PA #2 : audjpy sell 02/12/24 TRADE 1 : STOP LOSS (-0.78%)
1/ What I did right:
- Always looking for the activity, if there is any (only big boys can move the market)
- identification of aud and jpy news today but relatively no market reaction
- Identification of strong market reaction for buys from CPI news from JPY (29/11)
- Identification of market flow which is strong for JPY
- Identification of Power (previous session break and day break) which indicates that the big boys made the move: this is my job now.
- Right pair selection by choosing AUD which is weak.
2/ What i did wrong:
The direction was right, but timing was bad.
- This was mainly due to a big difference between the 3 min tf (for entry) and the 1h TF (for job identification).
This trade was in fact a 1H+15M trade instead of 15M+3M trade.
- Most important mistake: i didn't enter at the break of the money spot but before. I waited for the reaction like yesterday and the failure of the opposite part, but didn't trade at the break of the money spot.
3/ What i will change:
- We always enter at the break of the money spot, not before. (and the money spot has to be after the comeback of the buyers and the weakness of the sellers.
- Decide in advance the time frame we will choose, if it's a JOB that took place days before, higher time frame will be more suitable. And we won't get lost in the noise.
TRADE 2: TP (+0.85%)
1/ What I did right: Same as previous+
- waited for the weakness of the sellers
waited for the comeback
waited for the money spot
2/ What I did wrong:
- Decided to risk only 0.25% after the loss, maybe i could risk 1%( would've got +3%
3/ What i will change:
I will wait until the end of the week and check if we should keep safe or go harder based on performance.
TOTAL: -0.78%
OBJECTIF: +10%
