Today I will present an overview of trades made using the Owl strategy – smart levels for the EURUSD, GBPUSD and AUDUSD currency pairs March 13-17, 2023.
For convenience and timely receipt of signals, I owl smart level indicatorThe main trading timeframe is M15, but the H1 and H4 timeframes are used to confirm trend direction on higher timeframes.
The first asset we will look at in a moment is EURUSD. The review will be short as the indicator only showed one trade for this asset and unfortunately the trade was unprofitable due to high market volatility in this area.
Fig. 1. EURUSD BUY 0.09, OpenPrice = 1.06091, StopLoss = 1.05927, TakeProfit = 1.06621, Profit = -15$.
The Owl Smart Levels Indicator has not yet been trained to take global news into account, but traders using this indicator can do so. It is notoriously difficult to predict market movements, especially during important news releases. Violent fluctuations and gaps can occur. On the morning of March 14th, two pieces of news were announced about him that will affect the trading of the GBP pair.
Trading on March 14th was negative. Is it a coincidence? i don’t think so. Of course, we’re not creating a direct correlation here, nor are we timing them.
Fig. 2. GBPUSD BUY 0.06, OpenPrice = 1.21652, StopLoss = 1.21413, TakeProfit = 1.22426, Profit = -15$.
The next losing trade was saved and the loss was minimized and reduced to the “arithmetic error” value. Regular readers know that they should watch the indicators after they start trading. If it shows a change in the direction of the big arrow, you should close the trade in “manual mode” without waiting until the stop loss order is placed.
Fig. 3. GBPUSD sell 0.04, open price = 1.20747, stop loss = 1.21129, take profit = 1.19466, profit = -3.48$.
Additionally, on March 16th and 17th, a large portion of the market was in a dead zone where the indicator discouraged opening trades.
On March 13th and 14th we had two big pieces of USD news, and on the 16th we had news for both USD and AUD. Owl Smart Levels handled these trading days very well and suggested trading assets, one of which had to be “saved”.
Fig. 4. AUDUSD BUY 0.04, OpenPrice = 0.66611, StopLoss = 0.66267, TakeProfit = 0.66638, Profit = +1.18$.
Of course, this was a deal with three “666” values in the OpenPrice number. The market changed direction and the trade had to close at 0.66638 instead of the expected 0.67723. The direction and color of the large arrows in the Owl Smart Levels change from green to red to indicate this sudden change of direction. The trade brought in a whole dollar, but it remained positive. In fact, this corresponds to our task – to maintain profits in any situation.
Figure 5. AUDUSD BUY 0.13, OpenPrice = 0.66503, StopLoss = 0.66367, TakeProfit = 0.66941, Profit = +56.36$.
The next trade (Fig. 5) was “classically” closed on TakeProfit and brought a good profit.
Then, on March 15th, the market was in the dead zone for almost a day. The week looked like it could close this way on the currency pair, but the next day the indicator found another profitable trade, putting the week in its final place.
Figure 6. AUDUSD BUY 0.13, OpenPrice = 0.66447, StopLoss = 0.66301, TakeProfit = 0.66917, Profit = +48.29$.
The last trade of the week was also closed on TakeProfit. Like its predecessor, it turned out to be quite profitable, and for small deposits it was quite profitable.
This review has tried to remind you that it is helpful to consider major global news that can have a significant impact on market volatility when planning your trading strategy.We also use the Owl Smart Levels indicator. The trading strategies we have presented are based solely on technical analysis, but in fact fundamental analysis should not be forgotten and it is very helpful to consider its main factors using indicators.
See other reviews of the Owl Smart Levels strategy.
- From 6 to 10 March 2023, Total: +3.6%
- From 27 February to 3 March 2023, Total: +7.3%
- From 20 to 24 February 2023, Total: +28.4%
- From 13 to 17 February 2023, Total: +10.8%
- From 6 to 10 February 2023, Total: +11.2%
I Sergey Ermolov, Follow me and don’t miss more useful tools for profitable trading in the Forex market.