I think this model is simple enough to trade manually. Shouldn't be too difficult to backtest by hand, either.
Anyway, here's an indicator showing the buy/sell points and their exits.
Upper blue is long entry. Lower blue is long exit.
Lower red is short entry. Upper red is short exit.
You can change the 70%/50% values. You can run this on any timeframe up to daily and it will show the 70/50 values for the day. Let me know if you find any bugs.
sorry I could not respond earlier as I was held up with work over the weekend. Just gimme some time as I will try and formulate the precise entry exit, SL.
Also I will be able to put up the excel file made to show the profitability of this sytem.
I am unsure why the link does not work. It should as lots of people have already downloaded this ebook. Let me know if you have the winrar program, which could be one of the causes.
Keris thanks for the indicator, I will test it out. Hopefully we can tweak this to get a good optimum entry,exit rules.
This is the link for excel file with test results.
Some of you might look at the chart and think that there might be some days when you get trades and get stopped and some days when you just dont get any trades. Despite all this the large volatile day when the gbp is hitting 250pips in a single day, you can make up all the losses and more. Remember that you trade only in one direction and hence there is only one trade a day. This will keep you off second guessing and overtrading.
Thanks for your interest.
I am posting this results posted on moneytec. This is a very good excel sheet and you can see the results for yourself.
The pair trades is eur/jpy and gbp/usd.
Will come back shortly with any improvements on the system.
BTW any of you programmers wanna code an EA for this system so that we can backtest this system's results??
Take a look at the actual link in the above post for the book. Somehow the link got trucated, so that's why it's not working. Could you repost the link when you get a chance?
I agree with the manual trading (though i also like the EA idea of using a TP of user's choice, which if not executed, then TP/Close order at daily close).
Thank you for the indicator. I plan on using that...should make the task much easier. On another note, I am not sure about an SL of 50, perhaps higher is better, and a trailing stop?
The EA would be nice though, but as stated earlier it gave me problems, resulting in losses that would not of occurred had I used the rules manually.
Still hoping radicalmoses can repost the link for the Larry Williams ebook.
Larry Williams the long and short of it
Try the 4th pdf from the top
Just a thought speaking of volatility...If we can get someone to continue the expert, i think an ideal setting would be to actually take positon above or below the target once the target is hit.
Using bogus numbers, say the daily move goes to 1.0000 where are short positon is waiting. I would prefer to not take entry there, but for the EA to only notice the target has been hit, and set the entry approx. 10-20 pips above target (1.0010 or 1.0020). By grabbing on the retrace we will help elimate losses. A stop loss of 50 just isn't enough. It's likely to be hit, but by confirming position first, then taking the order afew pips away will decrease the votality strain against us, making our stops less likely to be hit (not to mention more profits!)