JimMakos
Long

USDCAD strong support, will it hold?

FX:USDCAD   U.S. Dollar / Canadian Dollar
278 1 8
If it does, that looks like a 5:1 reward-to-risk trade!
A word of advice regarding trade management now that this prediction failed: I tend to minimize my risk by moving the stop loss order up to breakeven, by the time the unrealized profit hits 1 reward-to-risk ratio. In this example, when USDCAD hit 1.2950, I moved the stop loss up 25 pips, close to entry price. Should it had hit 2-to-1 RR ratio (1.2975), my stop loss would have been moved to 1.2950 and so forth.
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