Sample trade that can be taken on 24 August 2021, USDCAD short trade.
Pre-Analysis:-
Correlation:- USDCAD (1 / 12)
Market State:- price at seller's territory
Session Breaks:- USD broke Asia session with weak sentiment (6 pairs). CAD broke Asia session with strong sentiment (5 pairs).
Fundamental:- a few medium impact news for USD released yesterday (23 Aug 2021), it show weak sentiment for USD.
Trading Plan:-
Trade Classification:- A trade
(correlation, market state, session breaks & fundamental back this long trade, therefore an A class trade was classified)
Entry:-
- pullback details: this pullback happen in 2 stage, first buyer overtaken by seller as marked with (A).
- then price went back up again but unable to make higher high, that is the obvious sign buyers unable to perform.
- consolidation form after that & entry can be taken inside the area.
Post Analysis:-
- max profit around 2R
- unable to monitor this trade and miss it, my mind was not clear yesterday night.