USDCAD long trade on 8 Sept. 2021, base on cheese trade.
Pre-Analysis:-
Session Breaks Strength:- USDCAD (+4 / -6)
Fundamental:- no news event for USD, CAD pending interest rate announcement.
Trading Plan:-
Trade Classification:- B trade
Pullback / digestion:-
- Pullback came in very slow which is good.
- Spike happen after release of interest rate news for CAD.
- Spike as probably because not enough seller for buyers to lift price up.
- This spike could be good spot for entry.
Post Analysis:-
- Spike is good spot for entry but need to align with context.
- In this example the context was after price broke Asia session than pullback that happen very slow, this show buyers maybe in control.
- Pullback is needed for better entry price rather than entry after break of session, concept of discount.
- Max profit 3.91R
- I did not take this trade as I am waiting for my repeat challenge of FTMO account. I passed all criteria except for total profit therefore I am entitle for free repeat of challenge.
- Next challenge will be my 6th time.