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Welcome back for some more chart analysis practice. I found another trend continuation pattern opportunity here on GBPCAD. Here as you can see, the market broke above the previous highs of 1.7009 and is now retracing back into a 0.618 Fib retracement level, which gave me my entry @ 1.6986. Since my entry got hit, I put my stop loss 10 pips below the most recent low @ 1.6873, and my target @ 1.7148.
Opinion: Here is yet another trade that came to fruition before I could post it. Thankfully however, it was a winner, which always makes me happy.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Disclaimer: This is not a recommendation or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only. I am not taking this trade in real life, and I have not back-tested this particular strategy on this currency pair, so I really don't know how this type of trading strategy will work on this currency pair. That being said, never trade anything you haven't back-tested on your own. Don't trade a strategy just because someone tells you it's a good strategy, always back-test the strategy in question over historical data before trading it with real money. Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside. You work hard for your money, so don't throw it away.