All traders,
I did a visual back testing of 10.2 method esp for June 1st week. Rules of trading were:
1) D1 slope - If > 0.4 buy only for the pair and > -0.4 sell on for the pair
2) On H4 candle closes above / below WP or S/R level we enter - But over 50% of the candle body should cross the pivot or S/R level
3) If there is no WP cross then look for any of the following:
a) S/R rejection / support - the candle touches S/R line and closes below it and candle is Red and not Blue (close < open)
b) SRF - if sell is the trigger for the pair then candle passes over 50% of the previous candle and both are above WP but below R1 same for buy trigger i.e. below WP but above S1.
c) Break of the open for the week - so you will see orange or blue on WOH 1x1 indi - say it opened with blue on indi and then after 2 bars it turned orange. We will enter short on close of that candle (it will also be crossing on the MA lines on Bob's earlier template).
TP: volatility pairs 1-3 next WP or S/R levels and WP for SRF trades
and for volatility pairs 4-5 S2/R2 level or WP for SRF
SL: high or low of the entry bar + 20 pips but if candle shows the break was false i.e. closes back above / below WP or S/R levels then close trade.
Please share your views please. So if I had done trading using the above rules (most of us got stuck into how to trade last week) I would have got 890 pips Wow!!!
Most of those were AUD and NZD based as those were the currencies strengthening.
As it is not possible to trade whenever there is one good setup reasons being sleeping or working or whatever, I think we need an EA with the above rules at least for times we cannot be around the machine. Stevehopwood site is excellent for this but currently busy with basket EAs using Baluda, Shelley, SJ etc. I am sharing my thoughts here for advice as I am sticking to basics only.
I did a visual back testing of 10.2 method esp for June 1st week. Rules of trading were:
1) D1 slope - If > 0.4 buy only for the pair and > -0.4 sell on for the pair
2) On H4 candle closes above / below WP or S/R level we enter - But over 50% of the candle body should cross the pivot or S/R level
3) If there is no WP cross then look for any of the following:
a) S/R rejection / support - the candle touches S/R line and closes below it and candle is Red and not Blue (close < open)
b) SRF - if sell is the trigger for the pair then candle passes over 50% of the previous candle and both are above WP but below R1 same for buy trigger i.e. below WP but above S1.
c) Break of the open for the week - so you will see orange or blue on WOH 1x1 indi - say it opened with blue on indi and then after 2 bars it turned orange. We will enter short on close of that candle (it will also be crossing on the MA lines on Bob's earlier template).
TP: volatility pairs 1-3 next WP or S/R levels and WP for SRF trades
and for volatility pairs 4-5 S2/R2 level or WP for SRF
SL: high or low of the entry bar + 20 pips but if candle shows the break was false i.e. closes back above / below WP or S/R levels then close trade.
Please share your views please. So if I had done trading using the above rules (most of us got stuck into how to trade last week) I would have got 890 pips Wow!!!
Most of those were AUD and NZD based as those were the currencies strengthening.
As it is not possible to trade whenever there is one good setup reasons being sleeping or working or whatever, I think we need an EA with the above rules at least for times we cannot be around the machine. Stevehopwood site is excellent for this but currently busy with basket EAs using Baluda, Shelley, SJ etc. I am sharing my thoughts here for advice as I am sticking to basics only.
