Sample trade that can be taken on 27 July 2021.
Pre Analysis:-
Correlation:- EURNZD (6 / 5), tight correlation.
Market State:- referring to H4 chart, price traded on a big range and price traded near the bottom of the range. This shows long trade was logic.
Session:- NZD broke the Asia session (weak) on all of it pairs.
Fundamental:- there was no new fundamental news released, all news sentiment was about 1 or 2 weeks old.
Trading Plan:-
Trade classification:- B trade
Entry:- wait for pullback/digestion & money spot.
Exit:- trail the profit for max
Time of entry:- around 8:00pm (NY opening)
Chart:-
Post Analysis:-
My mistake:-
- I did not focus on market opening in this case NY opening.
- I need to prepare 30 minutes before opening hours be it NY or Frankfurt/London.