Trading Plan: Monday 28 October

Trader’s self-review

The 21 October week was a particularly strong week for me personally. This sets up the 28 October week as a tricky and psychologically challenging one.

We are most vulnerable when we are most successful and as traders the confidence of past success means we could overlook and oversimplify things to our disadvantage.

The positive momentum and confidence from prior week could easily cloud my judgment. My mind is ready to go into the new week thinking we’re doing everything RIGHT.

Trader statistics

My end of week numbers are shown below.

Trades: 57
Win rate: 77%
Profit factor: 69
Payoff ratio: 20
VaR: 11.47%
Average winning trade: +0.13%
Average losing trade: -0.01%

Should I take active steps to drive down VaR?

Analysis: USD JPY may extend higher

Potential direction: Up. Closed at 152.235 on Friday. One of my favorite assets to trade.

Overall momentum: Bullish.

Asset review:
Uptrend visible on 2H view.
Breakout of somewhat flat move from early October resulted in consolidation at higher price. A higher low.
The MA line is still respected and points to higher price.
Price action will show if the two-day consolidation solidifies into useful support.
Interesting, as always.

Price chart:

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