Pre- Analysis:-
Correlation:- USDCHF (11 / 5), significant strong for USD
Session Break:- USD show strong sentiment by breaking NY session (with 5 pairs).
Market State:- USDCHF traded under buyer territory as shown on chart.
Fundamental:- USD news sentiment very strong as NFP release (943K / 870K / 938K), while unemployment rate was (5.4% / 5.7% / 5.9%). For CHF there was no significant news release. I made conclusion the trade will favor USD ( a long trade).
Trading Plan:-
Trade Classification:- A trade
Entry:- always wait for pullback, after the price broke NY session the pullback came in slowly as shown on H1 chart above and the pullback marked with yellow color. this pullback was a good sign for the price to continue going up after this.
- after a slow pullback, I saw a surge of price went up (shocking area) and it test back but show sign of inability to go down also price forming some soft of consolidation area, I enter the trade after that (as shown on the chart).
- my feeling :- I am confident this trade will work, I calculate the lot size and enter the trade without hesitation.
Entry:- 0.91548 (3:54pm) (2.67 lot) long trade
Stop:- 0.91448 (stop may put tight under entry price for a better RR trade as this is A trade class)
Exit:- exit when equity higher than $ 10,000 ( this trade objective was to salvage my FTMO challenge account)
Post Analysis:-
Exit:- 0.91650 (4:15pm)
Profit:- $ 297.15 (a 1R trade roughly)
- more profit can be generated from this trade as shown below:-
- max of 5.3R trade is possible
- well plan & execution, timing was great after entry price surge up directly.
- for a real trade stops may place a little bit tight under the entry price as this an A trade class.
- focus more on this type & characteristic trade.
- but how to hold the trade longer for bigger profit but at the same time not shacked by the price that came back to hunt for your stop? this need to be mastered.
- or the other perspective is to enter another trade after price broke Asia session & the entry can be seen somewhere in NY session.