Forex Trading Journal

28 Sept 2022

27 Sept 2022: CADCHF

CADCHF short trade on 27/9/22

Pre-Analysis:-

- Based on price broke previous day low, I decided to take this trade.

- Strength meter:-

Entry:-

- Correlation when entry was made:-

- Entry time 5:00pm

- Risk 0.5% of account balance

- Target recent low.

Post Analysis:-

- I have to scratch this trade.

- It seem not working. Why? at this point I don't have the answer.

- Feel so bad, my trading results suffer a lot.

- I look at another approach for this pair, it still a short trade but this time entry should be made earlier at target at 1R flat.

- Here is why, this is based on support and resistant area and reading how it works.

- When correlation or strength meter was very tight then we will take 1R profit only just for the sake of trading, we should not expect price to go down hard as there was also no news event around that time.

- Entry time 3:00pm (London session).

Update:-

- Here is the alternative way to look and analyse this pair for a short trade

- This can give us trade on 23, 27 and 28 Sept. 2022

- Trade on 28/9/22

27 Sept 2022

26 Sept 2022 (Trade Example): EURNZD

EURNZD long trade on 26/9/22

- NZD was one of the weakest currency. Prior to entry we can see majority of NZD pairs try to broke Asia session and show weakness.

- Strength meter shows EUR stronger than NZD, but this trade should taken with extra careful as both currency in very tight reading according to strength meter. Maybe this trade we can target as 1R trade only.

Entry:-

- Correlation during entry

- Time of entry 11:45pm

- Trade able to give max profits of 1.76R

- Note: I missed this trade, as I scratched CHFJPY short trade I closed all terminal and decided to get a rest. If i continue to research maybe I found this trade and able to recoup small loses on CHFJPY trade and also ended the day with positive result.

- Need to look around for possible opportunity, but maybe after exhausted then my mind no longer able to focus on trading.

26 Sept 2022: CHFJPY

CHFJPY short trade on 26/9/22

Pre-Analysis:-

- JPY was one of strongest currency across the board. At that time CHF set up for a break on all of it pairs and showing weakness. This made short trade was logical. CHFJPY also shown pullback from the original trend.

- Strength meter:-

Entry:-

- Correlation during my entry:-

- Entry time 6:00pm

- Risk 0.5% of account balance.

- Target the recent low with approx. 2++ R

Post Analysis:-

elation during my entry

- I scratched this trade as I saw the other CHF pairs did not make a push or follow through.

- Realised price may not ready yet for a push down and quickly exit.

- Will monitor the next day if still opportunity for a short trade.

- Decision made to scratch the trade:-

- I can feel my thought process for the first time, I flip around on all information I can get and carefully read all the 28 pairs before came to decision to trade this.

- I checked everything from correlation, strength of currency, breaks of high or low from previous day, reading pullbacks to time my entry.

- Although trade did not performed as I wanted but I hope on upcoming trade I will made my decision process based on what I did on this day.