Gaz Robot Trader | Forex Indicator Download - MT4/MT5 Resources
Hi Gang, just wanted to let you know that I have been back testing a mechanical trading method that a respected professional trader gave me a long time ago. The fact that it's still making money proves the guy knows what he's talking about.
Anyway, here's the system.
On the 1 hour chart, the GBP/USD bar closes at 8am BST, with buy orders placed above the bar and sell orders below it.
Once a trade is entered, the untriggered order becomes a stop loss. You can delete that stop order and replace it with OCO, and use the other leg of OCO as your limit order so you can step away from your computer.
Stop triggering the other side of the candle.
Rule brackets cannot exceed 50 pips (including spread). It would be better if it was 45 or even less. This way, if you lose 3 times in a row, your next 3 wins will be 15 points ahead.
Note. I backtested this strategy just two months ago. That's it for my Metatrader indicators. If you know of an EA that allows me to test it further, please let me know. Between August 12, 2009 and October 8, 2009, my tests returned 801 points using a batch based on the above criteria.
If you want to backtest further, please do so and post your results. I have researched various exit options and in my experience they are of no benefit as your losses are 3x your original losses but your profits are not.
thanks for your thoughts
Anyway, here's the system.
On the 1 hour chart, the GBP/USD bar closes at 8am BST, with buy orders placed above the bar and sell orders below it.
Once a trade is entered, the untriggered order becomes a stop loss. You can delete that stop order and replace it with OCO, and use the other leg of OCO as your limit order so you can step away from your computer.
Stop triggering the other side of the candle.
Rule brackets cannot exceed 50 pips (including spread). It would be better if it was 45 or even less. This way, if you lose 3 times in a row, your next 3 wins will be 15 points ahead.
Note. I backtested this strategy just two months ago. That's it for my Metatrader indicators. If you know of an EA that allows me to test it further, please let me know. Between August 12, 2009 and October 8, 2009, my tests returned 801 points using a batch based on the above criteria.
If you want to backtest further, please do so and post your results. I have researched various exit options and in my experience they are of no benefit as your losses are 3x your original losses but your profits are not.
thanks for your thoughts
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