Bullls-eye!

After yesterdays sloppy (lack of) target setting, today it was important for me to have clear target levels for all my trades. Here is a trade setup for a breakout short on USDCAD:



My entry was placed one pip below the solid blue line, and my stop one pip above the red line. The solid green line was my target price, placed 5 pips above the light green horizontal line. This last line represents an earlier level of resistance identified on the 4 hour range chart that I posted on my analysis section over the weekend. You can find it here.

Here is the outcome of the trade:



Price moved to exactly the area I had located, giving me a 103 pip profit from a 19 pip risk.