Paper trade: Long USD/CAD 25% @ 1.02988, stop 1.02080

This log is written about 18 hours after the entry. I entered long USD/CAD at the market last night for a 1/4 position size. USD/CAD took a brief run up of about 100 pips. Naturally, I moved the stop to just above breakeven to make this a risk-free trade for over the weekend.

I entered this position for the following reasons:

1. Strong support at 1.0300, Fig. 1.
2. Positive divergence of lower low, higher RSI since August.
3. Break of short-term resistance, see Fig. 2

Note that both Figures were taken at the time of entry 18 hours ago.

Position size: 25%

Entry: 1.02988

Stop: 1.02080

Target: 1.0550, although 1.0400 might be hard to break.

Reward / Risk = 251.2 / 90.8 = 2.7 < 3. That’s why I’m only entering a 1/4 position to test the water.

USD/CAD

USD/CAD, 3-hour

Related posts:

1. Paper trade: 50% long GBP/JPY in @ 142.861, stop 141.16
2. Paper trade: Long CADJPY @ 86.88, Stop 86.10, Target 88.0
3. Paper trade: EUR/JPY long 100% @ 129.99, stop 128.80
4. Paper trade: USD/CHF 50% long @ 1.02747, trailing stop 1.0236
5. Paper trade: USD/CAD long 1.07426, stopped out 1.06999 (-42.7 pips)