I want some changes in this strategy.
I have notice, this strategy works fine and gives lot of opportunity to earn but the losing position is at much higher rate/number.
I want to reduce that number.
I am aiming for GBP/JPY and EUR/JPY pairs as this pairs are giving good results. My expectation are around 500 pips from each currency per month.
So, i want you make few changes as follows.
1) Entry should be 10 pips away from the first break out as London session starts, from previous 4 hours price range. (This should be parametrized.)
2) As price move in the favor of the position opened (buy/sell). As it crosses 25 pips mark, stop loss should be moved to +1 pips. This is the necessary step to protect the funds. ( +1 pips should also be parametrized.)
3) Can you create a log of which states as how many pips price have made high in that momentum or in that day after the breakout. This will helps to calculate the average high particular is making to decide future TPs for every entry. This might also help to increase profit in long term. Log should also state the date. This log should be created when we are backtesting strategy.
2013/12/05 : buy : 55 pips
2013/12/06 : sell : 73 pips
Any other inputs are welcome. Hope this strategy work as per my expectation.
Highly appreciate your efforts you put to code.
Thank you in advance.