GBPUSD long trade on 8/2/23
Pre-Analysis
- Correlation view shows USD in weaker mode.
Entry
- Entry time 3:43pm
- Risk 0.25%
- Exit plan, TP at previous swing high @ 1.22000 for approx. 4.11R
- Technical note: no divergence confirmation on 5 min chart, all based on correlation of USD became weaker.
Post Analysis
- Scratch this trade with small profits.
- Price went back to entry point, decided to scratch
- How to hold onto this trade? price back up after I scratched this trade and able to hit very close to 1.22000 (initial exit TP) on 9/2/23.
- The decision to hold/scratch/break even, this still need mastering. Mastering the EXIT!!!
- Price after I close trade
- Below is GBPCAD long trade that performed way better than GBPUSD. It also has confirmation of divergence in 5 min chart. I should trade this pair instead of GBPUSD.
- Entry time 3:45pm
- Max profits 8.05R (hold until next day)