Easy GBP/USD System
Would be nice with an EA 
What do you guys think of this system?
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At 5PM EST:
1- Close out any open positions
2- Cancel any unexecuted orders
3- Set an Entry Buy order 1 pip above previous high
4- Set an Entry Sell order 1 pip below previous low
5- Set stops and limits using the following guidelines:
50 pip profit target, 25 pip stoploss if ADR ABOVE 200
40 pip profit target, 20 stoploss if ADR BETWEEN 175 and 199
30 pip profit target, 15 stoploss if ADR BELOW 175
Do no trade if ADR is below 100
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How to calculate ADR (Average Daily Range):
It may be easiest to use an excel spread sheet for this.
Take the H/L for each day, for the past 14 days.
For each day list the amount of pip's between the H and L
Example. H = 1.5623 L = 1.5586
5623 – 5486 = 137
Add the total amount of pip's for all 14 days and divide it by 14.
This will give you the average daily range.Has it been working for you? I'm new, how do I check what the H/L has been every day? Does it work with other currencies?
Ya, this was an easy one.... Happy Thankgiving! Please let me know how this works out for you.
Also, you'll have to work on the ADR values. The ADR for the last two years is only 124.
I haven't manually tested the system. But I have just backtested the EA. Whoops, this system eats my account fast. Not sure if its the actual system, or the actual EA. Hmmm...
Ya, this was an easy one.... Happy Thankgiving! Please let me know how this works out for you. Also, you'll have to work on the ADR values. The ADR for the last two years is only 124.
What does this do?
Thanks
I haven't manually tested the system. But I have just backtested the EA. Whoops, this system eats my account fast. Not sure if its the actual system, or the actual EA. Hmmm...
Geezer,
The system worked when the markets had some volatility. However, as Nich pointed out, the volatility has left the market and these breakout systems are now languishing. That is why you see that kind of losing results.
Who has been using the strategy ? And how is the profit ?
Screenshot
Can you post the screenshot?
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What do you guys think of this system?
---------------------------------------------
At 5PM EST:
1- Close out any open positions
2- Cancel any unexecuted orders
3- Set an Entry Buy order 1 pip above previous high
4- Set an Entry Sell order 1 pip below previous low
5- Set stops and limits using the following guidelines:
50 pip profit target, 25 pip stoploss if ADR ABOVE 200
40 pip profit target, 20 stoploss if ADR BETWEEN 175 and 199
30 pip profit target, 15 stoploss if ADR BELOW 175
Do no trade if ADR is below 100
-----------------------------------------------
How to calculate ADR (Average Daily Range):
It may be easiest to use an excel spread sheet for this.
Take the H/L for each day, for the past 14 days.
For each day list the amount of pip's between the H and L
Example. H = 1.5623 L = 1.5586
5623 – 5486 = 137
Add the total amount of pip's for all 14 days and divide it by 14.
This will give you the average daily range.