Thanks Diallist for your feedback, I will definitely look into that. The only thing is that I was looking at this as an auto trading type of strategy for the times when you can't be in front of your screen I normally trade a breakout strategy of ...
Hey SMJONES, No I haven't forward tested this at all. Today was the first day and it made profit. It is all backtesting. It only came to me last night as if by magic :-) So you have heard of such a thing before.... Do you think it can work?
Basically, you enter a trade once the price has moved 50 points in a direction away from the price that it was at, at midnight UK. You take profit once you have made 30 points. You also set a stop loss at 30 points from your entry price. example. ...
I took spread into consideration..... I have a 3 pip spread. How did you get a cost of 1200 pips anyway? Well I demoed it today for the first time and came up trumps $300 profit. Beginners luck? I hope not but lets wait and see:-) I'll keep posting ...