8th trading week (20th – 24th of February 2023 trading journal)

This is where I share all my trades 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 20/02/2023

AUD/USD (12.30 am) 

AUD vs JPY trade

Analysis: My reason for buying AUD/USD was shared in our weekly analysis

 

AUD/USD Update (10.30am)

AUD vs JPY trade update

My trailing SL got triggered and the trade was closed with +32 pips

 

 

USD/JPY (10.30 pm)

USD vs JPY

Analysis: Since last week the bulls have found it difficult breaking the light Salmon colored resistance zone.

We are a few hours away from the close of the daily candlestick, yet the zone stands. Also price is below the 200 ma, which gives the resistance zone more credibility

 

 

WEDNESDAY 22/02/2023

GBP vs the JPY

Analysis: Since last year December price was trapped within a consolidation. Tuesday’s daily candlestick closed with a dramatic bullish breakout of the key resistance zone and 200 ma. I will be expecting price to hit the green zone before the week run’s out

 

 

THURSDAY (23/02/2023)

GBP/JPY 7pm

Update on the GBP vs JPY trade

Analysis: Locked -185 pips because price broke below the light Salmon colored support zone. This is a key indication that our SL will get hit, and it did get hit, so it was a good call

 

 

FRIDAY (24/02/2023)

USD/JPY (3.10 pm)

Update on the USD against the JPY trade

Analysis: I closed the trade at -150 pips. At this point there is already an invalidation of my analysis. We can spot a clean breakout of the 11 am candlestick and there is a huge probability that price will hit my SL.

 

 

 

Trade activity summary for the week

DATE PAIRS BUY/SELL PIPS MADE/LOST
MON (20/02/2023) AUD/USD BUY + 32 pips
THUS (23/02/2023) GBP/JPY BUY – 185 pips
FRI (24/02/2023) USD/JPY SELL – 150 pips
TOTAL  – 303 pips

 

 

In conclusion:

This week was extremely slow in the market. I started the week with a good call on AUD/USD, and I was happy the way I managed the trade.

I was dissatisfied with my GBP/JPY trade because I got in too early. Yes, price broke the 200 ma, but it was not neat. I depended on just price structure breaking an old resistance zone, neglecting the rookie break on the 200 ma (I will work on that in my next trades)

The USD/JPY was well executed but still went bad. I guess the market had the last laugh.

I had a very good opportunity to buy USD/JPY after I closed the bad trade, and I would have recovered from this week’s loss but I did not due to my rules which are:

  1. I mostly don’t trade on Friday’s and again
  2. The timing of the breakout on UJ is questionable

So I am closing with a loss for the week, but I am hopeful, we still got two more trading days in the month of February. Do have a great weekend and for my Nigerian brothers and sisters, do vote wisely

 

NOTE:

Hey traders,

If you are into trading for proprietary firms which I believe you should due to the many advantages involved, check out these carefully selected proprietary firms listed below.

 

 

1. The funded trader

The funded trader needs no introduction, as they are currently becoming one of the most sorted proprietary firms in the industry due to their flexible challenge rules which consist of you being able to use an EA (expert advisory or trading robot) on one of their packages.

Also their packages are pretty affordable, which also comes with unlimited trials even if you fail to hit the set target within the 35 days period.

If you are interested in getting a 5% discount upon purchase, hit THE FUNDED TRADER  and use THE0CRAFTER as the coupon code

Is doing something unique in the prop firm world. They have the lowest profit target (+5%) in the industry, which makes it easier for traders to pass.
If you love trading crypto, they offer over 18 crypto pairs for you to trade, aside Forex, commodities, indices and shares. You also get paid up to 50% of your profits once you pass their verification phase.
Furthermore bonuses are offered in form of a FREE second trial if you fail the first challenge or you could also choose the option of getting a second account for FREE when you pass the first challenge.
If you are interested in working with them, hit FIDELCREST and get a discount upon purchase
If you are holding a full time job or hustle, and you are scared of taking any prop firm challenge for fear of not passing due to the time constraints most prop firms put on their challenge phases, look no further.
My fundedfx offers UNLIMITED trading time. Meaning… you can reach your profit target anytime you want to, so there is no pressure of you meeting your target at a specified time.
They also offer one of the cheapest challenge in the industry, which is a $5000 challenge account, and goes for less than $70, so what are you waiting for ?
If you are interested in working with them, hit MYFUNDEDFX and get a discount upon purchase

 

 

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

error

Enjoy this blog? Please spread the word :)