EURGBP short trade on 3/8/22
Pre-Analysis:-
- In term of correlation, GBP stronger than EUR but in very close to each other. Hence this trade I will take profit once it reach 1R, with TP set after the trade executed.
- Entry during London session but very close to New York opening.
- TP set at 1R only.
Post Analysis:-
- Trade closed with profit, 1R as per trading plan.
- But I stick to my original plan, as data from correlation shows both EUR & GBP got very close correlation value.
- Entry comment:- be careful on timing, this trade I made a bit early, should wait for a range develop clearly and let price show you that it can break that range area to the downside, that is the safest and most conforming.
- I recorded it on the chart below:-
