Backtesting EA for Boomerang trade

Hi guys,

HELP!!

Is there such an expert advisor that exists that I can test the Boomerang strategy devised by Ed Ponzi? Its an extremely easy 15pips.

Essentially it goes like this and it takes advantage of very slow time 1700 EST or 9am NZ time. Banks are squaring up trades and there is very rarely any breaks in one particular direction. I reckon it could be extremely easy to create for those in the know.

Boomerang Strategy – Ed Ponsi

Background to this trade:

•This Trade is for the EUR/USD the strategy can only be used on this pair.
•The target is 15 pips.
•Take the trade at 1700 FST = 9:00am NZ time
•If there is no trade execution within 2 hrs cancel the trade, do not stay in the trade longer tan 2 hrs.

Step 1
Look at the opening price at 17:00 EST or 9:00am NZ time

Step 2
Use a market order to place a short trade 15 pips above the opening price and a long trade at 15 pips below the opening price.

Step 3
Place a Long S/L 15 pips below your entry order and a the Short S/L 15 pips above your entry.

Step 4
If a buy order is executed cancel the short order and visa versa if the short order is executed first.

Step 5
If the orders are not executed or achieved after 2 hours - GET OUT



So anyway. What do people think?

The guys name is Ponzi?????
I wouldnt trust him!

What do we think? Honestly I don't see how this is a strategy at all. Why not just flip a coin instead? What's the rationale here, that if the price goes one way it will just keep going? No offense, but that doesn't seem like a high probability trade to me...

In my experience at least, there is no such thing as "an extremely easy 15 pips", at least not on any consistent basis. If there was we'd all be billionaires

Yes I hear what your saying but it would be good to confirm this as fact with some back testing. Oh I wish I had the skills.

Figured it is a pretty simple idea and possible a simple program to whip up. (could be wrong)

It stems off the fact that at this period, there are no market makers pushing at this time. I have been testing for about a month and it's about 80%. Although having said that, at times it doesn't even 'kick in' within the 2 hour period, so it's a no trade.

Just some thoughts.

Ok I hear you; again no offense

http://forexsb.com/

You might try that site; it's for testing various forex strategies using historical prices. It's primarily for testing using indicators, so not sure if you can get it to test for your strategy or not, but might be worth a look. It's free too so no harm...

Best wishes...

I too would love to know the outcome over many years of back-testing. It's supposed to be used on the EURUSD pair and it's foundation seems plausible on the reliance of low volume faded moves that come back to the original price. I don't have the back-testing skills to check this out and agree that there'll be a lot of no trades involved as the range between 2200-midnight can be small. Intriguing...