Hi all,
I have back tested GBP/USD over the last 18 months using just Daily Candles.
This method just seems too easy but struggles during a non trending market but overall is definitely profitable
Quite simply you set an order to buy or sell if the current daily price exceeds or drops below the previous days candle.. Thats it.
The stop initially is the low or high +/- 10 pips of the previous day however once the market has moved 40 + pips you bring stop to Break even (this is to protect during ranging days. not ideal... looking for a better filter if it exists)
The trailing stop is moved each day to the low or high +/- 10 pips.
You reverse the trade when the daily candle produces another signal.
Check the history of the daily charts. The only issue is maybe to use a good simple filter to help with the whipsaw.
Any comments or is any one trading this way?
Dave
I have back tested GBP/USD over the last 18 months using just Daily Candles.
This method just seems too easy but struggles during a non trending market but overall is definitely profitable
Quite simply you set an order to buy or sell if the current daily price exceeds or drops below the previous days candle.. Thats it.
The stop initially is the low or high +/- 10 pips of the previous day however once the market has moved 40 + pips you bring stop to Break even (this is to protect during ranging days. not ideal... looking for a better filter if it exists)
The trailing stop is moved each day to the low or high +/- 10 pips.
You reverse the trade when the daily candle produces another signal.
Check the history of the daily charts. The only issue is maybe to use a good simple filter to help with the whipsaw.
Any comments or is any one trading this way?
Dave