A Long Awaited LONG position on AUDCAD

ACAD (Australian Dollar vs Canadian Dollar) broke past the support last week but quickly recovered this week which makes it seems like a false break. My Long entry was fueled by a Divergence on the RSI as well. Well, what do I loss just 15 pips thereabout and 1% of your trading account for the trade(that's if you wish to go for it). The RR on my end is about 1:6.

This isn't a financial advise. I just love sharing my thought so I can develop my trading skill. Note, crosscheck with your strategy and not be swayed by my newbie-like strategy. What do I know. Kindly comments on areas I could better improve.

Thanks

Everyone

Commentaire:

the tight stop loss was taken out only for it to continue in the direction of the trade. I would suggest a re-entry which i did though with 1 ATR below the support as my stop loss area. 1% as usual