CADJPY short trade on 17/2/23
Pre-Analysis
Entry
- Entry time 4:34pm
- Risk 0.25%
- Exit plan @ 99.600 for approx. 1.29R
Post Analysis
- Scratch the trade with small profits.
- Reason for scratch, correlation between CAD and JPY was very close (both currencies equally strong).
- I did not check correlation between the two before entry and also did not refer to VSA chart system.
- I am under pressure as price barely move to downside and this led me to scratch this trade.
- If made entry later at New York session, chances are there to collect profits probably more than 2R.
- During New York session VSA chart system also shows clear picture on where this pair headed to.
- I missed this opportunity again to make profit.
- I believed this trade taken under FOMO state of mind.
- I need written trading plan/checklist now. Always refer checklist before made an entry. Get it done now.
- TIMING is my biggest issue.
- VSA chart system for better timing of entry
- Price hit max profits of 2.5R
- Also, I marked ideal entry point during New York session.
