8 May 2023: GBPJPY

 GBPJPY long trade on 8/5/23

Pre-Analysis

- Saw JPY group in downtrend with pullback (which indicate JPY in weak condition). Decided to look into JPY pairs.

- GBPJPY in uptrend, this will go into long trade in respond to JPY weakness.

- Lower timeframe got sign of strength (no supply)

Entry

- Time of entry 5:45pm

- Risk 0.25%

- Exit plan, TP @ 172.37 roughly 6R.

Post Analysis

- Lost, trade went to 1.4R before turn back.

- I move stop to half of the risk as per my trade management practice.

- Should I consider to take profit at 1R. It seem a lot of time my trade decision able to reach 1R.

- I need to research more on taking 1R profit and see the win probability. 

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.