[TW] 5-20-2011 - USD/CAD (Short) by Woodsy44x

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Loonie, Daily

Long or Short: Short
Entry Point: 0.9700
Stop Loss: 0.9751
Profit Target/s: two positions, one at 0.9600, one at 0.9500
Reward-to-risk Ratio: 3:1
Risk percentage: 2%
Indicators used: Stochastics 14,3,3, Ichimoku, 100EMA, Trendlines

Trade Rationale: The price had approached the falling trendline for the third time, as well as the bottom of the kumo and the 100EMA. Hopefully the EMA and the kumo will act as dynamic resistance. The stochastic is oversold and there is bearish divergance. The philly fed is also coming out on Thurs and a further uptick is forecasted.

Trade Adjustments: 50pip trailing stop loss, so after a 50pip move my stop loss will be Breakeven

Did you get in? I think your trade is now in the green.

Was not it stopped out at 0.9757? Correct me if I am wrong, I might be confused with the time zones when read that chart.

I should’ve taken that trade too though… Just with a wider stop. Very good trade mate.