Trying to discover a good forex strategy (which is very difficult !), I found this strategy on the net.
The author claimed that is was very effective.
After a quick backtest, I find that it is effective on EUR/USD, H4, only for “long” positions. But elseway it’s not very profitable.
As the code is very simple, I think there is much way to improve it.
We go “long” when close crosses over EMA8, and the Awesome Oscillator changes direction.
EMA8 = exponentialaverage(close)
AO = Average(medianprice) - Average(medianprice)
IF AO > AO and AO < AO and close crosses over EMA8 THEN
buy at market
set stop %loss 0.75
set target %profit 1.5
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