Today I present you an overview of trades made using the Owl strategy – smart levels for the EURUSD, GBPUSD and AUDUSD currency pairs for the week from May 01 to 05, 2023.
For convenience and timely receipt of signals I use the Owl Smart Levels Indicator. The main trading timeframe is M15, while the H1 and H4 timeframes are used to confirm the trend direction of the higher timeframe.
Last week EURUSD trades were opened in different directions: two sell trades and one buy one. The first trade for selling was opened on Monday, but the market changed its direction and it had to be closed quickly manually at the well-timed hint of the big arrow of the Owl Smart Levels indicator, which has provided a minimum loss.
Fig. 1. EURUSD BUY 0.15, OpenPrice = 1.10044, StopLoss = 1.10144, TakeProfit = 1.09722, Profit = -$3.00.
The second trade to buy EURUSD was opened on Wednesday, May 3, 2023.
Fig. 2. EURUSD BUY 0.14, OpenPrice = 1.10267, StopLoss = 1.10142, TakeProfit = 1.10671, Profit = $56.56.
The trade was automatically closed by TakeProfit and it has brought quite a good profit. From the second half of Thursday the market was in the dead zone for 24 hours, which was fixed by the indicator.
The third trade was opened on Friday evening. It has turned out to be loss-making, and only thanks to the timely indicator’s help the possible loss has been significantly minimized.
Fig. 3. EURUSD BUY 0.06, OpenPrice = 1.10070, StopLoss = 1.10319, TakeProfit = 1.09262, Profit = -$7.77.
The indicator has perfectly processed the risks and in time offered to close two trades out of three on EURUSD change of direction.
The situation is similar on GBPUSD. In general, all trading during the previous week could be conditionally performed by the rule of closing trades manually by the change of the indicator big hand direction.
I will never get tired of reminding you one of the rules of working with the indicator: as soon as the big arrow of the Owl Smart Levels indicator changes its direction and, accordingly, its color, the trade should be closed manually as soon as possible, that will allow you to minimize the loss, for example -$3 instead of -33$ or -$7 instead of -77$, and so on. These are the real figures of last week on EURUSD. And here are examples of trades related to loss minimization on GBPUSD as well, though losses here were a bit bigger.
On Monday the market was in the dead zone and the first trade on the asset was opened for sale on Tuesday.
Fig. 4. GBPUSD BUY 0.08, OpenPrice = 1.24657, StopLoss = 1.24843, TakeProfit = 1.24053, Profit = -$12.98.
The next figure shows exactly how this trade was closed due to the change of direction and color of the indicator arrow.
Fig. 4A. Reverse of the big arrow of the Owl Smart Levels indicator and closing of the trade manually at 1.24818
The trade had to be closed manually and to minimize the loss due to the reversal of the big arrow of the Owl Smart Levels indicator, warning of a change in the price direction.
On Wednesday and partially on Thursday the market went to the dead zone again. The second and last trade on GBPUSD was opened on Friday.
Fig. 5. GBPUSD BUY 0.12, OpenPrice = 1.26112, StopLoss = 1.25971, TakeProfit = 1.26568, Profit = -$15.89.
Last trading week there were only two losing trades on GBPUSD.
Both trades on AUDUSD were opened for buying. The first one was opened at once on Monday.
Fig. 6. AUDUSD BUY 0.11, OpenPrice = 0.66465, StopLoss = 0.66332, TakeProfit = 0.66897, Profit = -$8.23.
Once again, the loss was minimized by closing this trade manually before closing it automatically by StopLoss.
But, of course, no matter how good the Owl Smart Levels is at minimizing possible losses of the previous week, its main value is still in finding profitable trades, such as the following one.
Fig. 7. AUDUSD BUY 0.22, OpenPrice = 0.66286, StopLoss = 0.66206, TakeProfit = 0.66544, Profit = $56.44
The trade closed classically on TakeProfit, and the price rise would have been enough for two levels of TakeProfit.
So, there were 7 trades and not a single one closed by StopLoss, the indicator was always on guard. Thanks to the only two profitable trades found by the Owl Smart Levels indicator and timely alerts to close the trades in order to minimize the losses, the final trading picture turned out to be very favorable.
See other reviews of the Owl Smart Levels strategy:
I’m Sergei Ermolov, follow me and don’t miss more useful tools for profitable trading on the Forex market.