Backtesting: GBPCAD using the ECC11 Strategy
One of the tools I use for scalping or short term trades is the ECC-11 strategy. If you are unfamiliar with this strategy, please look at my review of it. This will also explain the settings used on the Ichimoku Cloud.
This was an idea presented at 08:15am UTC on May 21, 2019. The aqua colored lines represent the exact date/time and price the idea was presented at.
As you will learn, the rules of the strategy state that for a sell, the Blue line should be above the Red line. This is clearly the case in this example. One other indicator that I personally use to the RSI to 7. As you can see on the 15 chart the RSI is very low, but it's been pointing down the previous 15-30 minutes.
Since this is a 15m idea, the goal is to get 10 pips. for the trade. In this example the goal of 10 pips was met, a few hours before major news hit that pushed the pair quite high.
This was an idea presented at 08:15am UTC on May 21, 2019. The aqua colored lines represent the exact date/time and price the idea was presented at.
As you will learn, the rules of the strategy state that for a sell, the Blue line should be above the Red line. This is clearly the case in this example. One other indicator that I personally use to the RSI to 7. As you can see on the 15 chart the RSI is very low, but it's been pointing down the previous 15-30 minutes.
Since this is a 15m idea, the goal is to get 10 pips. for the trade. In this example the goal of 10 pips was met, a few hours before major news hit that pushed the pair quite high.