[TW] 2012-4-23 EUR/CAD Short by donnapinciotti


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.