It is not a completely developed system yet. Just in case it will mislead anyone, I'm not going to explain the entire system yet. I will however talk about the system if it is proven to be profitable.
About manual backtesting...I actually lost my 5min data because I'd broken hard drive and not able to do the correct backtesting. It seems great by daily chart but will need to have appropriate data to perform the testing. That is why I am simply analyzing it.
The framework of the system is to ascertain the turning stage daily - and then if the price is below the stage for 2 hours, then sell (or have the sell order already available ) and if it is greater than there for 2 hours then buy. The exit point is the turning point and as soon as the price touches it.
That is why I need 5min data to find the entry level.
Thank you for your attention. Please don't follow it - I am not even use demo account on this however. Because I don't know the maximum it can lose in a transaction, I cannot ascertain the lot size to work with.
Keep up the testing and I hope it goes well for you. It's always discouraging to strike a couple of losses early in your own testing. I've found it VERY discouraging in the past when I test and find a few bad results early on.
I hope you've got some idea of the cash management you will utilize. When I start testing a new idea I consider money management.
Thank you. With last 2 transactions, I am thinking of maybe 0.7-1 miniature lot for every 1000 dollar equity for this particular egy. However need to wait and see if it's pofitable for the upcoming few trades.
Overview of commerce 2: because place forex are operating 24 hours, another day's turning point at 1.2962 can really be calculated at that time of decline and can actually exit with profit during this time.
As review of trade 2 - I will trial two approaches for transaction 3
1. Original method - wait for market to shut for the day and decide following day's rotation point and fix stop loss accordingly
2. Pre-calculate following day's turning point and then take profit first ( - re-enter position near the first stoploss stage )
Trade 3 method 2:
stop reduction moved into 1.2839 (for 61PIPs profit)