I took a break from trading last week and resumed my Monday breakout backtest a few days ago.
Results are no longer rosy. I continued my backtest on the AUDUSD from 2004 to 2006, which yielded significant drawdown. I also tested the EURUSD in 2012. With a 2:1 reward:risk ratio and 50% *ATR(14) SL, my profit factor was 0.61. Very poor.
Of course, this gives rise to the possibility of a mid-week "Wedneday Reversal" which may be exploitable....
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