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Thoughts on this strategy????

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  • #1
  • First Post: May 2, 2008 12:22pm May 2, 2008 12:22pm
I want to backtest this "method" but I have no idea how to other than eyeballing charts.

1 - Buy at the Market @ 12am EST 1 Lot of GBP/USD with a Stop of -15pips and a Limit of 25pips.

2 - Sell at the Market @ 12am EST 1 Lot of GBP/USD with a Stop of -15pips and a Limit of 25pips.

3 - Buy at the Market @ 1am EST 1 Lot of EUR/USD with a Stop of -15pips and a Limit of 25pips.

4 - Sell at the Market @ 1am EST 1 Lot of EUR/USD with a Stop of -15pips and a Limit of 25pips.

5 - Buy at the Market @ 1am EST 1 Lot of EUR/GBP with a Stop of -15pips and a Limit of 25pips.

6 - Sell at the Market @ 1am EST 1 Lot of EUR/GBP with a Stop of -15pips and a Limit of 25pips.

anyone willing to help? anyone seen anything like this before?
  • #2
  • May 2, 2008 12:35pm May 2, 2008 12:35pm
use these to give it a go

sorry after re reading your post those wiill not help
Attached File(s)
File Type: mq4 e-OpenByTime Buy.mq4   11 KB | 368 downloads
File Type: mq4 e-OpenByTime SELL.mq4   11 KB | 357 downloads
  • #3
  • May 2, 2008 12:35pm May 2, 2008 12:35pm
There was something similar posted by ISYDEB on this type of trading.

The thread is now closed, but it does make interesting reading

http://www.forexfactory.com/showthread.php?t=78340
Just for today, do not worry...
  • #4
  • May 2, 2008 12:51pm May 2, 2008 12:51pm
thanks faxfxfx - but that thread is for a much different system.

I am looking for 25pip up or down movements just before market open in London and Europe, thus hitting a limit that will net 10pips per pair. My risk is a up/down 15pip whipsaw...that's why I'd like to get some help backtesting this method and see if there is anything to it historically.

I have had a lot of success with this system over the last 4 weeks - but the skeptic in me says backtest backtest backtest before I start trading more money!
  • #5
  • May 2, 2008 10:18pm May 2, 2008 10:18pm
Pennypacker,

I tried many strategy's like this time and time again when I began my forex studies 6 years ago. Before I jump to conclusions whats the logic behind this system? I foresee your SL getting hit many times over. Your risk reward is way off and I see it only leading to huge heart breaking moments. I have a few ideas for you so let me know if I can help.
Stacking pips since 2002
  • #6
  • May 3, 2008 9:38am May 3, 2008 9:38am
the thought behind it is the London open breakout. Yes I can see the risk is -30pips per pair (both trades getting whip sawed) and the reward is +10pips per pair. I do not think I have some never gonna lose strategy - but the thought is will it win more than it will lose? I need to back test it, and I have zero ideas on how to do it - so any help would be welcome
  • #7
  • May 3, 2008 12:07pm May 3, 2008 12:07pm
You could back test this using V-Hands, but it's still manual.

I'm not convinced that this strategy would work though. You would have to win 3 trades for every trade lost, which means a 75% win ratio just to break even. I doubt this would ever happen.

oo7_ts
  • #8
  • May 3, 2008 1:22pm May 3, 2008 1:22pm
PennyPacker: Your strategy is a variation of the 'London Breakout" which has been discussed numerous times. Read through some of the following:

http://www.forexfactory.com/sitesear...earchtype=site
In trading, there is no bullshit. You either make money or you don't.
  • #9
  • Jun 20, 2009 12:49am Jun 20, 2009 12:49am
Hello Forexjedi,
you speak my mind. I design a very simple system which go long as soon as london trading moves above the high of asia trading and vice versa.
Eyeball check and history tells this work, even for 20-30 pips per day.

However live testing, the stop is often triggered. If I set 50 pip stop, it gets trigger easily. If I set 100 pip stop, the risk / reward will be wrong ; I win 5 times but take one stop to wipe me out.

What to you thing how to improve ?

Thanks

Quoting forexjedi
Pennypacker,

I tried many strategy's like this time and time again when I began my forex studies 6 years ago. Before I jump to conclusions whats the logic behind this system? I foresee your SL getting hit many times over. Your risk reward is way off and I see it only leading to huge heart breaking moments. I have a few ideas for you so let me know if I can help.
  • #10
  • Jun 20, 2009 2:17am Jun 20, 2009 2:17am
Quoting Pennypacker
thanks faxfxfx - but that thread is for a much different system.

I am looking for 25pip up or down movements just before market open in London and Europe, thus hitting a limit that will net 10pips per pair. My risk is a up/down 15pip whipsaw...that's why I'd like to get some help backtesting this method and see if there is anything to it historically.

I have had a lot of success with this system over the last 4 weeks - but the skeptic in me says backtest backtest backtest before I start trading more money!

simply go and read "one trade per day" thread by Paulus, its there and working, so you dont have to waste your effort

use the search box to look for it

kos
John 3:16 - From THIS love no power on earth can me sever.
  • #11
  • Last Post: Jun 20, 2009 11:08am Jun 20, 2009 11:08am
thanks..I read it and yes very useful but can I ask what is .TPL file ?
is it a manual system or automatic system like EA ?
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