Hi Guys,
Like most on this site, we are all looking for different ways of approaching the forex market.
I have been looking at range bar strategies for some time now, and have noticed something which may or may not work but I will describe it and then the coders or more experienced range bar traders amongst us can tell us if it possible or not.
I have included a jpeg of this simple idea.
It is last Fridays Euro/usd range bar chart with the range of each bar set to 8.
A lot of the range bars do not have any wick, ie they start and either move straight up or straight down. This is what the EA will exploit (if possible).
In the example posted, it shows an up bar, so the ea will go long once the price moves away from the open price by 0.5 pips. Ea will close trade at end of bar. Stop loss is 0.5 pips below the open. The EA will trade every bar.
The opposite for short applies.
On Friday there were 200 bars
56 were winners , so 56 x 7 pips
144 were losers, so 144 x 1 pip
Total won for the day is 248 pips.
Possible reasons why this only looks good on past charts and won't work in reality is speed of execution and slippage and spread.
Thanks for any response from the coders.
Slim
Like most on this site, we are all looking for different ways of approaching the forex market.
I have been looking at range bar strategies for some time now, and have noticed something which may or may not work but I will describe it and then the coders or more experienced range bar traders amongst us can tell us if it possible or not.
I have included a jpeg of this simple idea.
It is last Fridays Euro/usd range bar chart with the range of each bar set to 8.
A lot of the range bars do not have any wick, ie they start and either move straight up or straight down. This is what the EA will exploit (if possible).
In the example posted, it shows an up bar, so the ea will go long once the price moves away from the open price by 0.5 pips. Ea will close trade at end of bar. Stop loss is 0.5 pips below the open. The EA will trade every bar.
The opposite for short applies.
On Friday there were 200 bars
56 were winners , so 56 x 7 pips
144 were losers, so 144 x 1 pip
Total won for the day is 248 pips.
Possible reasons why this only looks good on past charts and won't work in reality is speed of execution and slippage and spread.
Thanks for any response from the coders.
Slim