FX:GBPCAD British Pound/Canadian Dollar
I have received about 100 or so private messages regarding adding entries into targets. Whereas I am not a long term on this pair, I wanted to use this one to illustrate how I add to positions. I have been watching a potential add entry on this pair back into the 183 area on this pair, which is the 1.27 support since yesterday afternoon. I typically will turn to a one hour or 15 minute and take the entry from the 618 fib as long as I have the in the sell zone. Typically I use the two hour in tandem with the daily direction.. As long as your trend direction on your has been identified correctly, you can use your two hour chart. ,and measure the swing. If you trade the 618 get a formation, in the sell zone, and enter. I also find that I can set entry orders on the 2 hour .786. Thanks!!!
Trade active: I also wanted to add that it's best to enter two positions and take one off when 100 pips is achieved and pull to break even on the other position. That way you aren't monkeying around with your stop loss and if it swings back, you have not lost anything on the second one. So for instance, this can be pulling back and I have still banked 100 pips... If it takes out the second one, that is fine... I still have 100 pips and on to the next entry. The 618 and 786 entries help me to minimize my stop loss, and as long as I trade a 3:1 risk reward ratio, I can lose 60 percent of these and still move forward with the account balance. It's in the risk reward, not in the winning percentage. If you are a beginner, this is an important premise to understand and respect.
Trade active: Hold it into the target!!!!!!!!!!!!!!!!!!!!!!!
Trade closed manually: https://www.youtube.com/watch?v=Wa2vzx-aNrw Friday clsoing with price action cover rally... Enjoy my utube ode to the 618 pullback. They will make you a very successful trader if you just do them. Thanks guys!!!
Comment: Sell to 1.80. Look for your next 618 sell area and play this while you sell.
Comment: Testing AB boundary. I want news to come out and then I will begin selling.. Otherwise not buying. Thanks!
Trade active: buying to 185. Just entered.