Earlier on, I took a short position on GBPUSD and TP-ed. GBPCAD and GBPUSD seems to be correlated by their movements and even more so because both of the products contain GBP in it.
Even though in the short term, price seems to be moving upwards, but in the longer term as we can see on the chart (scroll back if you must, on the 15 Minutes Time Frame) price is moving lower and lower with more people buying into dollar strength.
I am expecting the short-term higher high is due to today being a Monday and that London opened first, hence the GBP strength. I could be wrong and price could move further upwards from here but it is ok, I have another sell limit above and could also employ other methods to try to force a breakeven if price does keep moving upwards.
There is still some space before GBPCAD touches the next previous Support level on the 4H Time Frame, so we shall see.
2001SGT 25112024
CADCHF trade still in drawdown but it's ok. we shall see
Even though in the short term, price seems to be moving upwards, but in the longer term as we can see on the chart (scroll back if you must, on the 15 Minutes Time Frame) price is moving lower and lower with more people buying into dollar strength.
I am expecting the short-term higher high is due to today being a Monday and that London opened first, hence the GBP strength. I could be wrong and price could move further upwards from here but it is ok, I have another sell limit above and could also employ other methods to try to force a breakeven if price does keep moving upwards.
There is still some space before GBPCAD touches the next previous Support level on the 4H Time Frame, so we shall see.
2001SGT 25112024
CADCHF trade still in drawdown but it's ok. we shall see
Note
Just realised I bought CAD TWICE. Amaigawd.Note
i've set TP to 1cent TP. I could have shorted GBPUSD instead. but oh well.Once TP hits I'll null this trade in my book unless if the limit sell gets triggered then we shall see.
2022SGT 25112024
Trade closed: target reached
Alright. TP of 1cent SGD reached. Just enough to cover my commission. Even though on the chart it seems that CADCHF and GBPCAD's CAD isn't behaving in sync, but it's ok. Better to be cautious and not take on double the risk.Instead, after GBPCAD closed, I shorted GBPUSD, and I'll label that GBPUSD trade as #013** to overwrite this #013 GBPCAD DCA Short.
Alls well that ends well.
2030SGT 25112024
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.