Jumping right in...

Looking at the EUR/USD market this morning, I see a good deal of choppy directionlessness. Typical after some of the monster moves we've had of late. Also, there is little in the way of scheduled news today, so I'm not expecting much from today's action. What I expect is immaterial however. I'm often surprised by the markets, just like everyone else who spends any time with them.
I always consider 2am edt/6am gmt as my open. One of my rules is that under most circumstances I am unwilling to be long unless we're above the open, and unwilling to be short unless below. This morning, we've been working both sides of the open, which I have as 1.4750.
The day's low so far is 1.4712, so I will go short if we break that. There is a set of matching hourly highs (5 & 6am) just under the open at 1.4749, so if we break above the open again, I want to be long. I will cancel the other order when either is executed, and they both have an initial stop of 42 pips.
Position size on both orders is 3750 units, making each pip worth 37.5 cents. If I take max loss on either order, it will mean a loss of $15.75 or 14.2%.

Current equity: $111.25
Current position: flat
Current exposure: 0