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 Click above to enlarge Here is another Monday Trade, done on Wednesday.
I was tempted to do a 100 pip stack on this trade because price had moved so far away from the Weekly Pivot, but I decided to just do a 50 pip stack. I am experimenting and backtesting variations of this strategy so until I feel really comfortable with larger stacks, I’m just going to stick to smaller ones.
This time I varied from the original method and instead of increasing my lost sizes as I got closer to the target, I just used the same number of lots for each entry. This trade opened a total of 40 lots.
If this actually happened on Monday, then I probably would have done the 100 pip stack, but as it gets later in the week, I usually tone it down. NFP is this week too, so I do not want to be caught in any big trades.
Anyway, the trade worked out as planned. I made a total of +14.9% on the account and it made for a great week of trading for me. I will post my thoughts as I continue to backtest this strategy.
Hello Traders,
This Monday was good to me and I was able to execute two trades. Here they are:
GBPCHF
The first trade was a classic Monday Trade.
 Click above to enlarge I got burned a few times in recent weeks because the GBPCHF had a strong tendency to the downside, so I was cautious and actually set my target 38 pips below the Weekly Central Pivot, instead of the usual 20 pips below. Price hit the target easily and I am glad that I traded it a little more conservatively.
The final result was
Click here to continue reading Two Trades, One Post >>
 Click above to enlarge Here is a mini Monday Trade that I did.
Price moved up strongly back towards the Weekly Pivot point but there was a strong area of resistance that made me nervous. In addition, price has had a downward tendency lately so I set my price target just below the last area of resistance.
This was meant to be a quick trade based on current price action. I only traded 2 units. Price hit the target and bounced back down.
I made +0.5% on the account. In hindsight, there isn’t anything that I would have done differently on this trade.
 Click above to enlarge These Monday Trades have been making me a little nervous lately. Case in point is this last trade that I did.
Instead of letting price run its course, I closed the trade early. This was a case of watching the trade too closely when I should have just went to sleep and let it run.
The result was a gain of less than $1, so not even 1%. Well, I would rather take a small gain than a big loss.
In hindsight, this pair has had a definite downward bias so I should have taken that into consideration and given the trade a little more room to operate. Lesson learned, on to the next one!
 Click above to enlarge After I closed out my last trade, I was feeling pretty good.
My account is back in the black and I can breathe a little easier. The good thing about these super aggressive strategies is that even if you have a fairly large losing trade, you can make your money back if the next trade is a winner.
This was another Monday Trade back to the Weekly Pivot. As you will notice, there was once again an opportunity to do a double stack to both the Monday Daily Pivot and the Weekly Pivot. Considering the big hits that I took in the previous couple of losing trades, I decided to take it easy and only target the Weekly Pivot.
As you can see, price gave me a bit of a scare but it finally ended up going my way. The end result was a +4.2% gain on the account.
There isn’t anything I would change about this trade, it worked well.
 Click above to enlarge Whew, these Monday Trades are kicking my ass.
This was a tough one because price just missed my target. I missed the first couple of hits on Monday but decided that this was a good point to stack trades back to the Weekly Pivot.
This trade resulted in a -2.5% loss on the account. On a positive note, I controlled the risk much better this time and this size of the loss is acceptable. However, I should have kept a little closer eye on this trade and took the profit when I had a chance.
I canceled this week’s Monday Trade back to the Weekly Central Pivot. Price didn’t even get close this week.
 Click above for larger image Last week, I did a double stack on the Monday Trade, targeting both the Daily Pivot and the Weekly Pivot. Both of them reached their profit targets.
This week, my double stack wasn’t so fortunate. As you can see from the chart to the left, a couple of my orders got executed then the GBPCHF proceeded to tank.
I should have exited after the pair dropped 20-50 pips, but I let it drop about 200 pips before I finally closed the two positions. This was against the rules of this trade and I paid the price.
The result was a -9.2% loss in the account. I’m not too disappointed about the loss, I just won’t do it next time.
If you noticed however, the result of this drop set up a Counter Trend Trade, so I reloaded and took the trade. I still have my Monday Trade stack to the Weekly Pivot in place, but I canceled all of the Monday Trade open orders that targeted the Daily Pivot. This week is a nail biter, so stay tuned!
