Mechanical Consistency Weekly Review 5; +9% Return.TL;DR
Total Profit of approximately $900 (around +9%) for the 2nd week of August 2023.
Total 9 trades, 8 wins & 1 loss.
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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We had a beautiful trading week for 2nd week of August. Most of my predetermined parameters got triggered and reached my take profit without much drawdown. Let’s break it down.
Monday (14 August 2023)
I encountered my first loss of the week when the initial mean reversion trade didn’t go as planned. The price swiftly plummeted, triggering my stop loss and prompting me to initiate my second mean reversion trade. Fortunately, I managed to bounce back and secure some profit from take profit 1 before the price continued its downward trend.
Tuesday (15 August 2023)
My daily bias, determined by the 21 EMA, indicated a clear downtrend. I executed both trades flawlessly. The first mean reversion trade unfolded precisely as anticipated, allowing me to capture profits at each stage. The second trade, a retracement play, experienced an immediate reversal shortly after entry, with almost no drawdown. It was the ideal trade setup I had been hoping for!
Wednesday (16 August 2023)
The daily bias continued to favor a downtrend. While Tuesday’s trade remained open, my parameters signaled another retracement trade, and both trades successfully reached all of my predetermined take profit levels. As the trading day neared its end, I was triggered into a mean reversion trade at 127%. Fortunately, I managed to secure some profits before ultimately closing the trade on Thursday.
Thursday (17 August 2023)
The daily bias remained in a downtrend. Most of my attention on Wednesday was dedicated to managing the ongoing trade from that day. However, once I closed out the Wednesday trade, I was able to initiate a standard retracement trade that successfully reached both of my pre-set take profit levels, resulting in a substantial profit. Later that same night, my mean reversion trade was triggered, and I had to manage it until Friday.
Friday (18 August 2023)
Even though market sentiment began to show signs of shifting towards the upside, my daily bias remained in a downtrend. I successfully closed my Thursday’s trade with a profit and promptly initiated a standard retracement trade, reaching the first take profit level and securing a breakeven point at the entry price, just before the market began its upward momentum.
Endnote
As I navigated a market with a prevailing downtrend, while also observing hints of a shift in market sentiment towards the upside. Despite these challenges, I executed my trades with precision, closing out profitable positions and making the most of favourable retracement opportunities without any market analysis + zero guesswork, purely using a mechanical system that I developed, backtest and forward testing. Same strategy, same system day in and day out!
As a full-time working individual, I do not have the time to constantly monitor the charts and look for the "perfect" trading opportunity. This is why I adopted the mechanical trading strategy to earn extra money.
This approach eliminates the need for extensive technical or fundamental analysis and removes any guesswork. It is a 100% Mechanical rule-based strategy, ensuring disciplined and consistent decision-making.
Here's how it works: Immediately after the 1st-hour candlestick closes either below or above the 21 EMA (Exponential Moving Average), you place precise Buy/Sell limit orders. Once all parameters are meticulously set, you can confidently attend to your daily routine, including your day job, while entrusting the market to dictate the trades.
If you want to learn my strategy, please visit my blogging site, link in BIO. Thank you!
