Well I closed the Long GBP/CAD Trade to book 664 pips profit. Now that i'm out of this trade I'm faced with the dillema of going short and risking some profits to another gain on the short side or do I wait for another long? It's a question one must ask themselves often in the forex market. It's a good question to ask yourself when considering shorting a pair after you have just profited on the long side. So what did I do?
I prefer to play this pair on the long side simply because the pound is oversold on most aspects in most pairs. It's that flighty attitude towards the pound that makes it easily tumble to the downside. Considering the overall flag pattern that is unfolding may give way to a further step down.
My strategy is to wait for another long.
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