6th trading week (6th – 10th of February 2023)

This is where I share all my trade taken each and every week.

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

1. Track weekly trading performance.
2. 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 (06/02/2023)

USD/CAD (7.05am)

Analysis: My reasons for selling USD/CAD can be seen here

USD/CAD Update (4 pm)

Price hit SL, lost -74 pips

USD/CHF (10.25pm)

Analysis: Bought USD/CHF shortly before the close of the daily candlestick, analysis for my reason can be spotted here

TUESDAY 07/02/2023)

USD/CHF Update (7 pm)

Price hit SL, lost -54 pips…

GBP/USD (10.35 pm)

Analysis: My reason for buying can be seen on our Wednesday analysis of the market.

WEDNESDAY (08/02/2023)

Analysis: Gold has been struggling within a key resistance zone. The 7 am candlestick finally reared its head above the resistance zone, after forming a series of higher highs, and also using the 200 ma as a staircase. I see prospects here…. Let’s see how it unfolds

THURSDAY (09/02/2023)

GBP/CAD (7am)

Analysis: This was our Thursday setup, and reasons for buying can be seen here

GBP/CAD Update  (11.01 am)

Analysis: Yes I am very bullish on this pair, but let’s face it. Price may most likely get rejected by the 200 ma. Today is Thursday, and I don’t see myself holding trades into the weekend, especially negative trades, if I had the opportunity to leverage on a good breakout

So I added another buy position, while ensuring my risk is kept constant as my initial trade by closing the gap, using the 4hr time frame as a guide.

GBP/CAD Update (4.50 pm)

My trailing stop loss got hit and I got out with +105 pips

GBP/USD Update ( 5pm)

Closed with +41 pips… trailing SL kicked me out of this trade

FRIDAY (10/02/2023)

GBP/CHF (2 am)

Analysis: This was our Friday setup, and reasons for buying can be seen here

Gold update (2.15 am)

Gold finally hit my SL (-230 pips)

Trade activity summary for the week

In conclusion:

It was a busy week in the market for me, but not a profitable one ( A clear case of activity in the market does not always translate to profitability)

Lessons learnt this week are:

I will be staying off that precious metal called “Gold”. So far, I have suffered losing streaks trading Gold this year, so its off my charts for now

Secondly, I will work on becoming less active on Monday’s since my winning streak is declining

My trade executions were flawless, so I give myself kudos for that, especially when managing the GBP/CAD trade. 

GBP/CHF update (Tuesday 14/02/2023)

Finally got to close the pending GBP/CHF trade prematurely due to the CPI news event on Tuesday. If I had left, I would have made over 100 pips on GBP/CHF, but it’s all good.

Trading rules are there to protect us, and one of the down sides of sticking to them is that: At some point you will exit some really profitable trades, but if you always play by your age, its only a matter of time, you will be profitable

How did your trading week go?

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