I have been long enough being a stalker atforexintuitivewith no donate, yet I have learn so much from here. This will be my thanks to all of you great people inforexintuitive. Very special thanks to (in no specific order): Diallist, BK, Jacko, Merlin, James16, FXOpportunist, Accrete, Twinchell and several other (cant recall you that willing to talk about your insight on this forum.
This method is completely mechanical. Plus it based on my manual price action process'retest on support/resistance' entrance, combined with cci50 for trend management and pivot breakout for entrance.
1. Place 4h chart on GBP/USD and set in indior.
2. Entrance point:
Extended entry Place buy stop on beginning of the day at current green line :
- magenta lines is below green line
- blue lines is stopped on the beginning of new day
or
- magenta lines is below green line
- crimson lines isn't stopped on the beginning of new day
Short entry Place sell stop on beginning of the day at current green line when:
- magenta lines is over green line
- crimson lines is stopped on the beginning of new day
or
- magenta lines is over green line
- blue lines isn't stopped on the beginning of new day
Place 50 pips initial stoploss, and proceed initial prevent loss to green lineup for present position each new moment.
3. Exit stage:
- let the prevent loss hit
or
edit: - depart when magenta lines crossed with green line on beginning of the day, contrary to the trend red/blue lines.
Or
- On long position, exit at beginning of the day when reddish line stopped.
- On brief position, exit at beginning of the day when blue line stopped.
Thats it for the mechanical part of this method. This mechanical approach generated 4.8k gross pips profit and 1.1k gross pips reduction (thats 4:1 on R/R ratio), and around 60% win trades. Max consecutive loss is . And maximum drawdown recorded is 150 pips
In backtest I use 1% equity risk on every trade on compounded equity. It results is 200% current equilibrium worth from core equity. You can change the equity risk on backtest worksheet. It's going recalculate automatically on summary.
There's other means to exchange this method, more profitable entrance. Sometime that indior does not ch a potential new trend quickly enough. Fortunately, by understanding price action on 1-3 days back, I will see that market is rolling over, or a bounce on sup/res occurs. In that scenario, I enter at beginning of the next day, with 50 pips prevent loss. To use this other way, I propose just for experienced traders who comprehend market condition. Ccould use jacko'anti-hedging' too with this discretionary approach.
*notes:
- I feel this indior wont'repaint' the past, but to be sure, I need someone with great knowledge of MQL programming to confirm. I am not quite proficient at coding with MQL. (something wrong with this indior, Rusty helping me with recoding this, while I need to investigate why it reveals different value with present cci indior)
- The mechanical system may operate on EUR/USD and USD CHF pair and dont operate on USD/JPY. However, I have not backtest on those pair yet.
- For those who interested on why I use yesterday pivot, I am trying to grab a pinbar and engulfing pattern using both yesterday close and yesterday pivot.
Notice: hmm need to retest/remake indior. (just realized that pivot is a SMA[1] applied to typical price lol) I'll look into this, and recheck effect later. The idea stays the same that is to grab pinbar/retest that break prev line. See you around.
Aha! Found the issue. I'll do recheck and retest. I'll get rid of this invalid indior backtest. Will replace it afterwards when finished.
January 2006 till now backtest, and indior attached.