13 Sept 2021 (Trade Example): NZDCHF (long)

 Trade example NZDCHF (long trade). Trade base on pullback & correlation.

Pre-Analysis:-

Correlation:- NZDCHF (11 / 4), suitable for long trade.

Market State:- Buyer's territory

Trading Plan:-

- Read pullback carefully. 

- Wait for V formation & test after that

- If test show it can hold than entry maybe taken from there. Another thing is market opening hour, trade best taken when market active.

Post Analysis:-

- Trade achieve max profit of 2.09R

- In the actual trade, the challenges came from exiting trade. Should I close the trade at recent high or wait to see if price can break the high?

- For my FTMO challenge account I have set that profit will be taken at 2R. I should follow the plan. 

- Timing for this trade was good.

10 Sept 2021 (Trade Example): NZDUSD

 NZDUSD long trade base on trend pullback & correlation.

Pre-Analysis:-

Correlation:- NZDUSD (11 / 6) NZD stronger than USD

Market under buyer's territory

Trading Plan:-

- Read the pullback

- Wait for sellers to die

- Wait for V formation & test set-up

- Entry after test that holding.

Post Analysis:-

9 Sept 2021 (Trade Example): GBPCAD

 This is trade example on 9 Sept 2021. GBPCAD long trade.

Pre-Analysis:-

Session Breaks Strength:- GBPCAD (+5 / -6)

Fundamental:- no news event for both GBP & CAD

Trading Plan:-

Trade Classification:- B trade

Pullback details:-

- Price down at one time before surge up aggressive as marked with (A).

- After price up at (A), then sellers tried a few times to push down but failed.

- Then came close to NY session, entry could be taken.

Post Analysis:-

- This trade did not work.

- If this trade is real, then it need to be manage carefully.

- There was an attempt to go higher but failed.

- After price failed to go higher, trade need monitoring. Decision should be made to close the trade when price return to original entry price & breach it lower.

- Trade can be close at half of the risk taken.

- The worse case scenario, trade will hit stop level.

- Did I read it wrong for this trade?

8 Sept 2021 (Trade Example): USDCAD (long)

 USDCAD long trade on 8 Sept. 2021, base on cheese trade.

Pre-Analysis:-

Session Breaks Strength:- USDCAD (+4 / -6)

Fundamental:- no news event for USD, CAD pending interest rate announcement.

Trading Plan:-

Trade Classification:- B trade

Pullback / digestion:-

- Pullback came in very slow which is good.

- Spike happen after release of interest rate news for CAD.

- Spike as probably because not enough seller for buyers to lift price up.

- This spike could be good spot for entry.

Post Analysis:-

- Spike is good spot for entry but need to align with context.

- In this example the context was after price broke Asia session than pullback that happen very slow, this show buyers maybe in control.

- Pullback is needed for better entry price rather than entry after break of session, concept of discount.

- Max profit 3.91R

- I did not take this trade as I am waiting for my repeat challenge of FTMO account. I passed all criteria except for total profit therefore I am entitle for free repeat of challenge.

- Next challenge will be my 6th time.