This strategy has produced excellent profits since 2015 however it has been recently been amended following the failure of the Blackwave Pacific account which after
five years and $265K of profits was forced to close. This new account now has additional safety features such as slightly lower position sizes, slightly fewer positions
and the addition of the hedging function however I will not attempt to reduce risk to 0% because it's not possible and the original strategy was a major cash cow for years.

The major generic criticism of this and all grid strategies is that 1) Adding to a losing position is not recommended. 2) There is no hard stop. In response would suggest
the following about Blackwave Algarve. 1) The position sizes of this grid system begin relatively low and stay low (no martingale & a little lower than Blackwave Pacific).
2) I have used the profits to buy property and also begin again. In other words what you withdraw is effectively a hard stop. What's not there cannot be lost and that seems
to be the important lesson from Blackwave Pacific and its higher risk equivalent Blackwave Alpine. It took 5 years to kill Blackwave Pacific and Blackwave Alpine and that
confounded most of the critics every month for five years. Eventually they were correct.....or were they? $265K of profits and millions of dollars of profits in the clients
managed accounts bought a lot of assets. For those who don't want to withdraw profits they get paid with exponential compounded growth but all of the money is always on the
line. I withdrew profits because I wanted to buy other things too. I didn't have any special insight indeed sometimes I felt it was foolish to withdraw. This accidental
desire turned out to be a useful strategy, and so I suggest timely withdrawals as part of the strategy for anyone looking to follow, however each to their own risk appetite
and personal circumstances.

The strategy is a manual grid strategy and it follows my sceptical thinking so that I want to buy when markets get too emotionally downbeat about a currency pair and I want
to sell into optimism about a currency pair. This is counter-intuitive and goes against any trading course I've seen which tells us to "go with the trend". While it has
traded exotic and EM pairs profitably in the past it only trades major and minor forex pairs now to reduce the cost of SWAPS and the inherent political/geographic/economic
uncertainty around many exotic/EM pairs.

When markets are overbought/oversold or close to overbought/oversold trades are opened counter-trend. When profit targets are hit trades are closed. If the market continues to move against the
initial position then a second trade is opened based on candlestick price action and how the market is trading/pending news etc. Up to 10 positions maybe opened for each of
two pairs so worst-case scenario 20 trades though this has never happened the account is modelled to cope with this.

There is NO HARD STOP LOSS. There is a SOFT one which is market dependent and as follows;


Blackwave Algarve €2000 = 0.01 lots
Drawdown Level = 35%-40%

THE NOVEMBER 2021 STRATEGY
When the account approaches or exceeds these levels, the following may happen. The grid begins to be closed starting with the biggest losers in order to improve the average entry and protect against further downside. This may take the form of 1. simply closing the trade or 2. using profits from the second basket to close or partially close the biggest losers, allowing cash to increase a little even while partially closing the biggest losing position and still improving average entry. The goal as always is to protect and increase equity. Hedging on a grid of up to 1/3 of the position with profits used to partially close the biggest losers. Hedging to continue until the DD level returns below 35%. The hedges to be paid for by normal profits including profits from the original trade that was hedged.