GBPCAD short trade idea

12 Ağu 2019

On my 2 hour chart I can make out a EW potential 5 wave setup. From the 1.6230 ish recent high. Currently price action has moved up into the 1.6030 ish area but also on a smaller time frame chart I can see a 5 wave pattern developing with the 5 and final wave yet to come. I suspect now that NY Monday’s trade is over that in Asia trade this pair could push higher into the 1.6030-75 area completing the small time frame ( 30m ) charts 5th wave into the 2H charts larger 4th wave with the final larger 5 wave lower yet to come.

Trade setup that I’m trying is....
Setting a sell stop order at and around 1.6050 with stop loss orders at or around 1.6070—1.6125 and targeting my take profit zone at or under 1.5850.
Average risk 50-75 pips
Average take profit 200 pips
Risk reward ratio better then 1-3
This idea is only for education and training purposes. This is not a recommendation to buy or sell any securities. As always if you choose to trade any ideas the risk is always your own to assume.
In life you either make dust or eat dust!! Plan your trade and trade your plan!
All the best in your trades.

13 Ağu 2019

İşlem aktif

As we suspected order was filled at 1.6070 and has moved this morning to the point that I’m moving stops to break even +10 for now.
It is what I call a free ride ( risk free )
We’ll see how this ride pans out in days to come.

13 Ağu 2019

Not

Even though I prefer to ride this trade out, I can’t leave a sudden and over sized move like this without taking some off the table. Took 1/2 off for a gain of +130
Leaving the stoops on the remainder as is till the market gives us more or takes us out.

14 Ağu 2019

İşlem kapandı: durdurma seviyesi

Well it was an interesting ride while it lasted. Took 1/2 profits, and the markets being the hard mistress she is, took the last 1/2 at break even
Zero loss or gain on that half.

As you can see... when I get to a free ride trade, no risk on the position, I see no real reason to check in on it all that often. That is why the update was delayed till now.
All the best. Next trade!