CHFJPY long trade base on technical.
Pre-Analysis:-
Correlation:- CHFJPY (4 / 1) very close correlation
Market State:- price traded on range state, but I saw the range started to slow and may broke upside
Trading Plan:-
- I notice the inability for range to go down this time
- Wait for sign of breakout to the above for entry.
- Entice by surge up as marked on the chart above, I made an entry
Entry:- 120.393 (4:02pm)
Stop:- 120.243 (15 pips)
Lot Size:- 0.73
Risk:- 1% ($ 100)
Exit:- the next landmine / previous drop area, approx. a little bit higher than 1R.
Post-Analysis:-
- WHAT A BAD TRADE!!!!
- This trade did not work.
- I should only focus on pullback trade base on correlation and cheese trade only.
- My reading of price this time was totally wrong.
- I believe this small range that develop, with probe and price try to breakout was the spot for entry.
- My mood was good (as yesterday trade work well) when I enter that position,
- No other option at time of this trade.
- I hate when I lost.
- Another frustration point was, there is trade that work very well on this day. I will post on trade sample, both NZDCHF (cheese trade) & NZDCAD (pullback technical trade).
