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The Higher one is the correct Setup bar. The MAIN reason is that on the first example the 5 EMA did not turn up 2 bars, whereas the second example we have at least a minumum of 2 bars up. The second reason is that on the first example I am not sure that the candle crosses the 5 EMA, whereas on the second example the conditions are very clear.
I never backtest. If I have a system, I trade it on SIM until I am satisfied with the results. The use of the 40 SMA was used when I traded TIME charts eg. 5min, 10 min. On range charts I have found the 20EMA to be better for entry.
Perry another small clarification.
For a Method 2 entry where it states that for a Long entry "The Lowest High ofthe last 5 bars including the setup bar must be greater than the EMA(20)".
I am presuming this means the Lowest High must be ABOVE the EMA(20) & of course the reverse for a Short.
Regards John
I'm attaching my incomplete attempt to automate entry 'Method 1'. I don't doubt that some of you are making good profits with these methods. When I look at the charts I think I could, which is why I wish to automate it. Unfortunately I don't have the screen time for discretionary trading, as I still have to work a full-time job.
The problem is, according to backtesting of this strategy, this method's performance is dismal. I would very much appreciate it if some of you would take a look and see if I am taking entries contrary to the established method, and if so maybe you can tell me what entry criteria I am not accounting for.
THANK YOU.
attention - the Strategy is for NT 7 + exported also with NT 7 > this means :
- importing this .zip into 6,5 - Not working !
- strat + indicators in NT 6,5 - not tested yet !
I cannot give answers to theorectical situation. If you want me to respond to something specific please show charts and refer to the chart. From your above question I do not have a clue as to what you are asking.