Pre Analysis:-
Fundamental news:- bad news from retail sales mom (-1.8% / -0.5% / 0.4%), while NZD posed strong news from CPI report. This will be good for short trade direction.
Correlation:- strength meter AUDNZD (1 / 5), this acceptable for short trade as NZD stronger than AUD.
Market/chart structure:- price very near to the bottom after dropped as a trend. a little bit risk
Session:- price already broke the NY session during Asia session.
Trade classification:- B trade.
Post Analysis:-
- Trade closed with only 0.16R instead of max 2R trade as of closing day.
- After trade went to broke Asia session I went to move the stop to breakeven.
- Comment on money spot (MS) area, I think the actual MS was in pink color area not the blue area. Note that my emotion shaken when the price surge up aggressively and almost close the trade immediately.
- After price broke Asia session, I decided to close the trade as price surge up aggressively towards my entry point. That was my mistake.
- Emotion:- mix with the worried of losing this trade, and decide to close.
- Alternative plan:- wait for the price to reach 1R and move the stop for breakeven. While the price still not reach 1R reduce the risk/ move stop to half of the original risk. In this trade stop from 12 pips reduce to 6 pips. In this case your trade will still stay as the next price reverse not hit stop.
- Improvement needed. Although the pre analysis looks all correct but when come to implementation, my emotion was not in good order.
- Alternative trade:- there was other very good trade & setup appear eg. NZDJPY (long) & EURNZD (short).