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Power of Two System

  • #81
  • Jun 29, 2023 9:54pm Jun 29, 2023 9:54pm
Quoting FireScape
{quote} EST, sorry.
basically first 3 hours of London and first two hours of NY right
Seek first to understand, then to be understood
  • #82
  • Jun 29, 2023 10:22pm Jun 29, 2023 10:22pm
Quoting toshio
{quote} basically first 3 hours of London and first two hours of NY right
yes sir
Can't go broke making profit
  • #83
  • Jun 30, 2023 1:46am Jun 30, 2023 1:46am
Quoting FireScape
{quote} 50-60% win rate, with 1:3 rr. Losing never felt better honestly.
How long is the backtest? If only someone who could make an EA and do a backtest up to 3 or even 5 years back, that would be great.
Just my 2 cents
Gambling = 0% skill, 100% luck. Trading = 1% skill, 99% luck.
  • #84
  • Jun 30, 2023 4:22am Jun 30, 2023 4:22am
Hey FireScape.

I'm happy to see you tackling Scott Taylor's "Power of 2" system. I first came across it on Trading Nut's podcast a week or so ago, and since then I've been trying to perfect the technique. I have backtested it on some past price data (Specifically, December and January 2015, for EurUsd). And I have to say, the results aren't impressive. I've had runs of up to 7 consecutive losses during that time period. It doesn't make sense. I've watched Scott's videos numerous times, trying to see if I'm missing something. And I've just gone through your entire thread here right from the very first post. I agree with everything you've written so far: your instructions are as Scott presents them on YouTube. So I'm not sure what's missing.

You've stated that you are getting a 50 to 60% win rate with this strategy. For which periods have you actually backtested this strategy? And on which currency? I'd like to cover the exact same time period as you in my backtests, and see if we get the same results. The strategy is pretty mechanical, so we should get results quite similar, within a few percentage points anyway.

I'd also like to encourage other members going through this thread to backtest the strategy once they understand it, and then let us know if they get positive results.
  • #85
  • Jun 30, 2023 4:46am Jun 30, 2023 4:46am
Lets see what happens ..
Attached Image (click to enlarge)
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  • #86
  • Jun 30, 2023 6:32am Jun 30, 2023 6:32am
Quoting Bazenga
Hey FireScape. I'm happy to see you tackling Scott Taylor's "Power of 2" system. I first came across it on Trading Nut's podcast a week or so ago, and since then I've been trying to perfect the technique. I have backtested it on some past price data (Specifically, December and January 2015, for EurUsd). And I have to say, the results aren't impressive. I've had runs of up to 7 consecutive losses during that time period. It doesn't make sense. I've watched Scott's videos numerous times, trying to see if I'm missing something. And I've just gone through...
My back test wasn’t thorough and ran it for about 10 most recent trades in which it lost 6. Results still profitable but the win rate I referred to was from the creator, I can’t say I have experienced it myself. I’ve been forward testing in live markets and been practicing daily since then though.
Can't go broke making profit
  • #87
  • Edited 6:47am Jun 30, 2023 6:33am | Edited 6:47am
Quoting Shakka
{quote} How long is the backtest? If only someone who could make an EA and do a backtest up to 3 or even 5 years back, that would be great. Just my 2 cents
I agree, a nice real backrest over many years would be amazing. It’s probably not TOO hard to code
Can't go broke making profit
  • #88
  • Jun 30, 2023 6:35am Jun 30, 2023 6:35am
i am using of market structure and liquidity for 2-3 years in my analysis by just 1 min, and 5 min time frames.
this topic and esp the scot 2 timeframe strategy opened a new window in front of me about using multiple timeframes.
i am using the 4h, and 15min analysis for finding the bias (with scott strat.) and try to get 1 minute or 5min entries for more than 3:1 rr and this works well.

the 15 minute entry and waiting for tp or sl, has a good option and its making the man to be patient, but using 5 or 1, make more rrs.
If u dont trade liquidity, you are the liquidity
  • #89
  • Jun 30, 2023 6:36am Jun 30, 2023 6:36am
Quoting andreyt
Lets see what happens .. {image}
looks like an NFT soon when it closes heading into NY KZ. Also in confluence with a demand zone to the left which is nice.
Can't go broke making profit
  • #90
  • Jun 30, 2023 6:37am Jun 30, 2023 6:37am
I still don't see a new 4hr fractal on the low side as of yet.
  • #91
  • Jun 30, 2023 6:40am Jun 30, 2023 6:40am
Quoting Bazenga
Hey FireScape. I'm happy to see you tackling Scott Taylor's "Power of 2" system. I first came across it on Trading Nut's podcast a week or so ago, and since then I've been trying to perfect the technique. I have backtested it on some past price data (Specifically, December and January 2015, for EurUsd). And I have to say, the results aren't impressive. I've had runs of up to 7 consecutive losses during that time period. It doesn't make sense. I've watched Scott's videos numerous times, trying to see if I'm missing something. And I've just gone through...
let’s continue to forward test as a community and track are results truly monitoring the strike rate and coming to a real conclusion. If the strategy can get even close to 50% it’s a gold mine.
Can't go broke making profit
  • #92
  • Jun 30, 2023 6:42am Jun 30, 2023 6:42am
With no new fractal low on the 4hr this is still just an extension of the last bullish NFT. I have to look for longs.
  • #93
  • Jun 30, 2023 6:46am Jun 30, 2023 6:46am
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If u dont trade liquidity, you are the liquidity
  • #94
  • Jun 30, 2023 6:47am Jun 30, 2023 6:47am
Quoting charlienoble
I still don't see a new 4hr fractal on the low side as of yet.
maybe change your broker info because other members getting fractal
Can't go broke making profit
  • #95
  • Jun 30, 2023 6:53am Jun 30, 2023 6:53am
Quoting FireScape
{quote} maybe change your broker info because other members getting fractal
Maybe, or maybe the others shouldn't have seen one
  • #96
  • Jun 30, 2023 6:59am Jun 30, 2023 6:59am
Quoting rightahead
i am using of market structure and liquidity for 2-3 years in my analysis by just 1 min, and 5 min time frames. this topic and esp the scot 2 timeframe strategy opened a new window in front of me about using multiple timeframes. i am using the 4h, and 15min analysis for finding the bias (with scott strat.) and try to get 1 minute or 5min entries for more than 3:1 rr and this works well. the 15 minute entry and waiting for tp or sl, has a good option and its making the man to be patient, but using 5 or 1, make more rrs.
welcome man, please share any findings
Can't go broke making profit
  • #97
  • Jun 30, 2023 6:59am Jun 30, 2023 6:59am
Quoting charlienoble
{quote} Maybe, or maybe the others shouldn't have seen one
lol this is true
Can't go broke making profit
  • #98
  • Jun 30, 2023 7:03am Jun 30, 2023 7:03am
GBPUSD is waiting on my end
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and when EURUSD closes it will be a NFT
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Can't go broke making profit
  • #99
  • Jun 30, 2023 7:22am Jun 30, 2023 7:22am
Quoting rightahead
{image}
ive got this trade on 15m, morning in GU , hope touches the tp
i made a 1min entry using 15 that i describe later how i enter as fractal conditions on multi-timeframes
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If u dont trade liquidity, you are the liquidity
  • #100
  • Jun 30, 2023 7:31am Jun 30, 2023 7:31am
Quoting FireScape
GBPUSD is waiting on my end {image} and when EURUSD closes it will be a NFT {image}
GBP interacting with fractal high on h4 taking liquidity which could lead to a NFT here in a half hour, so both pairs can have setups this morning.
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Can't go broke making profit
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