Forex Journal: Week of April 19 to 23, 2010

It should have been a “very” good week if only I followed my trading plan. I was able to ride the uptrend on the GBP/JPY but was not able to hold on my original trading plan. (Ha! So my problem wasn’t the execution anymore? Grrr…) When would I learn that I should trust my trading plan?! (Echo: trust my trading plan… trading plan… plan… plan…)

But hey, it really had been a crazy week! ***Fundamental news here and Goldman Sach fraud there*** I think, in some ways, I had made the right decision. What if the price went against my trade? I didn’t want my pips to turn into a stone! (So, right. I’m procrastinating for not following my trading plan huh!)

Anyways, I’m still happy because I was not tempted to do some crazy moves – just like what I did last week. First, I didn’t force a trade. Second, I didn’t trade on Friday (Although, I have missed some good setups, I still didn’t forget that Friday is a tricky day!). And last but not the least; I was able to write a review for my trading week performances. (This is a big accomplishment!) :D

I’ve taken a total of two trades for this week. Yes! This week, it is positive! But for my whole account, I’m still -6.40% down. :( Hey, it is still not the end of the world! I’ll have a positive account soon! (Wish me luck and more self-discipline, haha!)

By the way, here’s my trade setup that I didn’t follow:
Trade Setup

I bought GBP/JPY at 139.98 because the setup looked ideal. The price just bounced on the 200 periods moving average and was confirmed by an oversold condition on Relative Strength Index (RSI). I’d also checked smaller timeframe to confirm the direction of the market. Luckily, all timeframes show an oversold condition on RSI. :)

Although I didn’t follow this trade completely, I still managed to grab a total of 193 pips. :) Of course I got a bit disappointed because I cut my profit-making early. Lesson learned!

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  1. Tony says:

    remember you have to know your plan and not every situation is the same its up to the trader to actually realize when to stay and when to go. better to keep a profit then let it slide into the red

    great trade tho

  2. Khalif says:

    “Trade what you see and not what you think”
    Khalif Ford

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