Week of March 21st – 26th, 2021

Results: 47 pips gained this week (goal not achieved)

Lessons: DO NOT SECOND GUESS YOUR ANALYSIS!

Right out of the gate, on the 25th my first trade was profitable. I then entered long on GBP/USD 3 times getting in at 1.36854, 1.36839 and 1.36784 and exiting at 1.3683, 1.36838 and 1.6725 respectively. If you review these entries they were fairly good… I second-guessed myself and exited all three prematurely. These were ideal setups and had I stayed in, would have yielded well over 80 pips for the day and over 100 if the position were held until the London open on the 26th.

Overall, still a win as the net gain of 47 pips is the direction we want to go in… but there’s still an opportunity for growth here.

Because we set our charts up based on the Daily and 4hr charts, moving forward we’ll stick with referencing the 4hr timeframe more than usual. Over the previous 8-Week Challenge, once the analysis was completed the 15, 5 and 1min timeframes (TFs moving forward) were primarily used to enter/exit if limit orders weren’t being utilized.

Next Steps: Continue with using 4hr TF exclusively to monitor progress of trades instead of lower TFs in order to remain in trades longer.