billbss,
Thank you for the clarification. I made a note of the formula and will further investigate...
Regards,
lucidlamp
Thank you for the clarification. I made a note of the formula and will further investigate...
Regards,
lucidlamp
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DislikedBill,
I am very intrigued by this system. I am very partial to systems that require no indicators and rely solely on price action. I do have some questions, though:
Let's say that a four bar low has been established, there has been an up close, and then a down close that has not exceeded the four bar low. At that point we start looking at the last two bars and place an entry order 1 pip above the highest close. But what if, on the next bar, the close is still lower. Do we now adjust the order to be 1 pip above the highest close of the two MOST RECENT bars? And what if the price continues to drop on successive bars, and the original 4 bar low is exceeded without an entry being triggered? I assume that the whole process starts all over again, right?
I was also thinking of ways to adjust the profitability. Perhaps, instead of just exiting on the first profitable close, as there is no guaranteeing just how profitable that may or may not be, we could use some kind of ATR based stop and profit target. Perhaps a 1 ATR(10) stop and a 1.5 or 2ATR(10) take profit?
Thanks,
TomIgnored
DislikedBill,
I was taking another look at the screenshot with the example trades you posted, and I think I see two additional trades that weren't documented. I have updated the chart with the other two possible trades, but I wanted to know if I was seeing the trades correctly.
Thanks,
TomIgnored