Is it possible using AWS CloudWatch to set a retention policy to keep a rolling with all log entries with custom metric of for example, the last three months? From what I unterstand reading the docs, retention policies only allow to retain e.g. Data points with a period of 60 seconds for 15 days.
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The data retention is standard for all CloudWatch metrics and cannot be customized. Basically, it's a way for AWS to reduce the amount of data they store, by reducing the resolution of the data that is kept.
It's also worth mentioning that CloudWatch will never provide the raw datapoints. Instead, it will only return computed metrics, such as the SUM or AVERAGE over a period of time. So, it will never provide "all log entries", even for recently created data.