I like this strategy and I think with a good RR it can be really profitable.
I've been experimenting with different approaches to the RR and think there are a number of ways to do this, which one is best will need some more forward testing.
One way I've been testing is using 50% of the total hi/low and setting a 1:1 RR so far this has hit TP almost every time.
Another way is it use ADR % as the SL & TP. This is something I'm still working on and needs more work. Like using perhaps 50% of the ADR as SL with a minimum of 1:1. I'm not a fan of the current inverted RR and 1:1 would be the minimum RR to use, preferably 1:2 if its possible.
I also won't open any position if by the time we about to set the pending orders and the ADR is over 50% for the day.
I think with some smart approach to the RR this can be a very good and simple profitable strategy.
I've been experimenting with different approaches to the RR and think there are a number of ways to do this, which one is best will need some more forward testing.
One way I've been testing is using 50% of the total hi/low and setting a 1:1 RR so far this has hit TP almost every time.
Another way is it use ADR % as the SL & TP. This is something I'm still working on and needs more work. Like using perhaps 50% of the ADR as SL with a minimum of 1:1. I'm not a fan of the current inverted RR and 1:1 would be the minimum RR to use, preferably 1:2 if its possible.
I also won't open any position if by the time we about to set the pending orders and the ADR is over 50% for the day.
I think with some smart approach to the RR this can be a very good and simple profitable strategy.
Truth is like poetry. And most people f*cking hate poetry.
5