EURUSD long trade on 29/3/23
Pre-Analysis
- Trend alignment to the upside for daily. 4 hour & 1 hour timeframe. In 15-minute timeframe there was SOS appeared with ultra-high volume.
Entry
- Time of entry 5:15pm
- Risk 0.25%
- Exit plan, trailing profit.
Post Analysis
- Lost trade with full risk.
- If I trade as scalping it may give me some profit. Price went beyond 1R profit then reverse until it stops me out.
- I have no plan for multiple scenarios.
- My mistake was not moving stop to breakeven, and I let price hit my stop. Should get out early to protect trade.- Trend in hourly chart was not clear uptrend, short term trend show congestion, while medium trend show downtrend. No trend alignment occurs.
- Should rewrite trading plan/checklist to include what is trend alignment.
- The next day price when up with very clear direction to the up move. It looks like I got direction right but again my timing was off until the next trading day.