18 August 2021: USDJPY (long trade)

 This was a sample trade that can be taken on 18 August 2021. This trade was a pure technical trade.

Pre Analysis:-

Market Territory:- price traded under buyer's territory as shown on the chart below. thus this trade suitable for a long trade.

Trading Plan:-

- price went up aggressive, for entry we need a pullback.

- the pullback shown below.

- entry should be done after V formation & test phase that holding.

Post Analysis:-

- trade will give max 4R profit

 

17 August 2021: AUDJPY (short trade)

AUDJPY short trade on 17 August 2021

 Pre Analysis:-

Correlation:- AUDJPY (2 / 10) significant strength to JPY

Market Territory:- price traded under seller's territory as shown on the chart below (H1)

Session Breaks:- AUD group broke Asia session with weak sentiment (6 pairs)

JPY group broke Asia session with strong sentiment (5 pairs)

Fundamental:- there was no news release for both currencies.

Trading Plan:-

Trade Classification:- B trade 

(factors such as correlation, territory & session breaks support this short trade. only fundamental shows no clear direction for both currencies, thus a B class trade was classified)

Entry:-

Entry:- 79.673 (short) 8:02pm

Volume:- 0.72

Risk:- $100 (1%)

Stop:- 79.821 (15 pips)

- money spot / range area marked with no (4)

Post Analysis:-

- close trade with $ 29.63 loss

- thought that no (4) area was money spot & entry made inside this area.

- the surge of price upward made me panic, I don't want to loose in full so decided to close the trade (to avoid loss in full risk).

- the stop not trigger at all and price came back down.

- should I re enter at area marked by (A)? how to calm down & re enter after I loss?

- should I let the trade go and take out my stop at any time of trading?

- this trade also shows price did not hit my stop, this pullback also unable to create new high.

- if this trade hold, it will give max profit of 2.3R

- comment: preparation was ok, pullback reading was ok, execution was ok. the only question was should I let trade loss at full risk?

- side note, during this trading day, there were 6 group of currencies broke either NY or Asia session.

- USD, JPY, CHF on strong sentiment while NZD, AUD, CAD on weak sentiment.

- this made pair selection even difficult in my opinion.

- alternative way, maybe after I loss around $27 I should re enter the trade at (A) area but with the remaining $73 risk as I always set my max loss per day at $100 only.

- during the price surge up after my entry of course I did not know price will continue to go up.

- this re entry will function as a second chance but still within risk control that I use.

16 August 2021: CADJPY (short)

 CADJPY short trade on 16 August 2021

Pre-Analysis:-

Correlation:- CADJPY (1 / 14) significant JPY strong.

Territory:- price traded under seller's territory as shown on the H1 chart

Session Breaks:- JPY group broke NY session with strong sentiment (6 pairs)

CAD group broke NY session with weak sentiment (6 pairs)

Fundamental:- there is news release today for JPY. GDP (qoq) (q2) shows good news for JPY (0.3% / 0.2% / -1.0%)

no news release for CAD, all sentiment for CAD was old and consider outdated.

Trading Plan:-

Trade Classification:- A trade (all factors, correlation, market territory, session breaks and fundamental news back this CADJPY short trade. thus an A class trade was classified.)

Entry:- 

Entry: 87.149 (0.91 lot) (5:36pm)

Stop: 87.269

Exit: trail the profit

Risk: 1% ($100)

Post Analysis:-

- around 8:40pm I started to doubt whether this trade will go further, at this time I already move my stop to breakeven but fear was still there.

- I decided to close the trade at 8:41pm as I doubt my trade

- Although the trade class was A but I still have fear at that time.

- How to stick to the trade? this trade performed well and can give max profit of 3.5R but I only manage to grab 0.5R profit only it is totally a waste !!!.

13 August 2021: GBPCHF (short trade)

 Sample trade that can be taken on 13 August 2021.

Pre Analysis:-

Correlation: GBPCHF (2 / 10), significant CHF strong compared to GBP

Market State:- price traded under seller's territory as shown on the H1 chart

Session Breaks:- CHF currency broke Asia session with strong sentiment (7 pairs).

Fundamental:- news release for CHF was good, PPI (mom) 0.5% compared to previous release was 0.3%. while for GBP there was no latest release,

Trading Plan:-

Trade classification: A trade (all factors correlation, market state, session breaks and fundamental support this trade, GBPCHF, long. thus an A class trade classified.)

Entry:-

Pullback details:-

- no (1) area show an aggressive pullback.

- after no (1) pullback price continue to go up at no (2) area.

- immediately after go up (2) price drop back aggressive.

- after price drop it try once again to go up but failed and also drop aggressive again.

- after that drop, price form a range & entry can be taken inside of that range.

Stop:- in this case 9 pips above entry price, this supported by the fact that this trade is A class trade so the stop can be tight. this also show confident that this trade will works.

Exit:- trail the max profit .

Post Analysis:-

- max profit of nearly 3R

- 10:15pm reduce risk to half

- 10:55pm closed trade with approx. 3R profit