Profit= $431+949.5= $1380.5
Balance= 29 211 + 1380.5 = $30 591.5
Update 2: First Target Hit, closed first half and Moved stop loss to break-even for the rest of the position.
Update: The Trade is Active
Trade 11: Pending Short NZDCAD @0.8550
S.L @ 0.8590
For $29,798.94 Balance, Position size = 1.8 lot
- Overall trend is down
- Recently completed a breakout below main support around 0.8600
- Shooting star candle
- Short term overbought signal on
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I would split your entry into 2. The first has worse R:R due to worse location but its weighting could be a 1/3rd of your normal position size and it is simply there to act as a hedge in case you don't get done on your remaining balance. The second can be at the best possible R:R and you enter for 2/3rds which pulls your average up significantly.
You are slightly out of the money when you do enter on the second lot of your order but I think all of the profits from the first "hedge" order would outweigh that over time.