Forex trading strategy #52 (Forex Money Print Strategy)
Submitted by User on September 24, 2012 - 20:55.
Submitted by neobunsy
******** FOREX MONEY PRINT STRATEGY *************
Hi Fellow Traders
I have trading a simple and straigtforward strategy which gave me 80% wins for 2 months with a 1:1 risk/reward. I want to get the opinon of others to possibly a fluent programmer to do a back test to check if the strategy is profitable in the long run.
Currency Pair: GBPJPY
Time: Tokyo Open and London Open
Set a Buy Stop order 20 pip above the opening price and a sell stop order 20 pips below the opening price.
The take profit is 40 pips for both the orders and no stop loss is used.
1. Buy pending order is triggered and Buy T/P is achieved (40 pip gain) or
2. Sell pending order is triggered and Sell T/P is achieved (40 pip) or
3. Buy Pending order is triggered but Buy T/P is not achieved, the market reverses and the Sell order is triggered (40 pip loss)
4. Sell Pending order is triggered but Sell T/P is not achieved, the market reverses and the Buy order is triggered (40 pip loss)
The strategy has been highly profitable for me so far, However, I am still not confident to start compounding. Any constructive feedback, comments and advice are welcome as we are all in this together for the same purpose. Make our lives better.