Account Risk: 0.6% (bigger than I’d like but my balance has decreased)
Short: 1x @ 1.6829
Stop: 1.6912 (84 pips)
Target: 1.6636 (193 pips, 2.3RR)
Mindset: Like the set up but doesn’t feel like momentum has turned yet.
Another trade I like the look of (uh oh!) I’ve gone short the GBPCAD for a relatively small size. The stop is quite wide so the account risk is still on the normal side despite the small position.
There’s some CAD news out later which might have an impact.
Here’s the setup.
Have a divergence set up and some prior resistance (not marked) at 1.69 level, I doubt this is significant though.
Have run into the 200
Update – winner winner chicken dinner – 28 Mar
Feel very fortunate about this trade, I was nervous about price action this morning and as often happens with my morning positions, I seem to get in just before the market volume arrives around 8am, So I often find myself sitting on a negative position quite quickly.
Anyway, the trade did go my way and my limit order was hit early evening.
I can tell I’m still on the emotional rollercoaster because I feel quite relieved about this trade. Didn’t think it would work out for me.
Here’s the final chart, a nice touch of the 50MA.
What’s also good about this is I can now look at GBP long set ups ahead of Brexit tomorrow. I have a few markets I’m interested in, particularly the GBPJPY.