GBPJPY long trade on 8/5/23
Pre-Analysis
- Saw JPY group in downtrend with pullback (which indicate JPY in weak condition). Decided to look into JPY pairs.
- GBPJPY in uptrend, this will go into long trade in respond to JPY weakness.
- Lower timeframe got sign of strength (no supply)
Entry
- Time of entry 5:45pm
- Risk 0.25%
- Exit plan, TP @ 172.37 roughly 6R.
Post Analysis
- Lost, trade went to 1.4R before turn back.
- I move stop to half of the risk as per my trade management practice.
- Should I consider to take profit at 1R. It seem a lot of time my trade decision able to reach 1R.
- I need to research more on taking 1R profit and see the win probability.
