Hi,
I thought it best to not hijack micardo's thread as it has likely produced a much better egy than that which I have come up with.
I thought of the egy prior to reading up on the forums, micardo is having a similar theory and has been fairly successfull.
I've attatched a word document that approximately explains how it would work - read this first, then the remainder of the post
I've finalised what I would like to use as the Range (ie: when to enter the trade) the profit margin (in pips) or my Cease loss (in pips).
My thinking was:
Range: 30 pips above or below 00.00GMT
Profit: 10 Pips
Cease: 30 pips
Range: 40 pips above or below 00.00GMT
Profit: 14 Pips
Cease: 40 pips
Range: 50 pips above or below 00.00GMT
Profit: 17 Pips
Cease: 50 pips
I havn't completed any backtesting as such, so if anybody would like to do it feel free, as I'm not really certain how to do it manually day by day.
Any feedback or constructive critisism is going to be valued.
Due