GBP/CAD Long Trade With 1000 Pips Take Profit And 30 Pips Stop Loss

4 May 2017, 08:37
Ahmad Hassam
0
44

GBP/CAD is a minor pair that has 1 pip equal to $7.32 for 1 standard lot approximately.

GBP pairs have one thing in common. All of them are volatile.

Higher the volatility, more the profit potential.

GBP pairs can move 500-1000 pips in matter of days.

GBP/CAD is a pair that is a combination of 2 volatile currencies GBP and CAD.

When you trade GBP pairs like GBP/CAD, you should avoid taking big risks.

This means don't open a trade with big stop loss.

In this GBP/CAD long trade I opened the trade with 30 pips stop loss.

This translated into a risk of around $200 with 1 standard lot.

Move the stop loss to breakeven when the trade goes in 100 pips profit.

After that try to ride the trend as long as it lasts.

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