ETHUSD LONG - Mar 24 (⛈️ Trapping Lighting v1)

Strategy: ⛈️ Trapping Lighting v1

This strategy focuses on assets that are overall bullish either because of fundamentals or sentiment. They should be relatively simple chart behaviours with volatility dips that could be due to profit taking after hitting key levels or events.

As long as the event or news does not change the bullish sentiment or fundamentals.

I backtested a variant of this strategy on Tradingview by creating a strategy script with the help of ChatGPT. I then scripted the indicator with ChatGPT. ChatGPT FTW!

• Timeframe Oct 23 - March 24, because the market situation is somewhat similar to current
  
• Both ETHUSD and BTCUSD had slight tweaks based on the number of previous red candles before it indicated a potential condition.
  
• On the auto back test, I entered every trade if certain conditions were met and price crossed the 24 candle low.
  

Performance of the backtest

• Sharpe Ratio: 0.414
  
• Sortino Ration: 1.036
  
• Profit Factor: 1.889
  
• 30 Trades - Winning: 18 Losing: 12
  

For live trading, I will only enter a trade if price is close/crosses a key price point which I will plot on the daily charts.

Comment:

Price has gone up and hit a S&R point at 3548.92. I have moved by SL to breakeven

Trade closed: stop reached:

There was a high profile event with Fed Powell's speech and since price was at breakeven, it was a good trade to let roll as it could go any direction very quickly. Unfortunately this went against us and hit breakeven. Good trade!