My reason for keeping a journal is to encourage traders to also keep one for two major reasons:
- Track weekly trading performance.
- To have enough date to be able to work on their trading technique and psychology
Both can only be done when you keep a comprehensive journal, and review it every week.
MONDAY (20/03/2023)
Analysis: The reason for me selling AUD/USD was because on the 4 hour time frame there was a strong bearish engulfing candlestick which suggests the bears dominating the market… To get a good R/R, I went to the 1-hour time frame to look for a decent breakout to make some quick intraday profits.
AUD/USD Update (9.30 am)
My SL was hit and I closed with -20 pips loss
GBP/CHF (6 pm)
Analysis: My reason for buying can be seen on our Tuesday market analysis
GBP/CHF Update (9 pm)
Analysis: I have already locked +32 pips on this trade. So its a risk free trader
GBP/USD (9.35 pm)
Analysis: My reason for buying can be seen on our Tuesday market analysis. I will be holding this trade for the entire Tuesday if my scaling plans work. The plan is to get out before Wednesday CPI news on GBP
GBP/CHF Update (10.06 pm)
Analysis: This is what slippage looks like.
Fourthy minutes before the 10 pm candlestick appeared, I locked +31 pips on this trade, only for the high volatility to go below my stop loss as seen in the charts and took most of my profits, so I finally went home with +5 pips as against +31 pips
TUESDAY (21/03/2023)
EUR/CHF (6.05am)
Analysis: My reason for buying can be seen on our Tuesday market analysis
EUR/CHF Update (10.00 am)
Analysis: Closed at breakeven… The reason why my trailing SL was tight on this trade was because of the news event on the EUR scheduled for 1.30 pm
WEDNESDAY (22/03/2023)
GBP/USD Update (6.30 am)
Analysis: I have adjusted my SL in anticipation of CPI news (as seen below)… That said, I may exit the trade before the news to prevent slippage (if it happens)
GBP/USD Update (7.30 am)
Manually closed with -48 pips due to the CPI news
GBP/JPY (9.55 am)
Analysis: My reason for buying can be seen on our Wednesday market analysis
GBP/JPY Update (8 pm)
This trade hit my SL, so I lost -116 pips.
Trade activity summary for the week
| DATE | PAIRS | BUY/SELL | PIPS MADE/LOST |
| MON (20/03/2023) | AUD/USD | SELL | – 20 pips |
| GBP/CHF | BUY | + 5 pips | |
| GBP/USD | BUY | – 48 pips | |
| TUE (21/03/2023) | EUR/CHF | BUY | Breakeven |
| WED (22/03/2023) | GBP/JPY | BUY | -116 pips |
| TOTAL | -179 PIPS |
In conclusion:
It was a newsy week in the market and I was caught in the whole web of it.
Two trades I planned and executed well was the GBP/USD trade I took on Monday, and the Wednesday EUR/CHF trade.
The GBP/USD closed in negative because I exited a few minutes before CPI news. If I had remained through the news, I would have closed with at least a breakeven
The EUR/CHF closed at breakeven because I exited shortly before the high impact news on EURO. I was happy I did because my SL would have gotten hit.
The market cheated me with the GBP/CHF trade, so I closed with little profits. The reason why I say: “I was cheated” was because slippage happened and price went below my trailing stop loss before it triggered. This happened 6 minutes after the daily candlestick closed as seen in the GBP/CHF chart above
GBP/JPY was a perfect setup, and it did move as predicted, but a couple of hours before FOMC news, there was a deep reversal which I decided to nurse through the news and my SL got hit. I am not pleased with my GJ trade because I should have placed a tight SL as soon as I was in profits. Or closed with with smaller loss before it hit my SL
I decided to call it a week after Wednesday loss on GJ. There was no point going on as my emotional and psychological tank needed a refill.
Closed the week with about -1.60% loss in capital. Hopeful for next week
How did your trading week go?
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