Hello all. Thanks RoelsMajor for your thoughts and contributions.
Hello cgrey and roundrock! What's up fellas!
Hermit, thanks for your contributions as well. I like the idea of passing on the methodology of trading to your children. There's so much they can take out of it and apply to their lives when they become adults, even if they don't end up trading for a living.
Personally, I am not going to trade this method only because I think I could trade better using my long term methodology which involves weekly charts. You should be able to make money trading just a naked weekly chart and incorporating good money management (R:R). However, I think it is a good method for a novice trader in order to learn the dynamics of general price action and trends. It is also good practice for formulating consistency and methodology (a routine basically). I think this method is best suited for a beginner (or a child as hermit said).
cgrey, interesting thoughts on the 1 hour. You have me thinking about it. I will have to test it out. Now I have something to do when I'm bored! Most people like to make their "systems" less robust on smaller timeframes. I'm the opposite. If I'm going to come down to 1 hour I want something more rigid and less discretionary. I figure the larger the quantity (of trades) the more rigid I want parameters. I also don't want my head to explode.
In a nutshell, by the original rules posted, this system is a loser over the past 4+ years. Tradestation summary report and equity graph are attached.
Since it was quite clearly pointed out earlier that this is "a once a week trade method ..... NOT HOURLY...... ", I guess I will leave my comments at that. For those that aren't afraid to bend the rules sometimes, I'd encourage you to experiment with it... it is quite a performer on H1 when traded in the direction of the trend and some sensible money management is applied.
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4 years at one trade a week would be over 200 trades surely , you only have half that number??
Slightly better results for just this year with your modified rules: OCO orders and close at the end of the week whether in profit or not. But still a loser for me on Tradestation. This is trading one standard lot per order. My guess as to why my results are so much different than yours could be the difference between your broker's weekly opening time and Tradestation's. I threw this strategy together off of Tradestation's weekly candles, and NOT 00:00GMT Monday as your outlined in the first post. To be honest, it would be more work than I'd...
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Again, 4 months and four days at one trade per week would be be 17 trades, you only have 10. Something is not right with your back testing.
Again, 4 months and four days at one trade per week would be be 17 trades, you only have 10. Something is not right with your back testing.
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So, let's see your back testing - I'm sure that will help us all. I've not seen any posts in almost 2-months that show any evidence that this system is profitable, which is exactly what my back testing has shown.
