Long trade USDCHF 26 August 2021
Pre-Analysis:-
Correlation:- USDCHF (8 / 1), USD stronger than CHF
Session Breaks:- USD broke Asia session with strong sentiment. (5 pairs). For CHF, it broke Asia session with weak sentiment (6 pairs)
Fundamental:- no news event for both currency.
Trading Plan:-
Trade Classification:- B trade
(no news event to support this trade, therefore I class this trade as B)
Pullback detail:-
- 3 sellers action marked with circle as shown on above chart.
- all sellers failed to make lower low.
- after third try price jump up aggressive.
- price made range after that, entry inside this range.
Entry:- 0.91748 (5:00pm)
Lot Size:- 0.51
Stop:- 0.91568 (18 pips)
Risk:- 1% ($100)
Exit:- TP at 2R
Post Analysis:-
- I made mistake here on my entry.
- look at the range, it did not break up to the north but came down and lower.
- I should only take this trade if price broke higher from range.
- I closed trade before it hit my stop, this reduce a little bit of loss.
- a good entry can be taken somewhere in (A) area.
- there is range also develop but it broke lower again.
- after an attempt to go lower but immediately price get up again, candle form like a 'railroad track', this can be use as entry point.
- after entry at that area, trade can be manage to secure at least small profit.
- it did not perform well for this trade but for sure with more sharp skill, loss can be avoided.
- obviously trade was not ready yet when I took it.
- so far preparation seem to be ok but timing on entry got issue, need more practice and experience.
