Forex trading strategy #18 (20 pips with GBPUSD after midnight)
Submitted by User on May 8, 2009 - 11:01.
Submitted by Rich
I've just started trading a strategy which is based on the close of the first 15 minute bar after midnight GMT on GBPUSD.
1.) Take the closing price of the first 15 minute bar after midnight GMT on GBPUSD
2.) Place a buy order 50 points above the close and a sell order 50 points below the close
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Wanted to demo this strategy this evening and with the new NFA anti-hedging rules I was unable to put a pending order in the opposite direction. Would have been great to have tried it. Next option would be to set a price alarm and set my order at that point. Too bad it won't be a set it and forget it type of trading with this new regulation.
Hi Rich,
This strategy is great. I came across it on Friday 8th May 09 and wanted to test on my demo account on Monday 11th May GMT 0:15 but I was told by the broker that hedging of buying and selling the same currency pair is not allowed anymore (this is IBFX demo account). They said the NFA have changed the rules and do not allow hedging.
Is there any way we can get round this problem, because if based on ibfx, such buying and selling of the same pair is not possible anymore. Please advise, I will appreciate it.
John
Hi John,
I'm not aware of these new rules? I don't see how your hedging if you're only allowing 1 order to trigger? My broker IG Index allows me to place as many orders as I like on the same pair in either direction.
Rich
Rich well I've been playing around with this strategy it seems good but i havent had a chance to back test it more than one year (which rich has already done)
I've found an indicator which makes backtesting on mt4 very easy and am uploading it here along with a picture
can anyone explain how can upload the indicator and a picture the "upload file or image" button doesn't seem to be clickable
- Click on "Upload file or image".
- Choose a file and click "Upload".
The file uploads to a remote server.
- You should see a link to the uploaded file.
- Now, the most important part: you have to copy that link and paste it inside your comment field.
- Submit a comment with a link in it.
P.S. In case you may wonder why we need such remote uploading. We do it for the sake of keeping our website healthy, running quick and not being overloaded with storage files.
rich you've said your new strategy of a 5 pt break of the previous day's high and low shows only three losses in a row twice but from the results you've posted I see 5 losses in a row in may 21~28 2008 ?
rich can you tell me where u got the historical data for gbpusd from?
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