Pre Analysis:-
Correlation:- tight correlation between NZD & CAD (4 / 3)
Market Structure:- price traded on upward channel as on H4 chart. price now on the bottom of channel thus logic for long trade.
Session:- majority of NZD pairs broke NY session during Asia session. 5 pairs broke that level
Fundamental:- NZD news sentiment was strong while CAD sentiment & oil sentiment was weak. but CAD pending one news release on 8:30pm. sentiment wise for long trade on NZDCAD but correlation only tightly support.
Trade Classification:- C trade
Post Analysis:-
My mistake:-
- while prepare for entry I failed to plan for exit. there was no plan for exit.
- what should be a proper plan?, as the correlation was very tight trade need booster from news release in this case CAD need to be weak so that NZD can surge.
- if CAD release strong then exit should be at the nearest landmine or supply zone as mark in the above chart. the CAD news was strong and price unable to surge high.
- my entry this time once again give me problem, I was tempted with the candle surge up as marked in blue color on the chart. I should wait until price give some short of range as marked by yellow circle.
- if entry initiate at the area of yellow circle potential 1.7R trade can be achieve.
This trade only give me roughly 0.33R, it definitely can give more than that. I risked $98 but only able to get $30.
Improvement:- timing the entry & exit plan.