The last 30 days have indeed been good for this system, but I went back manually over quite a few months and some months were as bad as August was good.
If you check out the weekly chart you will see why - loads of movement this month compared to normal.
Also, Cable is the best pair simply because it tends to over-react to news and this system is very much in the midst of news breakouts.
Yes you could set a 20 pip take profit which would actually succeed in more than 50% of the trades. However, on losing days you would say goodbye to 2 or 3 times this.
What we need is an EA so that we can backtest for the best settings. A tight trail is not always the best plan. For this system to succeed it needs to let the winners run on those days when 100 pips are on offer.
I seem to remember a generic EA that might be tweakable for this system?
At my opinion, EA backtest are worthless.
Yes generally they are, but in this case we have no indicators, just price action. Set 2 pending orders at the high and low of the previous 8 bars. The only difference in real trading would be slippage and requotes, but you get that with any live trading.
Back testing would help with parameters like - trailing stop or not, take profit level, length of trade etc.
i, am testing this system with the Momemtum Indi ZL10 an the S&R Levels.
Look on my Chart.
Could you please post Momemtum Indi ZL10. Thanks. I need to make a test and need that one.
Im soon going to post an EA for this strategy, EA will be provided by my friend who is working on it.
Unfortunately, i wont find use of the EA since im using a broker with another platform,
But those trading on IBFX or metatrader broker might find it useful, and also useful for backtesting and stuff,
1. 1400-1600 is the time on my broker (liteforex.org). you could try using this broker demo.
2. Timezone is 7am-9am NY time.
Please explain your No. 3 point above. Won't you be stopped out frequently if you move the stop to breakeven + 1 pip?
It depends on your choice, IF you do not want to take any chances or risk, you can breakeven your trade once it goes in your direction,
Or if you want to tolerate negative pips and wait for it go in your direction, Its all up 2 the trader
Hi Andee. Thanks for the updated correct indicator.
Thanks for your prompt revision of the mistake of your last GU Breakout indicator.
I will forward-test it next week, and will give you the results in 1 or 2 weeks later.
I think because this is a breakout indicator, it may be most suitable to those very volatile ones related to Gbp such as: Gbpusd, Gbpjpy, Eurusd, and Eurjpy, especially Gbpusd and Gbpjpy.
By the way, just to ask you some personal questions as follows:
+ I am using MT4 Platform of FXPro (www.fxpro.com), and I don't know that the server's time of FXPRO's platform based on GMT Time (GMT = 0, -1, -2, or +1, +2, etc ?). Could you or other people please kindly advise me? Thanks.
+ The reason why I use FXPro because I am now trying to trade spot gold, and I intend to use your Breakout Indicator to forward-test the trading of spot gold as well, because during Asian hours, price of spot gold moves very slowly most of the time, but when it comes to European time (from 15:00pm Vietnam time, because my Vietnam time is GMT +7), it moves very fast and more strongly, I think your indicator can be used to test the breakout of spot gold as well.
+ What does it mean "Mulai", "Akhir", and Jumlah_Hari" ? Is this Indonesian language?
I am waiting for your further information and explanations soon.
Thanks and regards,
first, thanks to you.
currently i trade with fxpro too, is GMT+3 that my foxclocks says, (but i'm not trade with this system).
Mulai = start,
Akhir = end,
Jumlah_Hari = number of day you want to display the indicator.
i hope this can help