USD/CAD 4-hour
Long or Short: short
Entry Point: 1.0050
Stop Loss: 1.0090
Profit Target/s: .9850
Reward-to-risk Ratio: 5:1
Risk percentage: 1%
Trade rationale: Very simple technical trade. There has been heavy resistance at 1.0050 for a long time now. I’m gonna wait to see if price holds at this area before establishing my short position. If it holds over the weekend, I will short on Monday. Aiming for recent lows around .9850
Trade adjustments: Will move my stop every 100pips until I hit my take profit.
After this trade is post here, USDCAD plunge to nearly 0.99660 before moving up again to 1.0000. I just wonder if this trade is still valid next week?
I think it will come down to whether the problems in Greece have been priced in. If traders are still looking to unload, it could mean another dollar rally. I think for the RR tho, its still worth holding on to 
I cheated a bit and had the trade trigger at 1.0045. What was your reasoning for a stop at 1.0090? I’m still trying to learn, but it looks like if it was able to get through that long term resistance at 1.0050ish that it would sky rocket.
I see that as it has been bouncing around the open level today as well. Not sure if I should enter trade now or wait and see if it clearly brakes 1.0050?
@ray620 thats exactly why I placed it there. I’m a big believer of S|R levels and that when long-term ones break, we normally see a strong break out. Thats why I wanted to use the tight stop on this trade.
I think that solid candle close on the 4hr means that we’re in for a bullish move. For now I have my stop ready but it definetly aint lookin good for me 
