USD/CAD Trade on 08 Sep 10

As of 07 Sep 10 completed daily candle, slow stochastic suggested USD/CAD daily momentum was bearish. USD/CAD has retraced 50% of prior decline. USD/CAD trend was expected to be sideways to down. I waited for 3-hourly chart to make momentum bearish reversal before I would consider taking a short position.
USD/CAD made a momentum bearish reversal after the 08 Sep 10 12.00hr 3-hourly candle was completed. I decided to execute my sell stop order on the 30-min chart in order to get better entry price and to reduce my risk exposure.
USD/CAD made a momentum bearish reversal after the 17.30hr 30-min candle was completed. I placed a sell stop order 1 pip + spreads below the low of the 17.30hr 30-min candle. My sell order was executed at 1.04800 at 18.07hr. I placed my initial stop order at 1.05120 for a -32 pips risk exposure.
USD/CAD declined as expected. As the trade progressed, I lowered my stop-loss order to above the 20.30hr 30-min candle swing high at 1.04994. This reduced my risk exposure to -19.4 pips.
Once USD/CAD reached my minimum 50-61.8% retracement target, I then decided to use a trailing 1 candle high on the 5-min chart to take partial profit. I placed a buy limit order for half of my position 1 pip + spreads above the high of the 21.40hr 5-min candle at 1.04011 at 21.46hr.
My buy limit order was executed at 1.04012 at 21.49hr for a +78.80 pips gain after the high of the 21.40hr 5-min candle was taken out.
USD/CAD continued to decline further. I decided to use a trailing 1 candle high on the 30-min chart for my remaining position after the 30-min stochastic became oversold and look set to make a bullish reversal.
I continued to lower my stop loss and my last adjustment was made at 00.58hr 1 pip + spreads above the high of the 09 Sep 00.30hr completed 30-min candle.
My final position was stopped out at 1.03612 on 09 Sep 10 01.09hr for a +118.80 pips gain after the high of the 09 Sep 00.30 hr 30-min candle was taken out.

Disclaimer:

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.