i think we need to come up with suggestions on when NOT to trade, even if there is a valid signal. in order to reduce the risk of false signals. you mentioned about when candles are too big, whipsaw etc. any other suggestions ?
all are welcome to make suggestions :-
also, we need to come up with a successful TP/SL combination that works best without getting stopped out. suggestions please:
Ignored
body should be 1/3 of the candle. this is true for all 3 candles. if body is less it shows indecision
not sure what you mean by body should be 1/3 of the candle ? a body is a body, even if its 1 pip ?
Ignored
My rules for this strategy do not include that body should be 1/3 of the candle. As long as the difference between open and close is not 0, then it is a body
This is my first post at FF. Thanks to all for the contributions to this thread.
Attached is an EA implementing ashrraf999 strategy. This EA is inappropriate for live trading because it is coded very simply to test the theory here.
The input parameter MinimumPsych sets the minimum pips from entry price to TP and SL psyches. The pair's spread gets added or subtracted to this value.
To you Strategy Tester experts out there, you know how tough it's become to acquire good M1 history data since March, when MetaQuotes History Center began allowing the huge gaps.
Using FXDD data from http://www.fxdd.com/en/mt1m-data.html I ran one-year back tests on EURUSD, GBPUSD and USDJPY. Sadly, these pairs seem to show little promise.
Anyone think that will be a good idea to put only a stoch on this Daily strategy as a confirm about overbought/oversold levels? but how to set it, i don't know...sorry.
