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 October 16 to 20, 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.
The first and the only trade on this currency pair was opened on the signal of the Owl Smart Levels indicator on Wednesday at 10:15 and closed on the reversal of the arrow of the main timeframe, which limited the loss in the amount of 5$.
Fig. 1. EURUSD BUY 0.07, OpenPrice = 1.05726, StopLoss = 1.05597, TakeProfit = 1.06142, Profit = -$4.88
The first trade on the asset was opened on Monday at 14:15, but closed at StopLoss bringing a loss of 15$.
Fig. 2. GBPUSD SELL 0.11, OpenPrice = 1.21636, StopLoss = 1.21769, TakeProfit = 1.21024, Profit = -$15.
The second trade on this currency pair was opened on Tuesday at 17:00. According to the strategy rules, the next trade was opened with a higher risk, 1.75%. The risk for the first trade was set at 1.5%, and since the first trade closed with a loss, the risk of 0.25% was added. Unfortunately, this trade was also closed at StopLoss bringing a loss of 17$.
Fig. 3. GBPUSD SELL 0.08, OpenPrice = 1.21679, StopLoss = 1.21901, TakeProfit = 1.20963, Profit = -$17.50.
The third trade was opened on Thursday at 14:00. The risk was further increased by 0.25%, following the Owl trading strategy, and amounted to 2%. The trade, as well as the first two on this currency pair, was closed at StopLoss, bringing a loss of 20$.
Fig. 4. GBPUSD SELL 0.10, OpenPrice = 1.21231, StopLoss = 1.21441, TakeProfit = 1.20551, Profit = -$20.
There were no trades in AUDUSD this week.
Last trading week there were 4 trades, the total balance is negative. It should be noted that there is not a single trading strategy that is always completely positive. It happens because of the market volatility. The market this week moved without a pronounced trend, with increased volatility. Perhaps, a reversal of the main direction is expected. It is especially noticeable on the currency pair GBPUSD, which is the currency pair that had the main loss during trading. The effectiveness of the indicator and the trading strategy based on it can be established only by testing or observation for a long period of time. Despite this unprofitable week, the Owl Smart Leveks indicator and the strategy show quite a successful result for the current year.Detailed data are in the final table.
We will see how the trading will look like and how the market will behave, as well as what trades will be offered to us to open Owl Smart Levels on Monday, during the upcoming trading week.
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.