Hi mer,
Loving the mechanical nature of this system.
Quick points of thought (not criticism):
1. Why bother using candles? Line graph is all we need if all we care about is the close, right?
2. You have a lot of highly correlated pairs in your post #1 list, wouldn't it be better to narrow them down so you are getting the most market exposure for the least risk? For example:
GBP/CHF and EUR/GBP are now extremely highly correlated.
GBP/AUD and GBP/CAD are now extremely highly correlated due to commodity exposure.
etc.
The pairs I think would provide the best market exposure/lowest risk to be:
EUR/GBP, EUR/CHF, AUD/NZD, GBP/AUD (or GPB/CAD), EUR/AUD (or EUR/CAD), etc.
You probably only need to pick 4 of these maximum I reckon. Just my opinion though.
3. We can write an EA to do this trading very simply, can't we?
Step 1: D1 close/open across nearest MML level. Open trade in cross direction. TP at next MML level, no SL.
Step 2: Exit position if D1 close/open across signal MML level.
Loving the mechanical nature of this system.
Quick points of thought (not criticism):
1. Why bother using candles? Line graph is all we need if all we care about is the close, right?
2. You have a lot of highly correlated pairs in your post #1 list, wouldn't it be better to narrow them down so you are getting the most market exposure for the least risk? For example:
GBP/CHF and EUR/GBP are now extremely highly correlated.
GBP/AUD and GBP/CAD are now extremely highly correlated due to commodity exposure.
etc.
The pairs I think would provide the best market exposure/lowest risk to be:
EUR/GBP, EUR/CHF, AUD/NZD, GBP/AUD (or GPB/CAD), EUR/AUD (or EUR/CAD), etc.
You probably only need to pick 4 of these maximum I reckon. Just my opinion though.
3. We can write an EA to do this trading very simply, can't we?
Step 1: D1 close/open across nearest MML level. Open trade in cross direction. TP at next MML level, no SL.
Step 2: Exit position if D1 close/open across signal MML level.