Mechanical Consistency Weekly Review 3; -0.1% Return.
Non-Farm Payroll screws me up…
TL;DR
- Total Profit of approximately $-10 (-0.1%) for the last week of July 2023.
- Total 8 trades, 5 wins & 3 losses.
- 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.
Similar to last week, this week ended with a small tiny loss. Although we started out great but still ends horribly after wiping out all my profit from the first half of the week. Let’s review each day.
Monday (31 July 2023)
Monday did not disappoint and is able to generate good profit for both trades, gaining around 5.5% and minimal drawdown. The first trade was executed flawlessly, experiencing minimal drawdown before quickly hitting its target for a satisfying profit. The second trade was triggered right after the first’s successful exit and continued its momentum into Tuesday morning, reaching its initial take profit level. However, due to the potential impact of the ongoing trade on the new setup, I had to make a prudent adjustment to the second trade’s take-profit level.
Tuesday (01 August 2023)
Tuesday, the price fails the upward push and falls below the market structure, triggering and loss my first trade. Luckily, the price is able to hold at my 2nd trade level. Retracing back to my first take profit level, recovering half of my loss. However, my stop loss got hit after shifting my stop loss to breakeven.
Wednesday (02 August 2023)
On Wednesday, we came close to securing a successful winning trade. As our trigger entry is at 61.8%, the price instead only retraces back to 50% before heading down and making a new lower low. My second trade got triggered and is able to hit take profit 1.
Thursday (03 August 2023)
The market was in range bound market, no trade got triggered, quiet and peaceful trading day.
Friday (04 August 2023)
We encountered a series of unfortunate trades following the US’s Non-Farm Payroll Data. The price became super volatile, which mean the spread got even wider, triggering and hitting stop loss for the first 3 trades. Luckily the price is able to hold and trigger a winning trade, recovering some losses.
Volatility is every trader’s nightmare. When the price become volatile, the spread will get bigger, which will cause our entry/stop loss/ take profit triggered at a very unfavourable price level. After reviewing my trades I’ve decided to add some improvements to myself: Avoid trading Non-Farm Payroll.
Endnote
My mechanical consistency strategy is demonstrating impressive efficacy, particularly evident when price reacts remarkably at both my entry and take profit levels. Nonetheless, it remains a work in progress, susceptible to imperfections, with the potential for volatility to swiftly erase all accumulated profits.
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