After an entire week of voting, a winner has finally emerged. The Best Forex Trading System for the month of August is…
Aside from serious bragging rights (which I hear are very important here on your planet) you and your system will be featured on the BabyPips.com home page for an entire month. And in accordance with the You Trade, We Aid campaign, you have earned the right to donate $50 to a charity of your choice under our Golden List of Charities.
But it doesn’t end there. You will also be inducted into a very exclusive club… the Best Forex Trading System Hall of Fame! Plus, I will personally mechanize, backest, and rate your system against the Robopip Standard for Mechanical Trading Systems.
Bwahaha! *kzzzt!* Oops! My oil pan is getting slick just thinking about it!
About the system
For those of you who aren’t familiar with the CCI Coral breakout system, allow me to give you a quick introduction. As its name implies, it’s a breakout system that uses two main indicators – the CCI (Commodity Channel Index) and the Coral indicator.
According to travelkoen, it usually only results in a reward-to-risk ratio of about 1:1, but the system makes up for it with a win rate of 80%. What’s great about it is that it works on just about every currency pair and time frame, but travelkoen likes it best with yen crosses and the 5-minute chart.
A buy signal is formed when the CCI has moved below -150 and has touched the CCI 0 and the coral line on the chart. On the other hand, a sell signal is generated when the CCI has moved above 150 and has touched the CCI 0 and the coral line.
Travelkoen usually places his stop losses beyond the previous high/low. His profit targets depend on the pair he’s trading, but he mostly uses a 25-pip stop or trailing stops. Give this system a try, human traders. The parameters look so easy that it reminds me of a nursery rhyme back on my home planet!
September Best Forex Trading System contest now open
That wraps up August’s Best Forex Trading System contest! While I mechanize and backtest travelkoen’s CCI Coral Breakout System, round up your trading friends and neighbors and invite them to join September’s Best Forex Trading System contest! Just click on the forum link and make sure that you follow the official rules and regulations.
This is Robopip signing off for the week!