Paper trade: USD/CAD long 1.07426, stopped out 1.06999 (-42.7 pips)

I went long USD/CAD this morning with 1/3 position when we bounced back up to 1.0800 and then retraced to 1.075. It was stopped out about an hour and a half later. In hindsight, this was not a good trade for one major reason. I should not have gone against the short-term trend on a weak support level even if the intermediate trend is on my back. I should have at least waited for stronger support around 1.0650. Figure 1 is a chart of the 15-min USD/CAD with my orders marked. When USD/CAD failed to break 1.0800, a major resistance, it was a sign that the short term trend remains bearish. At least I entered a stop and didn't let the loss accumulate. Below are the statistics for this trade. On another note, my stink bid placed at 1.0666 this morning seems likely to be triggered (USD/CAD is trading at 1.0679 as of this moment of writing). My stop for that is 1.0600. This is a better entry because there's a multi-day resistance at 1.0600 and crude is testing a significant \$70 resistance too. Although if I'm more conservative, I should be more patient and wait for 1.0600 instead... So I'm only entering 1/3 position for this instead of the 2/3 as in my strategy (revised since my last paper trade in USD/CAD). See Figure 2 for the support/resistance. Update: I retracted my bid at 1.0666 because crude oil broke above \$70 and USD/CAD hang on to 1.0672 or so for a few hours. If we do break it, it would only create another short-term sell-off. So there's no point in me having an entry just 6 pips below at 1.0666. It will just get washed down when the support breaks. Entry: 1.07426, 3000 units Stopped out: 1.06999, 3000 units Net: -\$12.81 Time held: 1:28:00 Max. Drawdown %: -0.41% % from Max. Gain: 0.47% [caption id="" align="aligncenter" width="580" caption="USD/CAD 15-min"][][][/caption]

[caption id="" align="aligncenter" width="580" caption="USD/CAD 15-min"][USD/CAD 15-min]USD/CAD 15-min[/caption]