This was sample trade that can be taken on 10 August 2021
Pre Analysis:-
Correlation:- GBPAUD (10 / 5), GPB stronger than AUD.
Market State:- Price was traded under buyer's territory as shown on the H1 chart
Session Breaks:- GBP broke NY session with strong sentiment (6 pairs)
Fundamental:- There was no news release for either GBP or AUD, all related news consider old release.
Trading Plan:-
Trade Classification:- C trade
(only session breaks and market state support for this long trade, while correlation is consider tight & news fundamental not support both currency, therefore a C trade was classified)
Entry:- wait for pullback / digestion
-the pullback:- no (1) area broke aggressive, thus no entry at that time. no (2) area also broke aggressive thus no entry either. but suddenly price back up aggressive after it broke no (2) area & create a probe area. after the probe price immediately building a range & I am interested to buy.
Entry: 1.88842 (long) (4:00pm)
Stop: below entry about 10 pips @ 1.88742
Exit: as a C trade aim for 1R outcome & stop move to breakeven immediately after price make some decent move upward.
Post Analysis:-
- entry was good, as entry inside range that building up & price immediately shoot up after entry, this will give confident on this trade.
- stop move at 1R @ 5:52pm, at this time I saw AUD group made strong breaks past Asia session (at time 4 pairs on AUD broke Asia session). this make me feel this trade might take a turn so I need to secure my profit.
- as a C trade the approach is take whatever I can kind of trade.