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:
- Track their weekly trading performance.
- 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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