I agree that a ranging period needs to be well established before starting the sequence so, like tdion said, the first 6 or 7 possible entries are not taken. The lucky seven just needs another lucky number to tell you how many back and forth bounces are ideal before starting a live sequence. The market could be tested to determine this. Also, a 10 pip stop for 50 pip gain seems a bit arbitrary. Is this based on research? There would be an optimal number set that could be determined and would be different for each pair. These parameters would probably need to be updated regularly to keep up with changes in character of the currency. Alternatively, it may be better to make each trade idependant by letting the market decide the stop based on the size of the current channel. Youve probably thought these ideas through already so forgive me if Im gong over old ground for you
BTC Return This Year:
13.6%