CHFJPY short trade on 26/9/22
Pre-Analysis:-
- JPY was one of strongest currency across the board. At that time CHF set up for a break on all of it pairs and showing weakness. This made short trade was logical. CHFJPY also shown pullback from the original trend.
- Strength meter:-
Entry:-
- Correlation during my entry:-
- Entry time 6:00pm
- Risk 0.5% of account balance.
- Target the recent low with approx. 2++ R
Post Analysis:-
elation during my entry
- I scratched this trade as I saw the other CHF pairs did not make a push or follow through.
- Realised price may not ready yet for a push down and quickly exit.
- Will monitor the next day if still opportunity for a short trade.
- Decision made to scratch the trade:-
- I can feel my thought process for the first time, I flip around on all information I can get and carefully read all the 28 pairs before came to decision to trade this.
- I checked everything from correlation, strength of currency, breaks of high or low from previous day, reading pullbacks to time my entry.
- Although trade did not performed as I wanted but I hope on upcoming trade I will made my decision process based on what I did on this day.