Mechanical Consistency Weekly Review 2; -2.2% Return.
24 July to 28 July 2023
TL;DR
- Total Profit of approximately $-220 (-2.2%) for the 4th week of July 2023.
- Total 7 trades, 3 wins & 4 losses. 42.8% Win Rate.
- 1-hour Timeframe, Oanda, XAUUSD(Gold), $10,000 Capital, $200/ 2% per trade.
- Mechanical Consistency Trading Strategy; Purely rule-based strategy, zero guesswork, zero analysis.
Disclaimer: I am not a financial advisor. The content for this article is purely for educational/research purposes only and is merely based on my personal opinions.
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Hi, Here’s a weekly trades review on my mechanical consistency strategy.
The week started out great but ended horribly after wiping out all my profit from Monday and Tuesday. Let’s review each day.
Monday (24 July 2023)
Monday’s trade unfolded beautifully as the price swiftly moved into profit, triggering the trade and reaching my first take profit target. As the trade progressed, I shift the stop loss to the entry point. Although there was a temporary retracement, the price showed resilience and continued to hold, surprising me with another opportunity. This unforeseen turn led to the activation of my Tuesday trade.
To my delight, the Tuesday trade also moved favourably, steadily heading towards profit with a remarkably minimal drawdown. Eventually, it successfully hit all of my take profit levels.
Tuesday (25 July 2023)
Tuesday’s trade was cut short due to the stop loss being triggered at the entry-level after the first take profit target was reached. Despite this early exit, it is essential to recognize that it was still a good trade overall.
Wednesday (26 July 2023)
Wednesday’s trades resulted in net zero. The first trade experienced an immediate loss, reaching the stop loss and simultaneously activating the second trade. Fortunately, the second trade was able to reach my initial take profit level before any further upward movement occurred.
Thursday (27 July 2023)
Thursday turned out to be the most disappointing trading day of the week, as it swiftly wiped out all the profits I had accumulated so far. The sharp decline in Gold’s price was triggered by the release of strong US data and led to losses in a matter of seconds.
Experiencing such setbacks can be challenging, but it’s important to remember that trading inherently carries risks. Even with careful analysis and preparation, unexpected market movements can occur. The key is to learn from these experiences and adapt our strategies to better manage such situations in the future.
Friday (28 July 2023)
On Friday, there were no trades triggered, primarily due to the trade setup parameters from Thursday causing it. It is crucial to remember that these parameters are designed to ensure a disciplined and cautious approach to trading. Market conditions may not align perfectly with our criteria, and it’s better to be patient and wait for more favourable opportunities.
Endnote
Although we experienced a slight loss of only -2.2% of our capital, it’s essential to recognize that I’ve remained profitable throughout the entire month of July. I will soon share a comprehensive review of our monthly trades. By steadfastly adhering to my mechanical strategy, I firmly believe we can continue to secure profits in the long term. Let’s view this endeavour as an investment rather than just a day job.
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