I'm testing a new indicator that I was coding all night. It triggered a signal using an Extreme Opposite Stoch strategy to enter a short. There is some confluence as it appears to be a potential countertrend trade as well. If it plays out, it will be a 2.5 RR trade.
It's funny as I was looking for long entries as it bounced off a key level until my signal triggered. Let's see if this script works as intended or not.
Really happy to have a chance to test this on a low-risk BTC trade before I start using it on Forex pairs next week.
Trade closed: stop reached
⋅
Just a quick update. Unfortunately, it didn't go as expected. My stop-loss was hit and looks like it may retrace for a little longer.
Actually, I was expecting this after the first hour or so. From what I saw from my backtesting, it usually starts continuation within one or 2 candles after the signal is triggered.
Eventually, I will do some backtesting on Bitcoin and see if I have the same probabilities with this entry as the Forex pairs I trade.
That seems very interesting. I’d like to know how it turns out, will you update us?
FXHEET
⋅
@TPB-HODL, Thanks for the feedback. Most definitely, I'll post an update. I am really interested to see how this turns out too. While backtesting, I got a few false positives with this strategy, but that was with EURUSD.
cryptoshebetterdont
⋅
Very interesting. Following this idea. Please keep us updated!
FXHEET
⋅
@ledermannteacher, Hi mate. Just posted an update.