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Hi guys i'm testing out a system that i've been working on for scalping gbp/usd based on Stochastic.
Manual back testing seems to be promising, but then again it's only backtesting. So I'm starting this thread for documenting all the signals this system generate on forward testing.
!!Please note that this thread is only for my own documentation and by no means should be treated as a signal for real trading. This system has NOT been tested thoroughly.!!
Additional comments regarding the system
-SL is always a hard SL. Meaning if we're in a short position, SL will be put on the BID price and vice versa. If you don't have this option on your platform, then add your spread manually.
-This system is based purely on technical indicators for entry and exit. Occasionally trades can be closed prematurely prior to major news announcements.
-All trades are closed on Friday before closing bell.
>>>This section will be updated after every signal<<<
This Forward Testing Starts on October 31 2007
Total Trades so far : 12
Total Pips so far : +25
Winning trades : 7
Losing trades : 4
Break even trades: 1
Positive Housing number from UK came out and took out the trade. News or no news loss is still a loss.
GBP Nationwide House Prices m/m 1.1%(Actual) 0.2%(Expected) 0.7%(Previous)
Another trade taken out by news. US ADP and GDP both came out better than expected. From now trades will be closed prior to major news announcement
**I know that the SL i put was 2.0699 (OFFER). But the price given to me by my broker was 2.0700. I'm trading this on real account, so I'm just reporting the price i got on my platform.
3 trades taken so far in the Euro/London Session. Only 1 gave a small profit of 7 pips. Both of the losing trades were caused mainly by news announcement so It's hard to say if the losses were because of the system false signal.
1st trade was floating at around -5 pips when the UK Housing came out and hit the SL.
2nd trade was closed because of a reversal signal
3rd trade was floating at around +16 pips when the US ADP and GDP came out and hit the SL
A weak signal was generated to go long gbp/usd @ 2.0707 with TP 2.0727 and SL 2.0687. Turned out to be a winner, but since i didn't take this trade, i will not put it in the record.
I'm reluctant to open another trade ahead of the interest rate decision. But if a signal does pop up, i will still take it and report it. Since it's still in the testing period, this will help me decide whether to blindly take all signals generated or take upcoming news events into consideration.
I'm expecting to see the gbp/usd to trade in tight ranges until the rate announcement. No signal in sight yet, probably won't have another one for the day.
Since the trade managed to get into the + minutes prior to the announcement, I decided to close the position for a small profit. If left open the TP would've been hit for a +20 pips, but that would be out of luck.
Linear Mode
