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Developing a System #3 (Dachel's trading system)

Hello, My name is Dachel and I developed a system this week which looks very nice. Maybe we can improve it a little bit more coz im still on backtesting and is not yet the final system.
Anyway..........here it is.

I used (IBFX) to perform the back test.

Here's the deal.

1. Open the 4 hour chart
2. Take the Hi and Lo of the second candle of the day (GMT)
3. Place an Buy order 10 pips above the Hi and 10 pips below the Lo
(you can use the Eagle Breakout Indicator for easy visualization)
4. When the price hit an order cancel the other.
5. You should place your SL at the other side of the channel.
(don't enter the trade if the channel is more than 200 pips)
6. You should place the TP at the size of the channel.
7. Close the trade at the end of the week if given the case.
8. If your trade is still on by the next breakout stay in until you lose or win.

This baby gave me in my manual backtest in 2007 around 4658 pips. This system can be improved if someone want to try a different strategy or maybe a Breakeven or SL. Anyway I guess is a very profitable system. Try it on a demo or backtest to check by your self. Any suggestion is welcome as well as for backtest for other currencies and other years.

Well I guess that's all for now, I leave you my monthly results.

Jan: +278
Feb: +333
Mar: +1107
Apr: +366
May: +343
Jun: +726
Jul: -412
Aug: +349
Sep: +428
Oct: +776
Nov: +280
Dic: +114
TOTAL: 4658 Pips

Dachel



http://forex-strategies-revealed.com/


What happened in July? :-(

There is not infallible systems but still very good average. Im still looking for improvement.

Best Regards

WHAT DO YOU MEAN WHEN YOU SAY:
1.You should place your SL at the other side of the channel.
(don't enter the trade if the channel is more than 200 pips)
2.You should place the TP at the size of the channel.
PLEASE WHAT DO YOU MEAN BY THE CHANNEL?
MY e-mail is :talk2horlar[a+t]yahoo.com

This is wonderful more like my 4 candles strategy, but this is 8 candles strategy, pretty fine and with lots of prospect. a friend from Equitorial Trust Bank uses this very type a lot in the commodity market. it's cool.

James Ayetemimowa.

This is more precise and brilliantly brief, it looks nice with more prospect

Nas

1- is there any recommended pairs?
2- the candle we are looking for is that which start at 4:00 GMT and close at 7:59 GMT? please correct if i am wrong
thanks for your time
hanz

It is a nice strategy. I use it for trading commodities especially Gold. It's great.

what do U mean by channel?can U plz explain how to draw the channel to know if it is more or less than 200 pips.to know where we can place our stop loss ans take profit.Thanks.
James.

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