[ad_1]
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 15 to 19, 2023. It was not an easy week for trading, but first things first.
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.
Before analyzing the four trades suggested by the Owl Smart Levels indicator, I will explain the new rules that I added to the trading system.
The first. There are relatively few players in the market during the night between 23:00 and 8:00, and the classical rules of trend trading may not work due to lack of liquidity. It is difficult for a trend indicator to understand the complexities of a sluggish, slow, flat or sometimes going against the technical analysis market. Exactly at this time the indicator makes the most of its negative trades. All this is better exchanged for a healthy sleep.
The second. Further, we do not take into account trade signals, if the StopLoss size is less than 50 pips, and do not open such trades. The Owl Smart Levels strategy is based on market correction rules, while trades with such a small StopLoss are more related not to a trend movement, but to “marking time”, which contradicts the main principles of the strategy for finding entry points into the market.
EURUSD review
The market spent Monday and Tuesday steadily in the dead zone. The Owl Smart Levels indicator has not given a single signal to open a trade during these two days. The market was in the dead zone on Friday as well. On the whole, EURUSD had no trades last trading week.
GBPUSD review
The market spent Monday steadily in the dead zone. On Tuesday the Owl Smart Levels indicator proposed to open a trade for selling from the level 1.25065.
Fig. 1. GBPUSD SELL 0.06, OpenPrice = 1.25065, StopLoss = 1.25321, TakeProfit = 1.24237, Profit = -$15
The trade could not be closed due to the reversal of the indicator’s big arrow, because the shadow of the bullish candle crossed the StopLoss level for a fraction of a second.
Thus, the only trade on GBPUSD last week was unprofitable.
AUDUSD review
There were three opened trades on AUDUSD. The market was in the dead zone on Monday. The first trade of selling was opened on Tuesday.
Fig. 2. AUDUSD SELL 0.12, OpenPrice = 0.66848, StopLoss = 0.66969, TakeProfit = 0.66454, Profit = -$9.30
The trade turned out to be a loss, but the loss was minimized by the big arrow of the Owl Smart Levels indicator.
The next trade was also opened on Tuesday and was also for selling, the indicator was confidently working in a downward trend.
Fig. 3. AUDUSD SELL 0.15, OpenPrice = 0.66845, StopLoss = 0.66963, TakeProfit = 0.66463, Profit = $56.65
The trade closed on TakeProfit and brought quite a good profit.
The last trade of the previous week was for selling Aussie dollar from 0.66584 level.
Fig. 4. AUDUSD SELL 0.13, OpenPrice = 0.66584, StopLoss = 0.66698, TakeProfit = 0.66214, Profit = -$15
As in the case with the first trade on GBPUSD the candle caught the StopLoss level with its shadow, and the trade was negative $15.
Results:
It looks like the market is entering into a period of a trend trading. Let’s see what the next week brings and how the Owl Smart Levels performs.
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.
[ad_2]
Source link
