And my trailing stop was just reached as I was typing the former post.
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DislikedI was very busy last week, and didn’t get a chance to trade as much as I wanted. However, I did manage to carry out some testing on the 1 minute tf for EURJPY, which I wanted to have a look at.
I won’t post the details of the results but I came to the conclusion that, although I did have some good trades, the potential on the 1 min is about 5 pips (with a spread of 2.3) with a SL of 15, which started out to be about 6 winning trades per 1 losing, thus grossing 15 pips (beginning of the week). Then for some reason, things reversed, and I ended the week in the negative with an average of about 4 losing trades per 1 winning.
Add to that the fact that signals on the 1 min come quite often. This means many were missed and overall a quite demanding and stressful approach : (although fun, I must admit).
So I reverted back to longer tf and did some backtesting on the 1H for GBPJPY between sept 6 and sept 14, using only the QQE alert and entering on the next candle’s (after confirmation) open price. Since most of the opposite signals come after we are already in good profit, I decided not to use stops and simply exited and re-entered on the next (reverse) confirmation candle (this could be tweaked a bit, maybe exit during the candle which exibits a potential signal).
Simple system = dot to dot (I did something similar at the beginning when I found this system and got good results).
This is backtesting, not real time trades. Therefore, it includes all signals taken, which in reality could not be done unless automated (need to put stops and TP when going to bed, some signals come during the night, etc.). Still, it’s encouraging. Next week, I’ll test it in real time and hopefully I can post my entries and exits here as I implement them.
Results (raw pips, you’ll need to factor in your spread for GBPJPY)
Sept 6 – Sept 14, 2007
- 12 pips (S 232.77 / 232.89)
+ 17 pips (L 232.83 / 233.00)
+ 373 pips (S 233.07 / 229.34)
+ 254 pips (L 229.27 / 231.81)
- 14 pips (S 231.88 / 232.02)
+ 202 pips (L 231.95 / 233.97)
+ 94 pips (S 234.14 / 233.20)
- 124 pips (L 233.13 / 231.89)
- 21 pips (S 231.32 / 231.53) <- technically still in the trade @ friday’s close
Balance: + 828 pips (last 7 days)
Subtracting my spread (6.5 pips, sometimes more, sometimes less, rounded to 7) so 9 trades * 7 = 63
Net Balance: 765 pipsIgnored