5 Aug 2022: AUDNZD

 AUDNZD short trade on 5/8/22

Pre-Analysis:-

- Correlation reading shows NZD was the strongest currency across the board. AUD weak if compared to NZD.

- Entry during London session, time of entry 4:41pm

Post Analysis:-

- Trade closed with small loss.

- Price dropped after I made entry until reach approx. 1R profit. Along the way I move stop a little bit to mitigate the risk.

- During New York opening price showed some aggressive reversal, then I decided to close the trade with a loss approx. $7

- Nothing I can do as price unable to reach intended 2R profit.

- But the way I manage this trade make this trade loss only minimum amount, this kind of management will save my account. Keep trying overall good and improve trading week.

 

4 Aug 2022 (Trade Example): EURNZD

 EURNZD short trade on 4/8/22

- Correlation wise NZD stronger than EUR, and EUR was the weakest currency across the board. Target profit for this trade could be 2R. Entry during Asian session approx. time 8:40am

Update:- 

- Trade able to give 2R profit.

- I missed this trade due to lack of preparation on Asian session.

- I hesitate to take this trade as I am late to do my analysis. Start early then.

2 Aug 2022: EURGBP

 EURGBP short trade on 3/8/22

Pre-Analysis:-

- In term of correlation, GBP stronger than EUR but in very close to each other. Hence this trade I will take profit once it reach 1R, with TP set after the trade executed. 

- Entry during London session but very close to New York opening.

- TP set at 1R only.

Post Analysis:-

- Trade closed with profit, 1R as per trading plan.

- This trade able to give up to 2R profit as shown on the chart below.

- But I stick to my original plan, as data from correlation shows both EUR & GBP got very close correlation value.

- Entry comment:- be careful on timing, this trade I made a bit early, should wait for a range develop clearly and let price show you that it can break that range area to the downside, that is the safest and most conforming.

- I recorded it on the chart below:-

1 Aug 2022: GBPUSD

 GBPUSD long trade on 1/8/22

Pre-Analysis:-

- GBP stronger than USD on correlation reading. USD remain the weakest currency across the board.

- Entry during London session. 

- Plan to take profit at 2R and set TP.

Post Analysis:-

- Trade ended with profit approx. 2R

- Trade went smoothly. This trade I took with proper plan and patiently wait for correct timing.

- I feel confident in this trade.

- This trade also has potential to give more than 2R profit, but I leave it to take profit at 2R for now until I can hit somewhere 4% profit out of account size ($ 6000).