Paper trade: Short USDCAD @ 1.0671, Stop 1.0756, Target 1.05761

By Paul | Published: February 9, 2010

Perhaps third times’ the charm? I tried to short USDCAD twice last week already. Both times I’ve been stopped out for a total of -0.2% of account loss. My intermediate term analysis remains the same as before. So I won’t repeat myself here.

Entry signal for this particular short is shown in Figure 1. I’m just using the 4-hour chart as I have a well defined (recent top) stop this time. I compensate with a smaller position size to limit my risk to 0.1%.

Reward / Risk = (1.05761 – 1.0671) / (1.0671 – 1.0756) = 1.11

USD/CAD, 4-hour

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