This is a price action strategy based on trend power with several if clause conditions and indicators that need to be meet in order for the strategy to take a trade. I discoverd after a long & rigurous backtesting process that this strategy works best on high volatility pairs ,mainly crosses like GBP/JPY ;GBP/NZD and also have a great performance on the majority of JPY quoted pairs.
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Main engine of this strategy is that it open trades based on 2 types of setups Pin Bar & Inside Bar using also a crossover system comprised of 21EMA & 8 EMA for quidance .It works on 30 min &1 H time-frames but scans & search 4 different time-frames 30 min ,1h ,4h & 1D in order to find recent pin & inside bar that would provide the best entry posibble which complies with all conditions like:
-Pin Bar & Inside Bar
-21EMA & 8EMA crossover
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The Stop Loss is a fixed one set at 181 pips but the Take Profit is variable depinding on PR which is good and provide a higher profitability rate when we are in a breakout situation.Hours of functioning are between 07:00 & 22:00 GMT.
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In December last month this strategy runned on GBP/JPY and made quite a good performance and ranked 3 rd place in pips expert categorie. I am very satisfied with the results but as every strategy needs updates i decided to try and see if backtesting results on GBP/NZD will be the same or even better . So this month we have GBP/NZD as main pair.