I have finally added a trend following strategy to my arsenal. (this is still in forward testing for the next 2 months).
It involves placing 1 trade every monday night and using the breakout of mondays opening range to profit from.
At the end of every evening up until friday i place the stop loss behind resistance. and if it doesnt hit targets by friday night i close the trade.
If the MOR is above the DOR i look to short, If the MOR is below the DOR look to buy. Its as simple as that.
Hopefully this trade takes place so i can describe it better.
In backtesting, i tested 105 trades, from 2013 to 2015. the results were.
This is for GBPUSD only
Net pips - 2546
profit factor - 2
max consecutive losing trades - 5
Average win - 119
average loss - 75
I am half way through finishing EURUSD testing and it is already proving to be very good :)
I dont know how this will translate onto trading view, but hopefully through illustration you will be able to see where i am coming from. If you have any more questions about it feel free to ask.
It involves placing 1 trade every monday night and using the breakout of mondays opening range to profit from.
At the end of every evening up until friday i place the stop loss behind resistance. and if it doesnt hit targets by friday night i close the trade.
If the MOR is above the DOR i look to short, If the MOR is below the DOR look to buy. Its as simple as that.
Hopefully this trade takes place so i can describe it better.
In backtesting, i tested 105 trades, from 2013 to 2015. the results were.
This is for GBPUSD only
Net pips - 2546
profit factor - 2
max consecutive losing trades - 5
Average win - 119
average loss - 75
I am half way through finishing EURUSD testing and it is already proving to be very good :)
I dont know how this will translate onto trading view, but hopefully through illustration you will be able to see where i am coming from. If you have any more questions about it feel free to ask.