I signed up to thank you for this system, I love the simplicity. I back tested it for last week and it was very profitable, my personal conisderations where with respect to trading only in the direction of the previously established trend.
Ignoring the signals that went the other way, the most profitable trades I found were when there were a signal going to the opposite direction to the trend, which failed and then gave a signal back in the direction of the trend.....kind of like a pull back in a higher time frame.
I'm not sure I see the use in the pivot levels, it just fills your chart with noise, the Round Numbers I believe are far more important. But this is a belief I hold for all my trading techniques, I just don't use pivot levels.
The only other considerations were not to take a signal that occurs just before the top of a range, not to trade before 8am GMT or after 11am GMT, not to trade at all that day if no significant movement occurred before 10am.
Additionally, I would only enter the trade if there was a significant area of congestion within 5 pips of the entry in order to place the SL on the otherside of that. I would move SL to BE once the price moved far enough away and continually move the SL behind the next significant level of congestion and close once the 55SMA was touched.
I'd be interested to hear your thoughts on my above observations (when the moderators approve my first post).
Ignoring the signals that went the other way, the most profitable trades I found were when there were a signal going to the opposite direction to the trend, which failed and then gave a signal back in the direction of the trend.....kind of like a pull back in a higher time frame.
I'm not sure I see the use in the pivot levels, it just fills your chart with noise, the Round Numbers I believe are far more important. But this is a belief I hold for all my trading techniques, I just don't use pivot levels.
The only other considerations were not to take a signal that occurs just before the top of a range, not to trade before 8am GMT or after 11am GMT, not to trade at all that day if no significant movement occurred before 10am.
Additionally, I would only enter the trade if there was a significant area of congestion within 5 pips of the entry in order to place the SL on the otherside of that. I would move SL to BE once the price moved far enough away and continually move the SL behind the next significant level of congestion and close once the 55SMA was touched.
I'd be interested to hear your thoughts on my above observations (when the moderators approve my first post).
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