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:
- Strong support at 1.0300, Fig. 1.
- Positive divergence of lower low, higher RSI since August.
- 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.