Sample trade that can be taken on 27 July 2021.
Pre Analysis:-
Correlation:- NZDCHF (5 / 10)
Market State:- price traded on seller territory as shown on H4 chart.
Session:- nzdchf pair broke NY session low during Asia session. pullback started and digested towards Frankfurt opening. 2 pairs shown same session break characteristic.
Fundamental:- no recent news released all other news was old news back from last week and last 2 week.
Trading Plan:-
Trade classification:- C trade
Entry:- wait for pullback and digestion / entry at money spot / range.
Exit:- as a C trade exit could be taken at recent low.
Time of entry: 3:00pm (Frankfurt opening)
Chart:-
Post Analysis:-
- Trade could be taken on 3:00pm (Frankfurt opening), the outcome could be a massive max 7.7R
- Another money spot at pink area can be an entry point (London opening time).
- Price broke Asia session and pullback / digest, price continue to drop during NY session.
What was my mistake:-
- Late to make analysis, all pre analysis must be min 30 min. before Frankfurt opening.
- I missed this trade due to lack of focus, my focus distracted by Olympic game. Please focus on your work to be a better trader.