Trade example NZDCHF (long trade). Trade base on pullback & correlation.
Pre-Analysis:-
Correlation:- NZDCHF (11 / 4), suitable for long trade.
Market State:- Buyer's territory
Trading Plan:-
- Read pullback carefully.
- Wait for V formation & test after that
- If test show it can hold than entry maybe taken from there. Another thing is market opening hour, trade best taken when market active.
Post Analysis:-
- Trade achieve max profit of 2.09R
- In the actual trade, the challenges came from exiting trade. Should I close the trade at recent high or wait to see if price can break the high?
- For my FTMO challenge account I have set that profit will be taken at 2R. I should follow the plan.
- Timing for this trade was good.