Trading Result: 1-5 May 2023

 

- Missed 3 good trades. There was potential more profit can be achieved should I trade those missed trades.

5 May 2023 (Trade Example): EURCAD

 EURCAD short trade on 5/5/23

- Entry time 3:15pm

- Note: yet again I missed this trade. I spot the weakness in EUR group but only look and consider EURJPY, EURCHF and EURNZD for a short trade. I did not look into this EURCAD until the trade performed then, realised I have missed this trade.

4 May 2023 (Trade Example): CHFJPY

 CHFJPY short trade on 4/5/23

- Yen group shows strength, the focus on taking JPY pairs was highly possible.

- CHFJPY on downtrend, during Asia session price pullback and has opportunity to continue drop.

- Trade possible at 2:30pm during early Frankfurt session.

- Note: I missed this trade. Although I am aware of Yen strength but I did not see CHFJPY instead focus on  AUDJPY. It end up AUDJPY did not give me clear entry indication and there was no trade for that pair either.

- The missed cost me roughly 3R profit.

- Next time need to look at all pairs in particular currency group. In this case I should look into all JPY pairs.

3 May 2023: USDJPY

 USDJPY short trade on 3/5/23

Pre-Analysis

- JPY shows strength with possible absorption volume set up. There was also change in behaviour from downtrend to uptrend.

- Volume was climactic.

Entry

- Time of entry 2:58pm

- Risk 0.25%

- Exit plan: TP @ around 3R profit

Post Analysis

- Closed with profit. Exit when price hit my exit plan. Will not be able to monitor USD interest rate decision.

- Some spike of price during news event (ADP NFP result) but I manage to stay calm and hold my trade. At that particular time I already move my stop to breakeven.

- Next support area probably at 134.500 but I already decided to close as per my exit plan.

- Closed at 2.88R profit, max profit end of day 4.71R

- Price volatile during FOMC news event, in some cases it might stop out a trade.