Daily Candles backtesting | Foreign exchange EA download - MT4/MT5 resources
Hello everyone,
I have only backtested GBP/USD using daily candles over the past 18 months.
This method seems too simple, but it is difficult in non-trending markets, but it is certainly profitable in general
Quite simply, you can place an order to buy or sell if the current daily price is above or below the previous days candle. That's it.
The initial stop is +/- 10 pips from the previous day's low or high, but once the market moves 40+ pips you set your stop to breakeven (this is for protection during volatility. Not ideal... looking for a better filter if one exists)
The trailing stop moves to the lowest or highest point +/- 10 pips each day.
When the daily candle generates another signal, you can reverse the trade.
Check the daily chart history. The only problem might be using a good simple filter to help with the dishwashing problem.
Any advice or has anyone traded this way?
dave
I have only backtested GBP/USD using daily candles over the past 18 months.
This method seems too simple, but it is difficult in non-trending markets, but it is certainly profitable in general
Quite simply, you can place an order to buy or sell if the current daily price is above or below the previous days candle. That's it.
The initial stop is +/- 10 pips from the previous day's low or high, but once the market moves 40+ pips you set your stop to breakeven (this is for protection during volatility. Not ideal... looking for a better filter if one exists)
The trailing stop moves to the lowest or highest point +/- 10 pips each day.
When the daily candle generates another signal, you can reverse the trade.
Check the daily chart history. The only problem might be using a good simple filter to help with the dishwashing problem.
Any advice or has anyone traded this way?
dave
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