"The way that coaches in sports and the performing arts multiply experience is through repeated practice... An excellent goal is to generate two day's worth of learning experience into every day by rehearsing new patterns outside of trading hours as well as during them."
Inspired by the wise words from Dr. Brett Steembarger's book " The Daily Trading Coach". I decided to go over last week's "tape" (i.e. charts) and review the engulfing patterns. Our trading team found several of those patterns last week, so I decided to do my own back-testing and figure out what results we would get if only trading this on one currency pair.
For Bearish Engulfing, there were a total of 16 trades between 7 and 11 AM CST, out of those, 4 losers and 12 winners. If keeping a 1:1 ratio, and trading 1% per trade, these would yield 8% in a week. See detailed pictures here.
For Bullish Engulfing, there were 15 trades between 7 and 11 AM CST, out of those, 5 losers and 10 winners. If keeping a 1:1 ratio, and trading 1% on every trade, this would equal 5% ROI for the week. See detailed pictures here.
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