4th trading week (23rd – 27th of January 2023)

Welcome to 2023… Pipsmanship will be used as one of my trading journals going forward.

The reason for this is to encourage traders to keep one for two major reasons:

  1. Track their weekly trading performance.
  2. Work on their trading technique and psychology

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

 

MONDAY 23/01/2023

EUR/USD (7.03am)

Analysis: On the daily time frame EUR/USD is bullish. On the 4hr tf we can see that the bulls struggled all through last week to break the 1.08677. Today there is a decent breakout which we are capitalizing on, and price is above the 200 ma.

 

EUR/USD Update (11.15am)

Price hit trailing SL. Reason I placed one was because there was a minor resistance level which could cause a deep pull back that could take out my initial SL, so I had to safeguard my trade

 

 

EUR/CAD (11.50 am)

Analysis: This was one pair I shared during our weekly analysis

 

 

TUESDAY 24/01/2023

GBP/JPY (1.30PM)

Analysis: The brown zone is a key resistance zone for GBP/JPY on both the daily and 4 hour time frame, this can be seen on our weekly market analysis. All I needed was a strong reversal candlestick, and that happened after price hit the 200 ma

 

EUR/CAD update (2.20pm)

Price took out our trailing SL, and I closed with +32 pips (two positions were opened)

 

 

WEDNESDAY 25/01/2023

GBP/JPY follow up (11.05am)

Analysis: Added to the GBP/JPY sell trade after the ascending trendline which served as a support zone on the 4hr time frame broke.

 

 

THURSDAY 26/01/2023

GBP/JPY (2pm)

Price reversed and took both of my positions out. Closed with -247 pips loss

 

USD/CAD (10.35 pm)

The bears took over price as we slipped into the the Asian session, and a head and shoulders formation is broken, but not completely broken since we are 25 minutes away from the close of the daily candlestick

High spreads are the reason why I took the early trade

 

 

FRIDAY 27/01/2023

USD/CAD follow up (7.30pm)

USD/CAD bears fought a good fight but price barely moved in our direction. +5 pips is locked already and I will allow this trade run into next week.

 

 

Trade activity summary for the week

DATE PAIRS BUY/SELL PIPS MADE/LOST
MON (23/01/2023) EUR/USD BUY Breakout
MON (23/01/2023) EUR/CAD SELL +32 pips
TUE (24/01/2023) GBP/JPY SELL -247 pips
THUS (26/01/2023) USD/CAD SELL +5 pips
TOTAL 210 pips

 

In conclusion:

GBP/JPY was our biggest loser for the week due to two opened positions. That said I lost less than -0.8% on this trade due to my risk management rules. If the trade had gone our way, we could have easily made slightly over +1.8% profits, but it is what it is.

No regrets on GBP/JPY, it was well executed, and I also did well on my other trade executions this week. Hopefully the USD/CAD will give us some profits next week, and if we still close with the +5 pips I have locked, I will keep you posted.

Do have a fab weekend.

 

MONDAY (30/01/2023)

USD/CAD Update

Sunday market opened and took out my USD/CAD stop loss, so we closed with +5 pips

 

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