Daily Candle Set & Forget

[Benjam1n]

Ok so i found this method on another forum posted by someone called 'tkimble', seems interesting but is a few years old, just wondering what you guys think of it? I'm thinking the SL would need to be altered to account for changes in volatility.

Here it is:

Daily trading rule are as follows:

1. Open daily chart on any pair

2. Enter Buy/Sell order upon Sunday or Monday open at 2400 GMT. Order should be consistent with previous days trend (i.e; Previous day up, Place "Buy" market order, Previous day down, enter "Sell" market order at open)

2. Place opposite side trade 40 PIPS aways from initial market order (i.e.; if initial order was a Buy Place immediate Sell side order 40 PIP away from initial market entry)

3. If same trend for three consecutive days, place next days open order opposite of previous three days trend. i.e; If Monday, Tuesday and Wednesday were up days, Thursday would be a Sell order.

4. Use 40 PIP stops on all orders.

5. Close between 2300 and 2400.

6. Repeat trade rules at 2400 GMT.

 

[Benjam1n]

No good?

 

[ray c]

hi benjamin
have u back tested it?