Why Not Trade On Wednesday?

The middle of this week has been very profitable. I am managing to stick to my trading plan consistently. A lesson I have learned is to allow the price to breathe, and when the price gets into an even zone, Move my stop loss in profit! Another lesson I have learned is to apply more than 1 strategy to my trades. Yes, It is good to stick to one you are comfortable with, but there is no silver bullet strategy, changes in our strategy, can be as fluent as the changes in the market, as long as the strategy matches the market conditions! My main lesson is to go with my gut when determining the trend. My most profitable trades come from going with the trend. But in this particular trade, I went against the trend and entered a break of structure. It was a good 1:4 risk reward ratio. The entire month of June has been bullish overall!

GBPUSD


In conclusion, I'd like to share my trading journal entry..


DID I FOLLOW MY PLAN?

Yes. I exercised Break Of Structure
Followed the break trend, it's my friend!
Set my stop loss according to my risk-reward ratio.

WHAT DID I DO WELL?

1. Identified Trend in New Session.
2. Stuck To My Trading Plan by entering in zone..
3. Exercised good risk management, by setting a stop loss.

WHAT CAN I DO BETTER?
1. Set a Higher Lot Size. Double Down
2. Set Stop Loss In a Higher Timeframe

WHAT DID I LEARN?

1. Following A Plan Is Profitable
2. Using Different Strategies Is Okay To Increase My Success
3. How To Enter The Market At A Break Of Structure

DID I PREPARE PROPERLY?

YES, I entered a trade in my session with confidence with several my confluences in my technical analysis.

This time I set my price, and wait for a confirmation.