Has anyone know and tried Trade Balance Point system by Welles Wilder Jr.? I read his book New Concepts in Technical Trading System. The book is not new, it was written in 1978 and talks about different indicators he created before the personal computer era. Its a good book for anyone who wants to know how to use DMI, ADX, RSI, ATR.
Anyway, the Trade Balance Ponit system is a momentum system that uses the previous day's OHLC and projects the next day's position with target and stop loss. Of course the book is centered on commodities and futures but I tried it on the currency and it looks promissing for the GBP/USD pair. Back test shows 100 to 400 pips per month with few minutes a day trading...good for me who have a job and life.
So, I need what you think.
Rick
Anyway, the Trade Balance Ponit system is a momentum system that uses the previous day's OHLC and projects the next day's position with target and stop loss. Of course the book is centered on commodities and futures but I tried it on the currency and it looks promissing for the GBP/USD pair. Back test shows 100 to 400 pips per month with few minutes a day trading...good for me who have a job and life.
So, I need what you think.
Rick
I'm a disciplined trader and that's the only way I trade.