USDCAD 25/08/10

Type: Sell

Entry: 1.06499

Target Profit: 1.01695

Stop Loss: 1.07083 (25/08/10) > 1.0640 (27/08/10)

Trailing Stop: 50Pips

Potential Loss: 59Pips (25/08/10) > 0 Pip (27/08/10)

Potential Profit: 9Pips

Reason for Entry: Strong Technical  - 5th Top ( Since 17 Dec 09). 

Reason for Stop Loss - risking 0.2% of the account (59pips estimated to be $5.90>> $5.9/3000*100)

Reason for moving the Stop Loss (27/08/10) - Price Pressure (downward and strong); Price range 1.05900 - 1.05255 (4H chart).

Reason for Target Profit - Double bottom. Should I fine tune it - i.e. move it up to 1.02610? I decided not to. I will use trailing stop to fine tune it - i.e. 50 Pips

Result:
Stopped Price: 1.0640
Profit Pip: 9Pips
Post - Thoughts:  I Think I made the right decision to move the stop loss. Even though the USD didn't go my way, I will definitely find another opportunity.


Lessons Learned:

1)   Maybe we could use Stop loss to fine tune the target price? I am still experimenting it.

2)  Move the stop loss to break even if Price range is not hovering around the entry point. It has be in the "profit region".