GBP/CAD Trade Update

Hi Folks, it has been a few weeks since I laid out a trade plan for the GBP/CAD. The goal was to capitalize on the strong uptrend and take advantage of the clear levels that were being tested within the market. You can see that trade setup article here.

So about 25 days later, a few things have happened…

1. The Break was made

We were anticipating a break of a key zone which would give confirmation that the uptrend was continuing.

It looked liked this:

gbpcad_pre_breakI had mentioned in the article from June that I was waiting for the trend line and previous high to break which would signal the next leg of the uptrend (which could be as much as a 900 pip leg).

So, when price action heated up and made the break, the 2nd thing happened.

2. We got in long at 1.9615 on the fist of July.

One great thing about taking it on July 1st was that it was a Wednesday so I was live in the trading room and all of our trading room and continuation members were able to follow me on the trade live if they chose to do so.

It was a really simple entry based on a 4HR close above the high that I mentioned and a stop below the bottom of the zone.

Once we were in the trade, the third thing took place…

3. We got continuation.

We have now been holding the trade for several weeks but it has been well worth it as continuation has occurred on a large majority of days and I am currently up 594 pips on the trade..

Here is what the setup looks like now:

gbpcad_update

We are not quite to the finish line, but I have to say being up 600 pips and having no risk is about as comfortable as it gets when holding a trade.

I have preached patience on this trade in the room because I knew the potential was there and I am not just crossing my fingers that it will complete this leg of the uptrend and find my target line and 2.0480.

For all of you that read my article and jumped in with me, I hope you are thrilled with the trade. It’s an example of how simple analysis combined with action can put money in your pocket.

If you have any questions or comments about the trade, I would love to hear them.

 

 

The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

Latest posts by admin (see all)

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news