 Click above to enlarge Here we go with this week’s Monday Trade. This week was extra fun because I decided to do a double Monday Trade. Instead of just targeting 20 pips away from the Weekly Pivot, I also targeted 20 away from the Daily Pivot.
As you can see from the picture to the left, the market was reluctant to hit my targets, but it eventually worked out. This week, I also set the take profit from one of the positions higher than the others in the hopes that I could capture more profit. It did not work out and I actually ended up losing money on that last position. Never again, stick to the plan!
This slight change in plans turned what would have been a killer week into just a pretty good week. These trades put me up +9.8% on the week and I traded 15 lots to the Daily Pivot target and 25 lots to the Weekly Pivot target.
The market action is a little indecisive in the GBPCHF this week, so I am going to wait for a clear break away from the Weekly Pivot to put in another trade.
 Click above to enlarge Like I mentioned in my last Monday Trade post, I was going to try this trade again if the opportunity presented itself. Well, what do you know? The opportunity came around again…and I took it.
Being that this was the first time I was taking a Monday Trade later in the week, I was slightly more conservative on this trade, only trading 22 lots instead of the 24 lots I traded on the last trade. I actually ended up closing the trade a little early this time. That is what happens when I am sitting in front of the computer, I get nervous. Especially with a pair as volatile as the GBPCHF.
In spite of that, the result was similar. This one trade made a 5.2% gain in the live account. At least this helps make up for the losing Monday Trade I had last week.
As you can see in the screenshot above, price made a huge run at the daily pivot then bounced about 30 pips. That is why it is necessary to target 20 pips above the actual Weekly Pivot.
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.
 Click above to enlarge 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.
 Click above for larger image There was no Monday Trade last week, but this week presented a great opportunity. The GBPCHF started well below the Weekly pivot this Monday (the start of Monday is the first vertical dashed line on the left).
I stacked my entry orders in anticipation of the move and let it rip. As you can see in the picture, price popped up and executed 4 of my orders, then broke sharply to the downside.
I finally decided to close out all orders when price dipped below the support level because it looked like price would continue to the downside.
On this trade, I lost 14.8% on the account. After I closed the trade, I felt good about closing it because the GBPCHF is a freight train and I do not want to be standing in front of it.
However, I realized that there was still an opportunity to stack a new set of orders in anticipation of another move back to the Weekly Pivot. But…
Click here to continue reading Monday Trade For This Week >>
 click above for larger image The Monday Trade strikes again. This time, very swiftly…just the way I like it.
I put in my stop entry orders when the markets first opened and by midnight (my time) the trade had opened and closed for the full profit. If you don’t know what the Monday Trade is, click here for a full explanation.
My target this week just so happened to be the daily pivot (yellow line) because it was exactly 20 pips away from the weekly pivot (blue line). There wasn’t as much room to operate in this trade, unlike in previous weeks, so I didn’t make as much on the trade.
I stacked 21 lots as follows:
- 4 lots @ 6810
- 4 @ 6805
- 4 @ 6800
- 2 @ 6795
- 2 @ 6790
- 2 @ 6785
- 2 @ 6780
- 1 @ 6775
Total profit was 380 pips and a +5% increase in the account. Now what do I do for the rest of the week?
 I had a couple questions on how the Monday trade, aka The Monday Accelerator, works so I thought I would do a post on the setup so you can test it out for yourself.
Of course, this is not trading advice and should be taken as purely informational and for testing purposes only. It is something that I like to trade in the current market conditions, but it may not work for you or may stop working in the near future.
It is very, very risky and only you can decide if it is right for you by backtesting it with software and demo trading. Never trade a system just because someone says it works, always test it for yourself.
So to begin, I will show you how I learned it, then I will go into how my testing and live trading has altered it into something that I am comfortable with.
This technique relies on pivot points. If you don’t know what pivot points are, click here for a brief introduction from Wikipedia. For the Monday Trade, you are only concerned with the central daily and weekly pivots, you can forget about the other pivot points. I only use this technique on the GBPCHF because that is the pair it seems to work best with.
Click here to continue reading The Monday Trade Explained >>
I closed all my open sell stop entries last night. None of them hit…not even close. It was getting to the end of the week and the market was too far gone. I’m looking forward to the next Monday!
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