[TW] 11-28-2011 – USD/CAD (Short) by salt-n-pipper

[B]Long or Short:[/B] Short
[B]Entry Point:[/B] 1.0650
[B]Stop Loss:[/B] 1.0800 (above previous resistance on the daily chart)
[B]Profit Target/s:[/B] first profit target at parity (1.0000)
[B]Reward-to-risk Ratio:[/B] 3.25:1
[B]Risk:[/B] 1% of my account balance

[B]Indicators:[/B] Stochastics (14,3,3)

[U]Fundamentals[/U] = potential dollar weakness when the EZ officials announce desperate measures for the region’s debt crisis and for when the Super Committee’s failure to come up with a solution to the budget cuts is priced in

[U]Technicals[/U] = major psychological resistance on the daily chart, potential double top, overbought Stochastics signal

[B]Trade Adjustments:[/B]
I’ll watch the risk sentiment closely over the next couple of days to see if the focus will still be on the euro zone crisis or on the U.S. economy. If commodities continue to fall in the next few days I will cancel my trade, or wait for another entry level. If I get triggered and the price goes in my favor, I will move my stop to break even as soon as the pair goes below 1.0500.

Right on the dot, just shorted again at 1.0482 maybe it can hit the profit target again