Hi All,
Having read this forum for a while many people recommend the bunnygirl crossover strategy for beginners. I have a few questions for how to implement and test this strategy, any help would be appreciated. The strategy has been revised and improved since the paste below, however this is the strategy in its simplest original form which is better for me - an absolute beginner.
Strategy from Strategybuilder forum :
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Here is my strategy:
Enter short eur/usd 20 pips below the level of wma5 & wma20 cross.
Enter long eur/usd 24 pips (20 + spread) above the level of wma5 & wma20 cross.
Entry for usd/chf & gbp/usd is 30 pips below the cross for short, 35 pips (30 + spread) above the cross for long.
The waiting pips are a good filter for whipsaws.
Initial stop loss is the level of the cross.
I trail my stop loss at the end of every 30 mins, moving it to the extreme of the last 30 mins unless it was a longer than average bar, when I move stop loss to halfway up the bar. I also move down to 5 mins with same averages to help with better exit.
My first target is 30 pips, then 50 pips, then 100 + pips. Any suggestions on adding to trades & especially on exits would be much apreciated.
Bunnygirl
Run rabbit, run rabbit, run run run
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Q1, I want to backtest this system just to see if I can follow the system profitably. On
www.babypips.com it says : "The fastest way to test your system is to find a charting software package where you can go back in time and move the chart forward one candle at a time. When you move your chart forward one candle at a time, you can follow your trading system rules and take your trades accordingly." Can anyone recommend to me some charting software that I can do this with? Preferably free but pay for examples welcomed also.
Q2, "The waiting pips are a good filter for whipsaws." Can anyone explain to me what this line means? Im very new and dont understand.
Thanks for all your help.
Karl