Euro Daily 7 Pips Income System
Hi everyone Im working on testing a new daily system out for the Euro pair. It trades only once a day and I think it can become a good system but I need some help.
Daily Euro 7 Pips Income System.
It's a very simple concept based on Previous Daily Support and Resistance.
We will be placing entry orders 5 pips above daily high and 5 pips below daily low. Whichever order is executed goes through.
Rules
Entry - 5 pips above daily high plus spread
Entry - 5 pips below daily low
Stop 7 pips.
Take Profit 7 Pips.
I think the beauty of this system is that we don't have to watch the market all day long. It's purely mechanical so if the order exectues we are in the market, if not we don't trade that day.
From looking at history it appears to work almost everyday with very few losses. But anymore than 7 pips profit is pushing it.
If possible maybe someone can develop an EA so we can backtest it but trading off the demo so far has been looking very rewarding!
Lets make this an awesome system
Anyones feedback would be greatly appreciated.
Happy Trades!
CliffordHow did you backtest this? You can't watch daily timeframe to backtest this...
Actually I have not been able to backtest it yet because I do not have an EA for it. However I think that it can be a extremely profitable system because the Euro moves alot. With a broker like Oanda we can get a very low spread so to catch 7 pips a day should not be very difficult. The system is designed to only be traded with the Euro using entry orders. Do you know anyone who can try and make us an EA for it?
Thanks again
Here is tonights example
03/11/14
Previous Euro Daily High/Low
Previous High 1.3896
Previous Low 1.3860
Buy Stop 1.3902
TP 7 pips 1.3909
SL -7 pips
Sell Stop 1.3855
TP 7 pips 1.3848
SL -7 pips
As you can see very simple system all we have to do is enter the orders every night after the market closes. Then we wait for the market to tell us when to trade.
It would be really nice if we can create an EA for this system!
Another great trade last night off the Euro Daily 7 pips system. Who needs to watch the market or indicators all day long? Just get your 7 pips while your sleeping once a day and enjoy life! The beauty of this system is it's simple set it and forget it. Sure there will be some losses but not many. Almost everytrade this week so far has been a winner the key is just 7 pips nothing more.
Another great trade last night off the Euro Daily 7 pips system. Who needs to watch the market or indicators all day long? Just get your 7 pips while your sleeping once a day and enjoy life! The beauty of this system is it's simple set it and forget it. Sure there will be some losses but not many. Almost everytrade this week so far has been a winner the key is just 7 pips nothing more. This trade was entered at 1.3920 and closed at 1.3927 stop 7 pips below.
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Hi everyone Im working on testing a new daily system out for the Euro pair. It trades only once a day and I think it can become a good system but I need some help.
Daily Euro 7 Pips Income System.
It's a very simple concept based on Previous Daily Support and Resistance.
We will be placing entry orders 5 pips above daily high and 5 pips below daily low. Whichever order is executed goes through.
Rules
Entry - 5 pips above daily high plus spread
Entry - 5 pips below daily low
Stop 7 pips.
Take Profit 7 Pips.
I think the beauty of this system is that we don't have to watch the market all day long. It's purely mechanical so if the order exectues we are in the market, if not we don't trade that day.
From looking at history it appears to work almost everyday with very few losses. But anymore than 7 pips profit is pushing it.
If possible maybe someone can develop an EA so we can backtest it but trading off the demo so far has been looking very rewarding!
Lets make this an awesome system
Anyones feedback would be greatly appreciated.
Happy Trades!
Clifford