Hello friends,
Well I've come across a mech system which is very very simple but seems to be quite promising. Its completely mechanical so you just have to follow the rules. I invite you all to give me your opinion good or bad. It doesn't use any indicators or trendlines or anything, it just uses round numbers somewhat like Jacko's principle.
I'm not the creator of the system I found it on another forum (maybe it originated here in ff ... I don't know) the guy who posted it just made 3 posts and basically disappeared so I'd like you all to back test & forward test, if someone could make an EA that would be great. So far my visual backtesting has been very very successful blown me away and averages 100 pips a day this is after deducting the spread. I believe this can be more if we put in good money management rules. So I look forward to your suggestions however I'd request y'all not to add indicators just suggest mm rules take profit, stoploss and mm.
Pull out an hourly candlestick (you can also use bars but candles are easier) chart of Euro/Usd draw horizontal lines at all values ending with 00, 25, 50, & 75 ...... thats it!
Here are the steps to follow:
1) Select any candle on the chart
2) Identify the color
3) Wait for the next candle to open
4) If the color is not the same as the last hourly candle go long or short once it crosses the next horizontal line.
For eg if the last candle was red and the currrent candle is green go long at the next horizontal line + 1 pip + spread.
If the last candle was green and the current candle is red go short at the next horizontal line - 1pip - spread.
5) Exit half your position at the next horizontal line move the stop to breakeven and let it ride.
or
Exit completely at the close of the candle
or
Exit completely at the next horizontal line after you enter
6) Stoploss is the next horizontal line below the entry line when long or the next horizontal line above the entry line when short.
Gang I look forward to your testing and suggestions and hope you find it useful
Well I've come across a mech system which is very very simple but seems to be quite promising. Its completely mechanical so you just have to follow the rules. I invite you all to give me your opinion good or bad. It doesn't use any indicators or trendlines or anything, it just uses round numbers somewhat like Jacko's principle.
I'm not the creator of the system I found it on another forum (maybe it originated here in ff ... I don't know) the guy who posted it just made 3 posts and basically disappeared so I'd like you all to back test & forward test, if someone could make an EA that would be great. So far my visual backtesting has been very very successful blown me away and averages 100 pips a day this is after deducting the spread. I believe this can be more if we put in good money management rules. So I look forward to your suggestions however I'd request y'all not to add indicators just suggest mm rules take profit, stoploss and mm.
Pull out an hourly candlestick (you can also use bars but candles are easier) chart of Euro/Usd draw horizontal lines at all values ending with 00, 25, 50, & 75 ...... thats it!
Here are the steps to follow:
1) Select any candle on the chart
2) Identify the color
3) Wait for the next candle to open
4) If the color is not the same as the last hourly candle go long or short once it crosses the next horizontal line.
For eg if the last candle was red and the currrent candle is green go long at the next horizontal line + 1 pip + spread.
If the last candle was green and the current candle is red go short at the next horizontal line - 1pip - spread.
5) Exit half your position at the next horizontal line move the stop to breakeven and let it ride.
or
Exit completely at the close of the candle
or
Exit completely at the next horizontal line after you enter
6) Stoploss is the next horizontal line below the entry line when long or the next horizontal line above the entry line when short.
Gang I look forward to your testing and suggestions and hope you find it useful