Pip Chaser's Daily
This will be a daily system I plan to test on a demo account before deciding to go live. Here are the details:
Goal: Annual return of a minimum of 50%
Indicators:
1. 200 SMA set to close
2. ADR - needs to be 50 pips or greater on the previous 10 days
R/R ratio:
1:1 100 pip take profit and stop loss
Pairs:
All that have an ADR equal to or greater than 50 pips
Broker: IBFX (starting with $50,000)
Money Management: Each contract will be equal to .1 lot. To begin open 1 contract for each pair. If a win is obtained, continue with 1 contract. If a loss is obtained in a given pair then increase 1 contract for the next trade. Continue to add 1 contract if consecutive loss. Once a win is generated after a loss reverse contract size by 1 until back to 1 contract thus eliminating all the losing trades.
Rules: Open a daily chart for each pair and attach the above indicators. Delete the pairs that do not meet the minimum 50 ADR.
Opening a trade:
Long - at the open of a new candle if the previous candle is > 200 SMA
Short - at the open of a new candle if the previous candle is < 200 SMA
Set take profit and stop loss to 100 pips. The spread should be included in the stop loss and excluded in take profit. If position doesn't close out by the next day then leave it open until either the take profit or stop loss is hit.
Last edited by PIP CHASER; 07-17-2008 at 08:53 PM.
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