Let me clarify..
A while back I was experimenting with an idea where I had three charts open, for example a 1m, 5m, and 15m. On the turn of each fifteen minute candle, I would make a visual snapshot of the price action at that moment on all three charts and enter on the open of the next candle. The idea was that last candle of each timeframe may yield a clue as to the short term direction of the pair. For example 2 up candles and 1 down candle might have indicated a continued move up in the short term or something like that. Then I'd place an order with a 15 pip TP and a 15 pip SL.
Trying various combinations, I came up with a system that seemed to yield results. In fact for a little while, it seemed to have an 80% or 90% hit rate. Great! Then wouldn't you know it, the next week it was doing the exact opposite, losing 8 or 9 out of 10 trades with suprising reliability.
I also experimented with a number of indicators using a similar snapshot strategy, trying to identify whether certain combinations or patterns viewed on the hour or whatever on several timeframes could be used as an entry signal for a short term scalp. So many variables, so many ideas. I just don't have the facility to backtest any of them.
Anyway, I'm intrigued by the idea of such a simple, mechanical system, and want to investigate the idea again and just wonder if anyone else out there does or has tried anything at all similar to this.
Bob
A while back I was experimenting with an idea where I had three charts open, for example a 1m, 5m, and 15m. On the turn of each fifteen minute candle, I would make a visual snapshot of the price action at that moment on all three charts and enter on the open of the next candle. The idea was that last candle of each timeframe may yield a clue as to the short term direction of the pair. For example 2 up candles and 1 down candle might have indicated a continued move up in the short term or something like that. Then I'd place an order with a 15 pip TP and a 15 pip SL.
Trying various combinations, I came up with a system that seemed to yield results. In fact for a little while, it seemed to have an 80% or 90% hit rate. Great! Then wouldn't you know it, the next week it was doing the exact opposite, losing 8 or 9 out of 10 trades with suprising reliability.
I also experimented with a number of indicators using a similar snapshot strategy, trying to identify whether certain combinations or patterns viewed on the hour or whatever on several timeframes could be used as an entry signal for a short term scalp. So many variables, so many ideas. I just don't have the facility to backtest any of them.
Anyway, I'm intrigued by the idea of such a simple, mechanical system, and want to investigate the idea again and just wonder if anyone else out there does or has tried anything at all similar to this.
Bob