CADJPY short trade on 16 August 2021
Pre-Analysis:-
Correlation:- CADJPY (1 / 14) significant JPY strong.
Territory:- price traded under seller's territory as shown on the H1 chart
Session Breaks:- JPY group broke NY session with strong sentiment (6 pairs)
CAD group broke NY session with weak sentiment (6 pairs)
Fundamental:- there is news release today for JPY. GDP (qoq) (q2) shows good news for JPY (0.3% / 0.2% / -1.0%)
no news release for CAD, all sentiment for CAD was old and consider outdated.
Trading Plan:-
Trade Classification:- A trade (all factors, correlation, market territory, session breaks and fundamental news back this CADJPY short trade. thus an A class trade was classified.)
Entry:-
Entry: 87.149 (0.91 lot) (5:36pm)
Stop: 87.269
Exit: trail the profit
Risk: 1% ($100)
Post Analysis:-
- around 8:40pm I started to doubt whether this trade will go further, at this time I already move my stop to breakeven but fear was still there.
- I decided to close the trade at 8:41pm as I doubt my trade
- Although the trade class was A but I still have fear at that time.
- How to stick to the trade? this trade performed well and can give max profit of 3.5R but I only manage to grab 0.5R profit only it is totally a waste !!!.
