GBPCAD short signal, it is trading in a bearish market condition, it broke through an important LT support level triggering its condition. It retraced back to the ST resistance level and formed a pattern with downward pressure:
Here are the details of my order:
CADCHF, long signal, as we have been talking about in previous posts, the CADCHF is one of the pairs that its trading in a very clear market condition, its been like this in the last few months giving us very good signals. It is trading in a clear bullish market condition, retraced back to an important ST support level and formed a significant pattern with upward pressure:
SL already moved to 0.9541 (locking in some profits).
Trailed SL: 0.9541
CADCHF Analysis, GBPCAD Analysis
Apparently the GDP announcement got things moving in the GBP crosses (at least most of them). The GDP came out at 0.8%, forecast was 0.4%, it was a good figure, but not as good as the movements we saw this morning, I guess sometimes traders need a catalyst to get things moving.
GBPJPY is in a bullish market condition, next LT level is at 135.05
GBPCHF, bullish and next level is at 1.5856
GBPCAD, bullish and next level is at 1.6386
The only wan that is still trading in a range is the GBPUSD, not that well defined by the way, so I’m staying out of this one.
GBPCAD Analysis, GBPCHF analysis, GBPJPY analysis, GBPUSD Analysis