Partner Center Find a Broker

EUR/GBP rallied and GBP/CAD sold off as I expected but, unfortunately, I wasn’t able to catch those moves! Here’s why.


I was watching this long-term rising trend line on EUR/GBP’s 4-hour forex chart, waiting for a chance to jump in the rally on a pullback to the Fib levels. As I mentioned in my earlier trade update, I planned on going long around the .7700 major psychological level only if U.K. data came in weaker than expected.

EUR/GBP 4-hour Forex Chart
EUR/GBP 4-hour Forex Chart

However, the U.K. CPI and jobs reports printed mixed readings so I thought it best to just sit on my hands.  In hindsight, I probably should’ve taken a small position just to play the Brexit headlines which were also dampening demand for the pound back then.


Speaking of Brexit concerns, I was also eyeing another short pound set up late last week just before U.K. Prime Minister David Cameron announced the EU draft deal. I didn’t want to leave any entry orders open over the weekend, though, but it turns out I already missed my chance to short when the resistance at 1.9800 held.

GBP/CAD 1-hour Forex Chart
GBP/CAD 1-hour Forex Chart

I wanted to short right on the 50% Fib and broken support level closer to the 1.9900 major psychological mark, but GBP/CAD didn’t retrace this high since reports on London major Boris Johnson supporting the idea of a Brexit triggered a sharp selloff on Monday.

All in all, I’m a bit disappointed that I wasn’t able to catch these quick moves but I’m still gonna give myself a pat on the back for getting the direction right this time. You see, I’ve been doubting my forex trade ideas lately since I’ve gotten a few hits on my account so I could definitely use a confidence boost.

Got any forex setups on the crosses that you think I should be looking at?

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.