GBPJPY long trade base on pullback & correlation
Pre-Analysis:-
Correlation:- GBPJPY (13 / 5), clearly GBP stronger than JPY.
Market Territory:- Buyers
Trading Plan:-
Post Analysis:-
- Max profit 1.99R
- The real problem is how to exit trade for profit / max profit.
- If take profit at previous swing high, then profit will be around 1R only.
- If let the market play then when to actually closed it.
- After touch the previous high, price try twice to go up but failed.
- I if wait longer, then look at what price did, it plunge lower.
- Therefore I need to plan carefully for exit.