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DislikedHi HB,
Just now i closed all with +350 pips.... amazing within last 2 hour +150 pips...
thanks HB.Ignored
DislikedAny thoughts on moving SL to BE after 50 pips or so to protect equity?
I understand the concept of not trading all the correlated pairs because of risk, but what if we only trade another correlated pair only if SL is move to BE on your first trade before you take another, this will help minimize risk.
I believe it would be advantageous to this strategy to have a solid money management system.
My thoughts,
Kind Regards,Ignored
DislikedI just finished reading the thread and it is a great simple system, Thank's HB.
on a side note have you begun to solidify the rules now that there is some history and tweaks to the method?Ignored
DislikedHugh -
Quite some time ago you told me, on another thread of yours I believe, that your broker's EOD was late afternoon or early evening. If that is still the case is that when you place your EOD pending order? Or do you wait until later to see how the pair are acting? p.Ignored
DislikedThe open of the next candle after what? Do you mean after the signal candle in the opposite direction of the monthly trend.
IMO a small sized stop doesn't necessarily equate to a low risk entry. If there's no price action (like the break of a high/low) to justify an entry, it can become a random entry at high risk.
Just my thoughtsIgnored
DislikedThe tweak I am suggesting is to just buy at market after the close of a bearish candle (open greater than close) or sell at market at the close of a bullish candle (open less than close). For backtesting, I used 100 ema close and 160 ema open to approximate the monthly ema's and a spread of 2 pips. Buying conditions are when the 100 ema is above the 160 ema and the 5 ema is above the 8 ema. Selling conditions are when the 160 ema is above the 100 ema and the 8 ema is above the 5 ema.
Here are the results of the system backtest for E/U from January...Ignored
DislikedIt seems that since the losses are smaller, more leverage can be used. More testing should be done on other time periods and currency pairs. Thanks again Hugh for starting this thread.Ignored
DislikedThe tweak I am suggesting is to just buy at market after the close of a bearish candle (open greater than close) or sell at market at the close of a bullish candle (open less than close)..Ignored
DislikedSorry I'm still fuzzy on the entry. If you take the entry after the close of your bearish candle (I'm assuming this is a monthly uptrend) how do you know if the retracement is done. It seems like a random (albeit end of day) entry. I believe Hugh's idea was that we get this retracement (bearish daily candle in a monthly uptrend) which sets a resistance point.
Resuming the uptrend and breaking that resistance is a signal of continued upside pressure.
Can't argue with your backtest results, I'm just trying to follow the logic of the entry.Ignored
Dislikedaud/chf - I have a buy stop @1.0291; 2 red candles so far
eur/aud - a sell stop @ 1.1675; 2 green candles now
Both of these might be in the process of reversing trend direction but will leave them in place unless the MAs crossover.Ignored
DislikedI agree with your concerns but if it backtests better than the original system then why fight it?Ignored
DislikedThose two pairs are exactly correlated at the moment so you are doubling your risk. Nothing wrong with that as long as you know and have accounted for it in your position sizing. I have taken all chf pairs off my list for now, no point in trading them. You'll find they tend to have slightly higher spreads too. Better to take a double position on euraud.Ignored