PA #3 : cadjpy sell 10/12/24
Post Analysis
Objective: +10% profit
Current Profit: -3.82%
Number of Trades: 0
1. What Did I Do Right?
- I focused on the central question: Is there activity, and if yes, where is the job/activity?
- I correctly identified that the demand/job was related to CAD, which was bearish.
- I selected a bullish asset to pair with CAD, demonstrating strong logic in asset pairing.
- I classified assets into bullish/bearish categories and ranked them by importance. For instance, while both JPY and CHF were strong, I accurately determined that JPY was stronger than CHF, which is crucial for pair selection.
2. What Did I Do Wrong?
- I did not choose the best pair (USDCAD), despite it being a clear candidate based on the job created after the NFP and the overall bullish nature of USDCAD.
- I overlooked the USDCAD setup during my analysis, even though I reviewed the pair.
- I missed the opportunity because I did not consider the possibility of market reactions to CAD, as there was no significant news event for CAD on the day.
3. What Am I Going to Improve?
- Incorporate a quick scan of pairs to check for jobs/demand created in previous sessions or overnight, even if no news event is scheduled for the pair.
- Enhance my focus on spotting high-potential setups like USDCAD by revisiting pairs I’ve analyzed earlier in the session.
Notes:
The fact that I did not take any trades bothers me significantly. I feel like I should be taking more trades.
I can barely bring myself to take a trade, which is an issue. I need to increase the number of trades I take, within reason, ensuring they are based on good setups.
To address this, I will consider reducing the rigidity of my confirmation criteria. This change aims to help me take more trades while maintaining the fundamental questions of identifying activity and selecting the right pair.
I believe this part is critical to improving my trading. I need to find a way to take trades with less confirmation when I encounter a valid setup.
Objective: +10% profit
Current Profit: -3.82%
Number of Trades: 0
1. What Did I Do Right?
- I focused on the central question: Is there activity, and if yes, where is the job/activity?
- I correctly identified that the demand/job was related to CAD, which was bearish.
- I selected a bullish asset to pair with CAD, demonstrating strong logic in asset pairing.
- I classified assets into bullish/bearish categories and ranked them by importance. For instance, while both JPY and CHF were strong, I accurately determined that JPY was stronger than CHF, which is crucial for pair selection.
2. What Did I Do Wrong?
- I did not choose the best pair (USDCAD), despite it being a clear candidate based on the job created after the NFP and the overall bullish nature of USDCAD.
- I overlooked the USDCAD setup during my analysis, even though I reviewed the pair.
- I missed the opportunity because I did not consider the possibility of market reactions to CAD, as there was no significant news event for CAD on the day.
3. What Am I Going to Improve?
- Incorporate a quick scan of pairs to check for jobs/demand created in previous sessions or overnight, even if no news event is scheduled for the pair.
- Enhance my focus on spotting high-potential setups like USDCAD by revisiting pairs I’ve analyzed earlier in the session.
Notes:
The fact that I did not take any trades bothers me significantly. I feel like I should be taking more trades.
I can barely bring myself to take a trade, which is an issue. I need to increase the number of trades I take, within reason, ensuring they are based on good setups.
To address this, I will consider reducing the rigidity of my confirmation criteria. This change aims to help me take more trades while maintaining the fundamental questions of identifying activity and selecting the right pair.
I believe this part is critical to improving my trading. I need to find a way to take trades with less confirmation when I encounter a valid setup.
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