No Im not talking about my waistline!
The coin flip method I am testing has gone 18 days without a take profit day, not all where loosers but it is now in the negative, and if your a fan of Mr. Martingale you are talking serious dollars. I might benefit with a reversal trade.
Ok I have figured another way to enter this trade which is a little less risky then a fiip of a coin or roll of a dice.
I have done a little back testing and it looks a lot better. here it is. I would really like the EA on this one to run some backtest thru the strat tester with. hint.
Ha nice name huh? I do need a little midline work!
OK here it is and simple Manual Mechanical system.
I use h1 chart and only have tested on Cable.
I enter at the euro session open.
I will buy if price is above yesterdays midline, and sell if price is below yesterdays midline.
30 pip target
30 pip stop
move stop to BE once your in profit by 10 pips. (thismight need a little adjustment)
If stop is hit reverse the trade. (one reverse trade per day only) You need to reverse if the +1 stop is hit.
Once profit is hit your done for that day.
In my backtest I noticed that the days the reverse paid off would have been some great days to let profit run, but I did not do that in this system.
In my backtest (I have only done several months backtest so far) this one has produce a nice steady gain with just the initial trade, and it doubled the pips when I added the reverse trade. But there is nothing like forward testing.
An EA for this would be nice. hint!
Any way give it a look and any comments are welcome
The targe is too little 30 pips.
I hv few questions;
1. midline is (yesterday high + yesterday low)/2 isn't it? or you only use the european session high and low ?
2. you said that you buy when the price above the midline, did you mean cross the midline from below to above? (vice versa)
Nicesurf I think most would love to have 30 pips, but try for more if you wish, In my backtest I did notice that on days the first trade stoped out the reverse often was the big runner, and on normal winning days you could get a few more.
primajaya it is the high + low /2
answer for 2. would be enter right at the session open not wait for a cross.
if price is below like today you would have sold right at the session open and gotten stopped out with +1 and reversed and made +30 on that one.
This system has been profitable for me. I would like to find something simple that could help take some of the losses out of it.
Im looking at superSR7 and it helps some, if say price is above midline and is also closer to resistance then it is support, then it is better to take the trade short instead of long.
That takes a few out, but I would like even more.
Any ideas, I dont care to have several indicators just one if I can find it.
Hi droesparky - by yesterday do you mean 0GMT to 24GMT, 8GMT to 7GMT (london open start), or something else.
its London open, I believe 8gmt. Im in the US and its 1am CST for me that I take the trade.