Did that, profit is less. See Sunday as a good thing. The new daily candle opens on monday close to the daily levels, so there isn’t a huge amount range prices needs to travel before it reaches the levels, and the daily range will ensure it definitely breaks them.
Where as last week, there were some days where the new daily candle opened midway between the high and the now, requiring it to travel half of its daily range just to reach either level.
Let me see if I can run a quick ST on just the Monday (using sunday candle, and see what I get)…
We’re ok. Ran my paramters (10,50,10) from April 25th to the 17th, trading only the monday, using the Sunday candle. So trading based on the Sunday night candle is itself pretty profitable, which makes sense, as it’s the basis for many Sunday break out strategies.
It was a good question, and I had wondered that myself. Good to know Mondays is tradable, with sunday’s candle.
Ofcourse as fate would have it, I broke even last week this time and this week, determined to let my trade be, my long got activated and stopped out :(. Ah well. We have many 5 more days of trading.
Sell order is still open, but it looks like the direction for the day is up, but the candle could always become long wicked. You never know with daily bars, because it takes a whole day!
Well Bromigos,
The ATR of the GBPJPY is at a plateau, and may start dipping. While everything that I have posted so far shows profitability, we should know that this is all based on historical data. It may be that this run of profitability has been good for the past two months. May was great, June was good, but July might be less, or show the first instances of losses in a week. We’ll have to wait and see. If the ATR does resume increasing, then we’re good. If not we may have to put this method on the shelf, or go to multiple entries. And I say shelf it, because it seems that all pairs of interest are showing similar characteristics in their ATR-200. We’ll have to wait and see.
I’m sticking to my parameters for this week. Two losses yesterday. We’ll know more about the trend by the end of the week.
Let’s not say it’s a losing strategy, yet, but rather a strategy that had two losses yesterday. Losses are irrefutable, the strategy itself, we’ll have to wait and see.
I always hate the feeling of having missed the train (two months of profitability, and the month I begin trading it, and it may be over). Reminds me of my trend trading days.
And yes, whenever I choose a particular trading strategy, the first trade I make is always a loser.
Reminds me exactly of what happened when I was trading the win ratio GBPUSD method this time last year and it went into the summer lower volume period. The fact that a strat only works for 2 months isn’t a great sign though and is more of an indication that it’s working due to some random market condition.
Are you only running this on GJ by the way?
…and trading the breakout rather than the reverse bounce?
Why short at 131.67?
I know that’s not what you want to hear but take all the indicators and stuff off your chart for a moment and look at just the bars/candles - where is the support range (15min, 1hr, or 4hr chart)?
Ok, that’s following this strat but my point was you sold in a support area…a big no no in the majority of the time.
Bring up the 15min, 1hr, and 4hr graphs and draw the support lines on it…
IBFX now includes another decimal in the price quote, and some of the charts weren’t looking right. So, as per their instructions, I deleted my price history and updated it, but not sure of all the history has been updated.
Now my favourite (10,50,10) on the GBPJPY gives consistent losses in June, rather than a steady profit curve. Please, someone run the ST for the month of June, and tell me this isn’t true.
So if you’re going to trade this hilo idea then maybe best to only set up pending trades away from support or resistance. Unless price is currently somewhere inbetween in which case you would set up orders in both directions.
I don’t know if you can test that in a strategy tester.
It certainly is not a great sign. And I realize that this strategy is good for some time, depending on market conditions, and then it’s not. It might been a summer thing. But there have been other times in the past where it at worked, closely related to the ATR.
I’ve been focusing on the GBPJPY these past two weeks and has been profitable. But things are sketchy right now.
It’s possible. I had an inclination that this strategy may have to work with some decision making along with it, and not be a completely set it a forget it method. Perhaps setting one order and not both depending on market directions. Or not trading when it’s near areas of S and R. But my ST tests showed profits despite all of this, which is why I liked it. It also depends a lot on the daily range. For example, right now the current daily candle is around the same range as yesterdays, and around the average daily range, and it’s hovering just below my buy order. If activated, I don’t think it has the gas in it to make it all the way to my TP.
And now my strategy test results are messed up. Seems like everything I had analyzed over the past two weeks is falling apart. Just like that…
