NZDUSD long trade on 1 Sept 2021 base on technical.
Pre-Analysis:-
Correlation:- NZDUSD (10 / 5), NZD stronger than USD
Market Territory:- Buyer's territory
Trading Plan:-
- Wait for pullback and V formation.
- Entry when test hold after V formation.
- Risk for this trade only 0.5% ($ 50) as I try to get another trade on EURAUD for cheese trade.
- I reduce the risk for purpose of spreading it as I am looking at other pair to trade.
Entry:- 0.70476 (8:25pm)
Lot Size:- 0.27
Stop:- 0.70297 (18 pips)
Risk:- 0.5% ($ 50)
Exit:- Previous high or 1R profit
Post Analysis:-
- Trade closed with profit $ 49.68
- Timing was good.
- Improvement on placing the stop loss so that I can increase my RR ratio.
