20th trading week (15th – 19th of May, 2023 trade journal)

My reason for keeping a journal is to encourage traders to also keep one for two major reasons:

1. Track weekly trading performance.
2. have enough data, in order 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 (15/05/2023)

GBP/JPY  (2.05 pm)

Analysis: A perfect divergence is spotted on the GBP/JPY. Let’s see if we can ride price back to a safe area close to the 200 ma

WEDNESDAY (17/05/2023)

GBP/USD (10.05 am)

Analysis: A clean breakout spotted on the close of the 6 am candlestick . Let’s see how it goes.

GBP/USD update (2 pm)

Analysis: Closed trade with -60 pips

GBP/JPY update (2 pm)

Analysis: Closed trade with -120 pips

THURSDAY (18/05/2023)

USD/JPY (3.40 am)

Analysis: A 5 months old resistance zone is tested, and we may most likely see a reversal at this point or a slight pull back even if the bulls ultimately break the resistance zone 

USD/JPY Update (5.10 pm)

Closed USD/JPY with -90 pips loss. Price hit my SL

EUR/JPY (4.05 pm)

Analysis: A break above a key resistance zone on the 4 hour time frame encouraged a buy

USD/JPY (9.30 pm)

Analysis: My reason for buying is because the 5 months old resistance zone was broken at the close Thursday’s daily candlestick

FRIDAY (19/05/2023)

EUR/JPY Update (10am)

Analysis: closed manually with a -40 pips loss

Trade activity summary for the week

In conclusion: 

I suffered a losing streak this week. Not a single winner, yet I followed my trading rules to a t.

My only consolation was that I followed my trading system and a strict money management rules. So I am down by -0.8% for the month. One thing I have come to understand about trading is: Nobody prepares for a losing streak, and more often than not, losing streaks happen after a series of winning trades or winning weeks.

The old me would have been down by -10% or -40%, after such a bad week, because I would have jumped to another strategy, desperately seeking a comeback, which really never ends well.

All I can hope for is a better week and a champion’s mindset to close the month with profits.

How about you, how did your trading week go?

NOTE:

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