Forecasting CADJPY Short-Weekly-W22 (27-May-2020)
CADJPY - SHORT
Date: 27-May-2020
Win / loss: xx pips
Entry type: risk entry / reduce risk entry
Grade: valid / not valid / high probability
Status: Forecasted / Executed / Missed / Not take the trade
Was this trade forecasted before : yes / no
THE SETUP MEET ALL MY CRITERIA AND PLAN
a. Pattern within the pattern
b. 3 touched or more
c. Double top/bottom (2 touched)
d. Arc formed
e. Red/Yellow reversal candle (engulf), ensure it closed in TF in 15 Min or 1H
f. Checking risk reward and order level with regards to ROI
g. No FOMO and No rush to place an order
h. Count 1-10 for calming
TRADE ANALYSIS
Content: actual market now, prediction, probability, possibility, nature, trend, structure etc.
Looking at CADJPY, price form ascending channel for long time in consolidation area, as of now in key resistant area with 3rd touch and double top a little bit (not strong resistant), in terms of my setup I would like to short this pair, im looking to have correction to bottom / support trendline due to big move to upside, at 2 days ago, need to check the correlation between UJ and CADUSD for any clue on it
Check best entry once there is red big candle in TF1H or 15Min, waiting to pullback upside/retest the will take a trade
PSYCHOLOGY
Good overall psychology, ready to take a loss with 1% if the price not as per my setup
REASON FOR FORECASTED / EXECUTED / MISSED / NOT TO TAKE THE TRADE
Price formed Ascending channel which currently in resistant area, need to be aware due to in TF D is big Green
TRADE MANAGEMENT
Content: How to take the trade, jump into the market and close the trade
I will take the trade once one more bouncing price to upside or once it touches the trend line, planning to put Sell Limit (pending order) at that level, I will move SL to price order once profit around 1% since the strong of this CAD
Risk: about 1%
EMOTION AND LESSON
I will keep on mind for this plan, need to be patient at this key level, since so far my mistake on missed trade is not able to be in the market at the key level, even though my forecast is correct
Date: 27-May-2020
Win / loss: xx pips
Entry type: risk entry / reduce risk entry
Grade: valid / not valid / high probability
Status: Forecasted / Executed / Missed / Not take the trade
Was this trade forecasted before : yes / no
THE SETUP MEET ALL MY CRITERIA AND PLAN
a. Pattern within the pattern
b. 3 touched or more
c. Double top/bottom (2 touched)
d. Arc formed
e. Red/Yellow reversal candle (engulf), ensure it closed in TF in 15 Min or 1H
f. Checking risk reward and order level with regards to ROI
g. No FOMO and No rush to place an order
h. Count 1-10 for calming
TRADE ANALYSIS
Content: actual market now, prediction, probability, possibility, nature, trend, structure etc.
Looking at CADJPY, price form ascending channel for long time in consolidation area, as of now in key resistant area with 3rd touch and double top a little bit (not strong resistant), in terms of my setup I would like to short this pair, im looking to have correction to bottom / support trendline due to big move to upside, at 2 days ago, need to check the correlation between UJ and CADUSD for any clue on it
Check best entry once there is red big candle in TF1H or 15Min, waiting to pullback upside/retest the will take a trade
PSYCHOLOGY
Good overall psychology, ready to take a loss with 1% if the price not as per my setup
REASON FOR FORECASTED / EXECUTED / MISSED / NOT TO TAKE THE TRADE
Price formed Ascending channel which currently in resistant area, need to be aware due to in TF D is big Green
TRADE MANAGEMENT
Content: How to take the trade, jump into the market and close the trade
I will take the trade once one more bouncing price to upside or once it touches the trend line, planning to put Sell Limit (pending order) at that level, I will move SL to price order once profit around 1% since the strong of this CAD
Risk: about 1%
EMOTION AND LESSON
I will keep on mind for this plan, need to be patient at this key level, since so far my mistake on missed trade is not able to be in the market at the key level, even though my forecast is correct