Quoting MarkjDislikedLlambert 3
These were my entry rule:
Draw line 1 - 6am close
Draw line 2 - 6am close + 20 Pips
Draw line 3 - 6am close - 20 Pips
Buy 3 lots when line 2 is hit
Stop loss 6am close
take 1 lot 14 pips
take 2nd lot 30 pips
set 3rd lot to breakeven
take 3rd lot 80 pips
Reverse for the sell
Sell line 3
stop loss 6am close
take 1 lot 14 pips
take 2nd lot 30 pips
set 3rd lot to breakeven
take 3rd lot 80 pips
close all orders NY close
If you want to see the good months and bads months and try to design a filter then run these rules manually through May for a good month and August for a bad month.
Regarding % of 14 pips 1st target hit? my original target was for ten pips but changed to 4 pips to cover spread. I would say 80 - 90 % first profit is hit. If trade reverses against you after 1st profit taken then trade loss is 30 pips + spread but reward is 125 pips if full profit is taken. You also need to hit 30 pips for a sure win of 44 pips.
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- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.