35th Trading Week (28th – 31st of August, 2023 trade journal)

My reason for sharing my trade journal is to encourage traders to also keep one for two major reasons:

1. Track weekly trading performance.
2. Build a better psychology, which will sharpen your trading intuition

Both can only be done when you keep a comprehensive journal, and review it every week.

MONDAY 28/08/2023

NZD/USD (2.30am)

Analysis: The inspiration to sell the NZD/USD came from our Weekly Market Analysis

USD/JPY (10.10am)

Analysis: The inspiration to buy the USD/JPY came from our Weekly Market Analysis

TUESDAY 29/08/2023

NZD/USD update (10.15am)

Analysis: Judging from last week’s weak bearish moves on NZD/USD, I am deciding that:

Instead of waiting for price to drop on the daily time frame, as it should, I will utilize the strong rejection of price around the 50% Fibonacci retracement level on the 1-hour time frame, and took an aggressive sell position alongside the initial sell position from Monday

NZD/USD update (10.15am)

Analysis: Closed both position with +34 pips

USD/JPY update (2pm)

Analysis: I am taking a little risk by opening another buy position at the close of the 2pm candlestick because of the high impact news events on the USD from 2 to 3pm 

USD/JPY update (4pm)

Analysis: My Greed finally took a slap from the market, and it cost me. Both of my positions closed -85 pips (+5 pips & -90 pips). That said, my second position was half the size of my initial position, so my loss was minimal.

THURSDAY 31/08/2023

EUR/JPY (10.10am)

Analysis: The inspiration to buy the EUR/JPY came from our Friday Market Analysis

FRIDAY 01/09/2023

EUR/JPY update (6.30am)

Analysis: Adding to my buy position and planning to hold this trade till the close of market today

EUR/JPY update (6.30am)

Analysis: The high impact news on USD, affected my EUR/JPY trade. Closed both positions (-67 and -52 pips) with -119 loss

Trade activity summary for the week

In conclusion:

This week was my best trading week in the entire month of August, and there are reasons for it:

1. I learnt from my stale NZD/USD trade last week, so I was smart enough to not wait for a big drop. Rather, I looked for an opportunity maximize my sell position, then went a lil heavy

      2. The USD/JPY trade would have been a big mess if I had not reduced my second buy entry. Looking back, I should have just taken the profits off the table                before the big news, but I just wanted more by taking unecessary risk

      3. My EUR/JPY trade was a small position which I hoped would nail off  the little deficit caused by the USD/JPY, but again it failed. My saving grace was the fact            that I normally risk a lot less on my Thursday into Friday trades, especially if I am planning to hold them all through Friday

I closed the week with little profits. Thanks to the NZD/USD trade, and my tight money management .

Trade activity summary for the month of August

In conclusion:

The month of August was a difficult one to navigate through. I left a lot of money on the table by going in and out of trades because of the high impact news scattered all over the week and market’s erratic moves.

It tested my patience, discipline and mettle. Money management and a balanced psychology kept me through the difficult times. I closed with a deficit in pips, but a minor plus to my P & L.

This is a classical example of why I never judge a trader by the number of pips he or she makes, but the dips and breakouts of his or her P & L. 

Looking forward to a solid September.

How did your trading month of August go?

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