Hi all,
A friend has come up with this very simple, yet effective strategy for early morning breakout which seems to occur almost daily.
The rules are as follows:
Take the opening price of the candle that begins at 0630 UK time.
Place a buy stop exactly 20 pips from opening price.
Place a sell stop exactly 20 pips from opening price.
As soon as 1 is triggered, cancel the other.
Target is 20 pips, SL is 20 pips.
We have results since June 09 and they are as follows:
June 2009
Week 1 1st to 5th 4wins/1loss Total +55pips
Week 2 8th to 12th 3wins/2loss Total +10pips
Week 3 15th to 19th 5wins Total +100pips
Week 4 22nd to 26th 4wins/1loss Total +55pips
Total : 220pips
July 2009
Week 1 29th to 3rd 5 wins Total +100pips
Week 2 6th to 10th 3wins/2loss Total +10pips
Week 3 13th to 17th 3wins/2 loss Total+ 10pips
Week 4 20th to 24th 4wins/1loss Total +55pips
Week 5 27th to 31st 3wins/2loss Total +10pips
Total: 185pips
August 2009
Week 1 3rd to 7th 4wins/1loss Total+ 55pips
Week 2 10th to 14th 4wins/1loss Total +55pips
Week 3 17th to 21st 3wins/2loss Total +10pips
Week 4 24th to 28th 3wins/2loss Total +10pips
31st August 1win Total +20pips
Total :150pips
These results are to 20TP and 25SL. It was decided 20TP and 20SL is more efficient, but maybe there are other TP levels that are more beneficial, hence the reason why backtesting would be a fantastic help.
However, we'd like to do some backtesting on this strategy and see what results have been like for the last few years. Hand backtesting is extremely time consuming and an EA would be of massive help.
So, what do you guys think? Sink or swim?
A friend has come up with this very simple, yet effective strategy for early morning breakout which seems to occur almost daily.
The rules are as follows:
Take the opening price of the candle that begins at 0630 UK time.
Place a buy stop exactly 20 pips from opening price.
Place a sell stop exactly 20 pips from opening price.
As soon as 1 is triggered, cancel the other.
Target is 20 pips, SL is 20 pips.
We have results since June 09 and they are as follows:
June 2009
Week 1 1st to 5th 4wins/1loss Total +55pips
Week 2 8th to 12th 3wins/2loss Total +10pips
Week 3 15th to 19th 5wins Total +100pips
Week 4 22nd to 26th 4wins/1loss Total +55pips
Total : 220pips
July 2009
Week 1 29th to 3rd 5 wins Total +100pips
Week 2 6th to 10th 3wins/2loss Total +10pips
Week 3 13th to 17th 3wins/2 loss Total+ 10pips
Week 4 20th to 24th 4wins/1loss Total +55pips
Week 5 27th to 31st 3wins/2loss Total +10pips
Total: 185pips
August 2009
Week 1 3rd to 7th 4wins/1loss Total+ 55pips
Week 2 10th to 14th 4wins/1loss Total +55pips
Week 3 17th to 21st 3wins/2loss Total +10pips
Week 4 24th to 28th 3wins/2loss Total +10pips
31st August 1win Total +20pips
Total :150pips
These results are to 20TP and 25SL. It was decided 20TP and 20SL is more efficient, but maybe there are other TP levels that are more beneficial, hence the reason why backtesting would be a fantastic help.
However, we'd like to do some backtesting on this strategy and see what results have been like for the last few years. Hand backtesting is extremely time consuming and an EA would be of massive help.
So, what do you guys think? Sink or swim?