Trading Weekly Levels

[Chad Seven]

2.5p per share for an LSE listed gold mining company with operations in Russia.

 

[Chad Seven]

Time for an update.

13 trades closed since the beginning of the year, one open. Of the closed trades there were four wins and 9 losses. Win rate of 30% and average R:R of 7.2.

On reviewing my trades I noticed that if I had set a target of the opposite extreme of the weekly range rather than trailing my stop loss the results would be significantly better. It's a small sample to make any conclusions but I like the simplicity of it and read somebody here write that whatever gets you a trade should get you out, which makes sense to me so it's something I am considering.

Currently have an open trade on the GBP/USD which has been a roller-coaster ride. I have not had much luck with forex using this method or my previous one.

Squeaky bum time for anybody with their life savings in physical gold at the moment.

 

[Chad Seven]

Time for an update.

13 trades closed since the beginning of the year, one open. Of the closed trades there were four wins and 9 losses. Win rate of 30% and average R:R of 7.2.

On reviewing my trades I noticed that if I had set a target of the opposite extreme of the weekly range rather than trailing my stop loss the results would be significantly better. It's a small sample to make any conclusions but I like the simplicity of it and read somebody here write that whatever gets you a trade should get you out, which makes sense to me so it's something I am considering.

Currently have an open trade on the GBP/USD which has been a roller-coaster ride. I have not had much luck with forex using this method or my previous one.

View attachment 315166

Squeaky bum time for anybody with their life savings in physical gold at the moment.

View attachment 315167

If one was in the habit of setting targets at weekly levels, on seeing a complex head and shoulders such at the one on GBP/USD you might be forgiven for adjusting your target a little higher, perhaps around 13,400.

 

[Chad Seven]

GBP/USD trade closed for a 7.5 R:R. Now short Dow.

 

[Chad Seven]

GBP/USD trade closed for a 7.5 R:R. Now short Dow.

View attachment 315260

Not this time. Looks like my call on the start of the bear market was premature too.

 

[Chad Seven]

If one was in the habit of setting targets at weekly levels, on seeing a complex head and shoulders such at the one on GBP/USD you might be forgiven for adjusting your target a little higher, perhaps around 13,400.

View attachment 315171

Looks promising. One or two of these a year would make a lot of difference to the bottom line.