I am not a programmer, I don’t know how to write EA’s and don’t have any kind of back testing program other than Vhands, and it is very tedious with this kind of system. If you know some way to test this system automatically over a long period of time (like 2 years data for example) that would be great. What do you get out of it you might ask? Well, the system of course. If it works as good as some say then it is a very simple set and forget method. So, your pay will be the pips it generates for you. All I ask is that you post your EA here with back test results.
In my own manual testing this system works great, but it needs to be tested over a longer period of time to make sure it is consistent.
The System:
The rationale behind this system is it takes advantage of well established ranges in the market. Ranges usually form at times when the market is slow, so the timing of this strategy is crucial. It works well with European crosses, because they are much calmer after the morning of the US session and at the beginning of the Asian session, and have a tendency to be range bound during this time. There is a tight limit order to catch profits quick and a large stop loss to protect from market spikes (8 times the limit).
Here are the rules:
60 Minute chart.
Pairs to test:
GBP/CHF
EUR/USD
EUR/CHF
EUR/JPY
EUR/GBP
GBP/JPY
1) The trade can be set between the hours of 12pm (noon) and 12am (midnight) EST.
-I would suggest just picking a time for the EA, or try different times and see which one works better, but it MUST be between 12pm – 12am
2) Count 25 bars back (a full day), place a buy order at the lowest bar, place a sell order at the highest bar within that 25.
3) Place a 30 pip limit and a 240 pip stop on each order.
4) When an order is triggered, cancel the other pending order and do nothing else until either the stop or limit is hit.
5) After stop or limit is hit, start over with those steps.
Simple huh? Hopefully it is simple to program. I look forward to seeing what people come up with!
In my own manual testing this system works great, but it needs to be tested over a longer period of time to make sure it is consistent.
The System:
The rationale behind this system is it takes advantage of well established ranges in the market. Ranges usually form at times when the market is slow, so the timing of this strategy is crucial. It works well with European crosses, because they are much calmer after the morning of the US session and at the beginning of the Asian session, and have a tendency to be range bound during this time. There is a tight limit order to catch profits quick and a large stop loss to protect from market spikes (8 times the limit).
Here are the rules:
60 Minute chart.
Pairs to test:
GBP/CHF
EUR/USD
EUR/CHF
EUR/JPY
EUR/GBP
GBP/JPY
1) The trade can be set between the hours of 12pm (noon) and 12am (midnight) EST.
-I would suggest just picking a time for the EA, or try different times and see which one works better, but it MUST be between 12pm – 12am
2) Count 25 bars back (a full day), place a buy order at the lowest bar, place a sell order at the highest bar within that 25.
3) Place a 30 pip limit and a 240 pip stop on each order.
4) When an order is triggered, cancel the other pending order and do nothing else until either the stop or limit is hit.
5) After stop or limit is hit, start over with those steps.
Simple huh? Hopefully it is simple to program. I look forward to seeing what people come up with!
I have GMT+2 broker, so I changed the hours.