Pair: USD/CAD 1-hour
Long or short: Short
Chart:
Trade rationale: There’s a range on the 1-hour chart and I’ve been making pips off the resistance and support levels for the past few days. Hopefully it holds until next week because I’m planning on a short at the top (.9990) and targeting the bottom (.9930).
Entry: .9990
Stop loss: 1.0020
Target: .9930
Reward-to-risk ratio: 2-to-1 if I stick to a simple 30-pip stop and 60-pip PT. I’m thinking of adding and adjusting my stop if price moves strongly in my favor 30 pips from my entry (.9960). This can improve my reward-to-risk to 3-to-1.