Aaand I’m out! I tried to play it more aggressively with this GBP/CAD short forex trade setup, but I got wiped out with my last position. Before y’all read on though, make sure you review my GBP/CAD trade idea.
Thanks to the bearish GBP sentiment inspired by the possibility of Scottish independence, I decided to add to my position every 150 pips and trail my stop by the same amount. After my initial short at 1.7950 and my additional short at 1.7800, I decided to close ahead of the weekend at 1.7750.
I still left a sell stop order at 1.7650 though, thinking that price might gap lower over the weekend if Scottish surveys continue to favor the pro-independence camp. While GBP/CAD opened lower at the start of the week, the drop wasn’t sustained and price eventually pulled all the way back up to 1.8000. With that, my stop at 1.7800 was hit!
I still managed to scrape off a few pips from this trade, as I ended up with a decent win on my first two positions and a bit of positive carry. Here’s how it turned out:
1st position: +200 pips / +0.65%
2nd position: +50 pips / +0.11%
3rd position: -150 pips / -0.61%
Total: +100 pips / +0.15%
Of course I still can’t help but wish that I didn’t add a third position and just walked away with a larger profit from my first two positions. But hey, a win is still a win, right?
I hope I can do much better in my next trades so I’m looking forward to your tips! Right now I’m looking at a larger retracement on this same pair… What do you guys think?
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