All,
I have been reading a lot of threads and am amazed at all the great ideas and different trading systems. I have a possible EA that I would like your feedback on... positive and negative.
I am sure we all know Martindale... place a bet, if it is a loser, double up the next time and keep repeating until you get it right. The two major cons are one, you keep doubling up until your run out of money and two, when you get it right, you gain a small % as to what you wagered/traded that your risk/reward is very small.
Here is my idea for a modified Martindale. Take the GBP/USD for example. It moves a lot of pips every day. What if you took a position, long for example, and if it hit 50 pips, you profited out. But if you went long and it went South, then at the 50 pip negative mark, you doubled up for a short (maybe it's on a big move South?). If it went another 50 pips South, your out 50 pips in the black. If it reversed and went 50 pips North (to your original entry), you doubled up again for a long entry and exited out if it went 50 pips longer.
I think this MAY have some merit because you would only be "doubling up" if the pair traded in a 50 pip range. Since the cable moves more than 50 pips a day, you doubling up would be limited. Second, you would take advantage of big moves in one direction, especially if trailing stops were added.
What is the community's thoughts????
Thanks!