Open Monday-Close Friday - strategy test

Journal to test a weekly trading idea with Demo Trade Explorer

This is a super simple idea - Open trade on Monday - Close trade on Friday - let the market decide the profit or loss.

Question is what to buy or sell that may trend in your chosen direction for a week?

I have been using tradingview's Forex Signal Finder to find currency pairs that have been consistently trending.
I set the signal finder to rank yearly performance, monthly performance, weekly performance and daily performance.
The currencies I choose are Major's, Minor's and Exotics

My criteria for choosing a currency pair is as follows:

Buying
The currency pair must have a strong positive yearly performance
And the currency pair must have a positive monthly performance

Selling
The currency pair must have a strong negative yearly performance
The currency pair must have a negative monthly performance

Also my broker needs to offer the currency pair that meets my criteria.

Once I have chosen the currency pairs according to meeting the above criteria I enter the trade on a Monday before London Open and close before New York close on a Friday.

If anyone has ever traded like this or similar - please let me know how you got on.

Last week I traded this system for only part of the week.

Pairs traded:
EUR/HUF
EUR/TRY
USD/TRY
USD/MXN
EUR/MXN
GBP/CAD
EUR/CAD

Gain for the week was 1.7%

Next week will be the first full week of testing this system

Hi Zondervan,

Yr strategy is very interesting. Pls show the result every end of week.

Thank you for sharing.

Cheers,

Hi farang007, thanks for your interest. Yes I will be posting results and probably updates through the week.

Trades made for this week. I will hold these till end of week.

Buy
EURCAD
GBPCAD
EURTRY
USDTRY
EURMXN
USDMXN
EURHUF
USDHUF

Sell
AUDJPY
CADJPY

Update on trades:

Trades going pretty well. Now in profit after the first day. Will hold to the end of the week

Update on trades:

Profit has fallen back a bit. Still holding till end of the week

Update on trades:

Profit is holding in there. Two days to go till I close

Closed trades end of week.

Not great start. Exotic pairs not doing well this week, however minor pairs did very well. Will try again next week.

New week - new trades.

I have decided to test this strategy without exotic pairs. I see that they can trend really well, but I think for now I will stick to the standard 28 pairs and see how it goes.

So trades for this week to open Monday and close at the end of the week are:

Buy
EURCAD
GBPCAD
EURAUD
GBPAUD
USDCAD

Sell
CADJPY
AUDJPY

These trades are based on the forex signal finder attached below

Update on Trades:

Made a really good start to the week

Update:

Profit has come back a bit, but still doing ok

Ok so last weeks trades closed in a pretty big loss.

New week, new trades from the Forex Signal Finder

Trades Open Monday close Friday

Buy:
GBPNZD
EURCAD
USDCAD
EURAUD
EURNZD
GBPAUD

Sell:
NZDCHF
AUDJPY
AUDCHF
NZDJPY

Hi Zondervan,

Nice thread.

As mention in your 1st post, your criteria for choosing currency to trade based on this:
"Buying
The currency pair must have a strong positive yearly performance
And the currency pair must have a positive monthly performance

Selling
The currency pair must have a strong negative yearly performance
The currency pair must have a negative monthly performance "

I'm not sure how you determine currency pair performance but if you don't mind I would like to share how to determine what type of position to trade for each pair.I'm not try to change your strategy,but just to share an idea so that maybe you can incorporate it in your strategy.

My idea is, next week trading bias is based on previous week close.
For example, if previous week closed bullish candle, so next week our bias will be buying only and vice versa.Hope you understand..
For closing the trade, I suggest you close the position at London Open / New York Open, not before New York Close because during London/New York Open reversal mostly occur especially on Friday (profit taking day some people called it), to maximize profit.

Cheers

Hi FinInsTrader,

Thanks for the suggestion - yes I agree that Friday can be a reversal day if a currency pair has been trending all week.

I have concluded that if I traded only on Monday this strategy would have been very profitable over the past 3 weeks. So that is what I did this week. I closed the trades after only one day and banked over 600 pips of profit! Not bad for one day.

Then for the rest of the week, you could possibly look for reversals which is what I have done today opening a EURNZD sell. Which is also now at the moment in profit. But I think this is really part of another strategy not the idea I originally had.

I'm not sure however about your idea of only trading if the previous week's candle was bullish (for buy) and bearish (for sell). As you know trends have pullbacks before they resume the trend, so I don't think it will matter what the previous week's candle looks like. In fact I think for this strategy, the more you DON'T look at charts the better!!

So I think going ahead for this strategy I think I will only trade on Monday (also Monday tends to be a less news intensive day).

This may be the easiest strategy in the world. It takes about 10 minutes and only trades on one day per week. No chart watching and hopefully very profitable.

Will test for a few more weeks, then open small live account

15000 pips in red?????
Wowwww.

Just wowwww

USDMXN and EURMXN have big numbers wow just wow

I have been away. But back into testing again.

Will be trading these pairs today (trading just one day)

Buy
EURNZD
GBPNZD
EURCHF
GBPJPY

Sell
NZDUSD
NZDCHF
NZDCAD

These pairs give me a weighted trading basket as seen below