Proverbs 16:3 Trading Strategy Daily Results

[Will Duxon]

Wednesday, October 12, 2016

GBPUSD handed me my first loss since probably about September 27th, but that's what I get for trying to trade anything associated with the cable, given its current state of affairs.



There might be a silver lining however in that it could be that it just gave me a very good idea as to which version my multiple-envelope charts constructs the best trade setups for when I'm looking to enter positions virtually guaranteed to return a profit:

 

[Will Duxon]

Final Entry

In my initial post I wrote that I had adopted an approach to trading foreign currency pairs that I was hoping to hone to near perfection (i.e., one that results in numerous consecutive days without a single losing trade).

Having come to the conclusion that this goal has been reached, I have no more motivation to continue this journal. Yesterday I made some trades base on one-hour charts, initially made a little bit of money off of AUDUSD and EURJPY, and hoped to make some more when AUDUSD boomeranged back above yesterday's starting point...but NO!

It rose even higher! Now I'm going to have to wait for hours and hours to return to profitability and probably won't get there before sometime tomorrow at the earliest. The same is going to be true in terms of trying to make money off of EURUSD, GBPUSD, USDCAD and USDCHF.



My lesson?

This will be the LAST time I enter positions based on one-hour charts. Sure, I will use them for CONTEXT, along with daily, four-hour, fifteen-minute and five-minute charts, but the ONLY charts on which I will ULTIMATELY base my entry and exit points will be my one-minute charts, and hopefully I can go back to pocketing DAILY earnings come next week.

So long, journal! :smart:

 

[Will Duxon]

I just crunched the numbers to send some information along to someone and found that between September 27th and October 12th this strategy hit a 97% accuracy rate...I can live with that.