Optimizing My Entries and Exits

I haven't talked about trades and setups for a while so here goes. With every trade that I take, I add a journal entry in EdgeWonk to document my thought process. Going through my logs, here is a recent trade that demonstrates my best work.

CADJPY

Along with taking an actual position in this pair, I published a trade idea over on Tradingview. I tend not to be too specific since EdgeWonk is still my main journaling platform. See below of a chart from my broker.

CADJPY 1-Day

Over on the daily time frame, we're seeing a very nice accumulation structure going on. Price ranged at the 78 level and then hovered at the 80. I previously got stopped out on this pair due to a tighter stop loss.

Since I still liked the overall structure, I decided to re-enter with a wider stop loss so I don't get taken out by sudden spikes. Let's further break down my entry and exit criteria.

CADJPY 1-Hour

Entry:

• Over on the daily time frame, we're seeing a nice accumulation structure. It's possible there is incremental buying volume that's pushing price higher. I missed the initial push so I decided to get in on the next wave.
  
  
• Having monitored the price action for quite a few days, price crossed below the 80 mark. However, it has always crossed above this. The way I see it, this is also another sign that there is accumulation going on.

Exit:

• I'm still debating if my exit is optimal. The next key level was in the 80.97 area. Price came really close to this level and made a lower high. As a result, I closed as it might signal weakness.
  
  
• It was entirely possible for me to hold and ride the next wave up. After all, the daily structure does suggest this. However, I wouldn't know how long price would hold in a range before another push. If price did range, I would essentially be taking on additional holding costs by keeping the trade open. Any weakness would reduce my profit potential.