USD/CAD
Updated
I used technical analysis. I based my trade on a parallel descending trend channel. I firstly noted a fakeout of the trend line, this was then pulled back to respect the trend channel and the key level of support at 1.31422. This is where I marked my take profit as I expect the price to retrace back to this level. I entered at the key level of resistance I marked at 1.32318 on the daily, this is also where I expected price pull back from the candlewick rejection. Therefore this was my entry point. I used a 3:1 risk-reward ratio placing my stop loss at the previous highest high at the end of the wick. I have also added a key level rounded to decimals as a key figure marked at 1.31500. This is a level I should be wary of a possible early TP.
Note
I changed my tp to 1.31466 still a 78 pip move, I also placed stop loss at entry now due to being in 40+ pip profit.
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