Monday Trade

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Here we go again ladies and gents.   The Monday Trade in the GBPCHF was live again this week.  For a complete explanation of this trade, click here.

Unlike last week, this week ended well.  There was a slight scare when all of my limit orders were taken in and price then proceeded to retrace after missing my take profit by a mere 3 pips.

At that point, I should have closed them all out but I was not at the computer when it happened so I had to let it run.  As I learned last week, this trade has to be given a chance to become successful so I let it run it overnight and the target was hit.

This trade was done in my swing trading live account and I gained 8.3% on this one trade.  It has come to my attention that other traders are trading this strategy more aggressively and are achieving much higher gains, but at this point, this is all the risk I am willing to take on this particular strategy.

One way that I can see to increase gains on this trade is to do the trade back to the weekly pivot multiple times during the week.  I will look into this and do some backtesting to see how viable this strategy is.

I would be apprehensive about running out of time if I took a second or third trade later in the week.  Maybe targeting the daily pivot would a better way to go.  I will have to see how the testing turns out before adding on to this trade.

Hope your trading is going well!

Hugh

P.S. – This is a very risky strategy (see disclaimer) and you should backtest it, forwards test it and sidewards test it to see if it is for you before ever risking any real money on it.

If you enjoyed this article, you might also like:

1. This Week’s Monday Trade
2. The Monday Trade Strikes Again
3. 2009-12-28 GBPCHF Monday Trade
4. Monday Trade Cancelled
5. Monday Trade For This Week