USDCHF long trade on 17/4/23
Pre-Analysis
- Possible set up of absorption volume. With USD currency shows strength and CHF currency show weakness.
Entry
- Time of entry 7:15pm
- Risk 0.25%
- Exit plan, TP when sign of weakness appears in hourly chart.
Post Analysis
- Trade closed with profit. Max profit at the end of trading could reach 5.04R
- This time I search high and low for a possible better pair to trade. I checked every single currency chart to see their strength or weakness and from there I picked the most relevant pair to trade.
- I waited for the confirmation indicator to arrive before making this trade. Although at the beginning price went down slightly but I hold to my trade thinking this might have a chance to perform.
- The analysis done with all consideration I could read, the buyers that push the price higher from a decline and also the inability of sellers to push down price further.
- On technical chart, I waited until price touch the trendline before I made a standby mode and waited for a confirmation indicator.
- This whole process should be my template of every trade.
- Price at the end of trading day