This is trade example on 9 Sept 2021. GBPCAD long trade.
Pre-Analysis:-
Session Breaks Strength:- GBPCAD (+5 / -6)
Fundamental:- no news event for both GBP & CAD
Trading Plan:-
Trade Classification:- B trade
Pullback details:-
- Price down at one time before surge up aggressive as marked with (A).
- After price up at (A), then sellers tried a few times to push down but failed.
- Then came close to NY session, entry could be taken.
Post Analysis:-
- This trade did not work.
- If this trade is real, then it need to be manage carefully.
- There was an attempt to go higher but failed.
- After price failed to go higher, trade need monitoring. Decision should be made to close the trade when price return to original entry price & breach it lower.
- Trade can be close at half of the risk taken.
- The worse case scenario, trade will hit stop level.
- Did I read it wrong for this trade?