I read a great quote which said something like success is giving back more than what you take. As this forum has helped me so much I would like to give back a system which has been profitable for me so far....
It is a system I have devised and think is quite unique.
I have been using it on EUR/USD for about 2 weeks and so far has a profit factor of 1.83 and maximal drawdown of 2.63%. I have attached the statement.
If anyone has any ideas for improvements or an EA that would be great.
1. Open positions at midnight GMT (I have been using InterbankFX)
2. Entry position is yesterdays (high+low)/2 this is the midpoint
3. Take profit is ATR(14) / 2
4. Stop loss is ATR(14)/4
5. Close all open positions at midnight GMT next day
So far I have been using 0.5 lots but am now starting to use 1.0 lots on each position
Any feedback is welcome !
Hope you enjoy it :-)
Interesting system. Have you done any manual backtesting on it? How has it performed? Thank you.
From your statement, I see that you open trades once every two days (or so). Is this the rule as well? Which days are you allowed to place your trades and which days are not? What happens if you place trades every day at GMT?
What TF do you use? It's needed for ATR
To answer your questions - trades are on daily charts, if you want to test other timeframes that'd be good.
One long and one short are opened at the same time (Midpoint of ATR) but TP is twice SL.
Trades are opened at midnight GMT.
If you would like to test on other pairs that'd be useful.
Enjoy the system !
FX babe- I haven't backtested yet but forward testing looks good if you'd like to backtest that would be appreciated.
i dont understand the rules... when buy when sell??
Open both? and wait see which wan hit first ?
that will be possible that both SL hit and no TP...
Can you post your EA? i wish to backtest too...
Midnight EST on IBFX is 5GMT correct?
midnight EST is -5 GMT NOT 5
When its Midnight GMT it is 7PM EST
This is what I understrand when looking at his statement.
He did not open a trade at 0000 GMT. If he did, that it will show in the statement. What he did is that at 0000 GMT, he calculated the previous day's average (high+low divide by 2), and ATR14. He then place a BUYSTOP/SELLLIMIT or BUYLIMIT/SELLSTOP with the entry price equivalent to the previous day's average, TP of ATR14/2 and SL of ATR14/4. That's it.
If none of the trades went active, he cancelled it when the next 0000 GMT arrives.
This is a manual trade. There is no EA available. If you want to backtest, it will have to be done manually by looking at the charts.
azmel that is all correct