Another Daily Range Strategy GBP/USD
Page 1 of 843 123 LastLast
Results 1 to 10 of 24

Thread: Another Daily Range Strategy GBP/USD

  1. #1
    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

  2. #2

  3. #3
    Quote Originally Posted by ;
    Range: 30 pips above or under 00.00GMT
    Profit: 10 Pips
    Cease: 30 pips

    Range: 40 pips above or under 00.00GMT
    Profit: 14 Pips
    Cease: 40 pips

    Range: 50 pips above or under 00.00GMT
    Profit: 17 Pips
    Cease: 50 pips
    Hey kwackers,

    Thank You for sharing your Machine! Some matters that concern me with it are the risk/reward ratio. You're risking almost 300 percent of everything you could make. Which means you better be winning a hell of a lot of times to compensate for losses! I hope this makes sense.

    Good fortune,

    Kevin

  4. #4
    Yeah, that's what jumped out at me, too.

  5. #5
    Yeh want an 80% win ratio to make 4 pips, I figure I see where your coming from!

    could be accommodated, I'm convinced testing could demone that either the triumph ratio would be high, or that the stops could be lowered considerably

    I mean they probably would be ok on a 30 pip stop loss.

  6. #6
    Think I am going to try out

    50 pip Range from GMT 00.00, 20 pip profit, 25 pip stop loss.


    See how that goes.

    Where can I find charts where I can study prices from 00.00GMT to try and work out the precision of results?

  7. #7
    Good ol' I B F X employs the 00:00 GMT framework for their charts.

  8. #8
    I do my backtests using a 15' minutes chart and the crossline over it. I look exactly what happens daily.

    In case 15' minutes chart not apparent, only on this particular afternoon I use a shorter timer chart.
    It takes a lot of time, and perhaps it's not exactly. But it's the only way I have because of it.

    What worries me out of this egy, is the fact that it goes against a Currency Market's golden rule: follow the trend.

    Let us test and let us see.

  9. #9

  10. #10
    The tendency shows theres always a drawback of 20 pips, hence my egy.

    Risk vs reward - for certain, but pip profit vs stop loss is just the basis, facotring from the probablity of this hitting either each commerce is the more complied version, which will be shown from backtests.

    I am still hoping to determine where the ideal place to set the pip range from 00.00GMT period , pip profit, and prevent loss - then may have the ability to come up with something fairly adequate, or in lewast profitable in the long run.

    Thank you for taking the time to view the thread anyhow

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.