GBPJPY short trade on 15/1/25
Pre-Analysis:
- Currency strength meter GBP = -7, JPY = +2
- Exit plan at 2R profit level.
- Aware of important news release related to GBP (CPI y/y)
Entry:
- Entry time 3:05pm just after news release.
- Immediate strength meter
Post Analysis:
- Have to scratch this trade.
- Strength meter shown GBP gaining strength, feeling that price might reverse at least for this day.
- The decision was correct as price did reverse towards my stop. This save me a few bucks.
- Wait for possible re-entry.
