Mechanical Consistency; Gold (XAUUSD) Trade Review for 04 Aug
Hi, This is a trade review for 02 Aug 2023.
Here are some details for the trades.
XAUUSD
1-hour time frame
2% per trade
Thursday No Trade - Range Market.
Friday 3 lose 1 partial win.
On Thursday, the market was in range bound market, no trade got triggered, quiet and peaceful trading day.
On Friday, 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.
After reviewing my trades I've decided to add some improvements to myself: Avoid trading Non-Farm Payroll.
Disclaimer: Not Financial Advice! I'm just sharing my trading journey. Please take it as educational content. Thank you!
On Wednesday, we came close to securing a successful winning trade. The price exhibited a retracement to the 50% Fibonacci level before initiating a downward movement, resulting in the establishment of a new lower low. As of now, my second trade has been triggered and is actively in progress.
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 adopt 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!
Here are some details for the trades.
XAUUSD1-hour time frame
2% per trade
Thursday No Trade - Range Market.
Friday 3 lose 1 partial win.
On Thursday, the market was in range bound market, no trade got triggered, quiet and peaceful trading day.
On Friday, 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.
After reviewing my trades I've decided to add some improvements to myself: Avoid trading Non-Farm Payroll.
Disclaimer: Not Financial Advice! I'm just sharing my trading journey. Please take it as educational content. Thank you!
On Wednesday, we came close to securing a successful winning trade. The price exhibited a retracement to the 50% Fibonacci level before initiating a downward movement, resulting in the establishment of a new lower low. As of now, my second trade has been triggered and is actively in progress.
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 adopt 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!
Disclaimer
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