EURCAD 4 hr
Long or Short: short
Entry Point: 1.3080
Stop Loss: 1.3150
Profit Target/s: 1.3000, 1.2920
Reward-to-risk Ratio: 3:1 if both profit targets get hit
Risk percentage: 1.0%
Indicators: None
Trade Rationale:I am expecting the CAD to continue its rally after the BOC’s hawkish statement this week. The EUR I’m expecting to lose because of the debt crisis. I found this setup but I’m honestly not super confident in it. There’s a falling trend line and a doji formed right at it.
Trade adjustments: When the pair goes 80 pips my way, I will move my stop to breakeven (1.3080) and add another position at 1.3000. I will take profit on both positions at the bottom trend line at 1.2920.