Forex Trade Review: GBP/CAD Bullish Pennant

Thank goodness I adjusted my risk ahead of last week’s Super Thursday because GBP/CAD suffered a pretty nasty selloff then! I’ve kept this long forex position open for a few weeks so if you’re just tuning in, better check out my initial trade idea first.

As I’ve mentioned in my previous trade update, I moved my stop much higher before the event risks (BOE policy statement, MPC minutes, and Inflation Report hearings) came along. That way, I could be able to lock in most of my profits even if the events turn out bearish for the pound… And they did!

GBP/CAD 4-hour Forex Chart

GBP/CAD 4-hour Forex Chart

With that, my adjusted stop loss at 2.0480 was hit, leaving me to take home 280 pips or +0.13% in profits. I guess that ain’t too bad since I only risked 0.25% of my account on this position and my risk adjustment allowed me to take home around half of that.

I’m still keeping close tabs on the pair’s long-term ascending trend line which is still very much intact for now. I’m open to entering another long forex position again since the BOE remains on track to hike rates (later rather than sooner) while the Canadian economy could still be vulnerable to oil price declines, but I’m inclined to wait for the U.K. jobs data to play out on Thursday. I’ll keep y’all posted!

Cheers,

Happy time

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