AUDUSD long trade (cheese trade)
Pre-Analysis:-
Session Breaks Strength: AUDUSD (+7 / -5)
Fundamental:- For AUD there is good news release on GDP and for today trade balance (Jul) release show very good result (12.117B / 10.200B / 10.496B). While for USD news was not good, ADP Nonfarm Employment Change (374K / 613K / 326K)
Trading Plan:-
Trade Classification:- A trade
(strength no. good & support by fundamental, therefore I class this trade as A)
Entry:- 0.73882 (4:51pm)
Lot Size:- 0.83
Stop:- 0.73762 (12 pips)
Risk:- 1% ($ 100)
Exit: set at 2R profit
Post Analysis:-
- I am confident when this set up appear.
- Look back at entry point, am I enter early?
- Before this trade take off, 3 times price came back down.
- This drop may shake your confident whether this trade will work or not.
- I put my faith on this trade as I rate it A class. I gave chance although price hovering around until NY session.
- During NY session, then price really took off.
- I close trade while still not achieve my exit plan (2R) as I saw price struggle to push higher.
- Price did not reach my 2R profit until end of NY session.
- Should I tighten my stop a little bit because of A class trade?. This will increase my RR ratio.
