Sample trade that can be taken on 25 August 2021, AUDJPY long trade.
Pre-Analysis:-
Correlation:- AUDJPY (12 / 1), very obvious AUD stronger than JPY
Session Breaks:- AUD broke Asia session with strong sentiment.(4 pairs) JPY broke Asia session with weak sentiment (6 pairs). the power on AUD was not high as only 4 pairs broke Asia session, we need at least 5 pairs.
Fundamental:- there was no news event for both AUD & JPY
Trading Plan:-
Trade Classification:- C trade
( only correlation show convincing data, while session breaks lack of power on AUD side, therefore this trade is C class.)
- as C trade, entry can be with only half of the risk or take on full (1%) risk but target for easy 1R only.
Pullback:-
- all sellers marked with circle as above, all attempt of seller failed
- one shock buyer came in broke the previous swing high, then immediately form a range.
- price broke range aggressively to above, that where entry can be initiate.
Post analysis:-
- max profit 2.14R (for entire trading day)
- I miss this trade even though I saw this set up happen, I unable to take this trade.
- What when wrong? as I loss on NZDCHF trade previously, I got frustrated and decided to call it off for that day.
- I decided not to take any trade & watch football match.
- While watching football I still peep into the chart and saw AUDJPY set up.
- I check all the data regarding AUDJPY and it shows a trade may has potential, but as I decided early not to take trade then it fly up without me.
- it seem that my working hours need to be set from 2:00pm till midnight, between that time no nothing such as movie, YouTube, football match etc.
- miss another good trade
- seem like trade that I took did not perform well but trade that I missed perform fantastically.