Thanks, Dale. As you hinted, I trade only forex and I’m still convinced that Connors’ TPS strategy must have something to offer me. So while you have been posting here, independently last week I went back to Connors’ book to revise the TPS system! As you might say LOL!!!
So I am marking up some charts to show everyone whether TPS works on forex charts or not. There’s just one question that I am not sure of - my reading of TPS tells me to exit all trades (whether 1, 2, 3 or even 4 of them have been placed), exit all of them when price crosses 30 (if selling). I might be wrong, but this is what I have applied in the chart I have posted below. The thick purple line is the 200 SMA and price is mostly below, or bearish, except right at the end of the EURCHF chart. The vertical red lines mark the first bar where RSI(2) goes above 70,so trades start being placed when the next bar closes (let’s speak of candles closing, not bars - I might be misunderstood LOL!!!). The blue lines mark the close of the candle where RSI(2) crossed below 30. That is where I have assumed all trades will be closed. I then calculated pips made or lost and multiplied those per candle, respectively pips x 1 + pips x 2 + pips x 3 + pips x 4. The total of those is the number I have placed near each blue “Exit” line. So it is the total pips made or lost per 10% of full lot size.
You will see for AUDUSD I have had 9 winning trades, zero losing trades. Total of 2005 of my numbers. As each number represents 10% of full lot size, then the real value of pips made in this exercise would be 2005 divided by 10 = 200 pips altogether. I think.
I have been working on EURCHF too and it goes OK mostly, but then there is a wipeout, so let me complete that one and I’ll post it later, before everyone gets too excited.
And here’s the promised EURCHF. Loss of 23 pips overall starting in October last year.