FAILED

Wait for a better price up to the minimum move (window 5, 80-day average)

A trend system's signal arrives after price has already moved, and taking it means paying dearly. Waiting a few days for a pullback against the signal's direction gets a better price without abandoning the trade — and the maximum window guarantees no good trend is lost to stubbornness.

Measured in forex — EUR/USD and GBP/USD · daily bars built from 15m · 1 pip spread (~0.009% per round trip) · no survivorship bias

Net per trade

+0.01%

after fees

The fee is charged on both legs: every trade pays to open and pays to close.

Died at

invariance

the result is not physically plausible

Worst drawdown

−0%

1,368 days underwater

How far the account fell below its own best previous moment.

Timeframe

1 day

The time grid this was measured on. The same technique on a coarser or finer grid is a different measurement, and can earn a different verdict.

invariance
costs
placebo
benchmark
out of sample
multiple testing

Equity curve

Risking 1.0% per trade, marked to market every day — not only when a trade closes. The line at 1.0 is the capital it started with.

At its worst the account was worth 0% less than its own best previous moment, and it spent 1,368 days below that peak.

The technique against chance

Same number of trades, same holding time, same assets — only the dates were drawn at random.

The average trade and the typical one

The mean sits above the median: the lottery signature — the typical trade loses and a rare handful pays for everything.

What was measured

We coded the rule exactly as it is described and let it trade on its own from 2020-01-01 to 2026-06-26. It found trades in 2 coins, 135 in total. Each one enters and exits at the price that existed on that day — the program never sees what comes next, which is the most common mistake people make testing strategies at home. Wherever the description was ambiguous we took the reading least favourable to the technique; whatever was left open is stated in the hypothesis, at the foot of this page.

How many of those trades actually count

Only 91 of the 135. Cryptocurrencies rise and fall almost in unison, so the same rule fires on dozens of coins on the same day — and that is one bet repeated, not dozens of different bets. Counting them all separately is the trick that makes a bad test look impressive.

What it paid, before any deductions

+0.01% per trade. This is the number the technique claims, and the only one on this page that has not yet been through a single control.

Why it did not pass — it died here · where the result came from

We look at where the result came from: whether it is spread across the trades or packed into a handful of them. It concentrated. That is the shape of a lottery: the typical trade loses, and a rare handful pays for everything. Anyone following the rule for real would face a long run of losses before any gain, and would almost certainly quit before it arrived. To give the measure: 56% of the profit came from the top 5% of trades, and the same technique with its dates shuffled would concentrate 43%. The control fails above 50%.

What would have happened to the money

Risking 1.0% of capital per trade — the most widely taught rule — across the whole period: The capital would have ended at 1.00× what it started with. At its worst the account was worth 0% less than its own best previous moment, and it spent 1,368 days below that peak. In none of the 12 paths tested did it fall to less than half of what it started with.

What this result does NOT say

For an edge to be assertable here it would have to reach 0.65% per trade — that is the size that survives this archive's multiple-testing correction, and it rises as the archive grows. So FAILED means “we found nothing above that size”, and never “it cannot possibly work”. The instrument is far more sensitive than that: on synthetic data, with a clean effect, it separates from 0.09% upwards. The distance between the two numbers is the price of a real market and the price of publishing many claims. The difference matters, and it is the rule of this house: the card confronts the claim, never the person who made it.

What this card does not measure

Every verdict holds for the conditions it was measured under. These are this card's — and outside them the result does not apply.

One market, one universe: Measured on 2 spot currency pairs. It says nothing about futures, equities or indices, nor about how the same technique behaves in another market.
One window of time, not every window: The measured period runs from 2020-01-01 to 2026-06-26. A market moves through regimes, and a technique can work in one and fail in another — the card measures the regimes that fit inside this window, not the ones still to come.
One cost structure: The cost charged is a 1.0 pip spread, crossed once. Anyone paying more than that gets a worse result, and anyone paying less gets a better one — the verdict holds for this fee.
One exit rule: The trade was closed by: the technique itself (held until the opposite signal). The same entry measured with a different exit is a different strategy, and can earn a different verdict — it happens in this archive.
The number of trades is not the sample size: There are 135 trades, but only 91 independent market episodes: trades that overlap in time are not independent observations, and counting them as if they were inflates any result. It is the smaller number that governs the arithmetic. With 91 episodes, what the data supports is a range from -0.31% to +0.34% per trade — the published average is the centre of it, not the exact measurement.
Daily bars: Measured at the daily close. Nothing here measures what happens inside the day, and an intraday technique is not auditable with this data.

Numbers and reproducibility

The six controls

control	status	t	threshold	episodes
invariance	failed	—	—	—
costs	inconclusive	0.04	1.99	91
placebo	inconclusive	0.25	1.99	91
benchmark	failed	—	—	—
out of sample	inconclusive	—	—	—
multiple testing	inconclusive	—	—	—

invariance56% of the gross profit comes from 6 trades (4% of the total) — lotteryconcentration: +56.16% of the profit sits in the top 5% of trades — with the dates shuffled, +43.42% (fails above +50.00%)
costsgross +0.015% · cost 0.008% · net +0.007% (t=0.04) · the range runs from -0.322% to +0.335%
placeboactual +0.007% · placebo -0.036% · excess +0.042% ± 0.168% (t=0.25 against a threshold of 1.99, 91 real groups, 6,750 sham dates, draw error ±0.025%) — the status flips inside the placebo's own Monte Carlo error
benchmarktechnique +0.01% · buy and hold (same horizon) +0.08% · excess -0.07%
out of sampleasset half A: +0.175% (t=0.91, 57 episodes) · asset half B: -0.146% (t=-0.69, 63 episodes) · liquid half (>= US$ 0/day): +0.007% (t=0.04, 91 episodes) · period 1/4 (2020-04-05 a 2022-02-14): +0.063% (t=0.22, 27 episodes) · period 2/4 (2022-02-17 a 2024-03-11): +0.189% (t=0.34, 21 episodes) · period 3/4 (2024-03-26 a 2025-10-17): +0.195% (t=1.02, 23 episodes) · period 4/4 (2025-10-22 a 2026-06-17): -0.416% (t=-2.66, 21 episodes)
multiple testing1 variation(s) tested · t=0.04 across 91 episodes (equivalent to t=0.04) · p≈0.9689 · false positives expected by chance ≈ 0.97

Equity — outside the six controls, and here is why

The t of the trade series is invariant to bet size: 0.5%, 1% and 3% agree to the sixth decimal. Nothing here moves the verdict — it moves what the account would have lived through.

risking 1.0% per trade: ×1.00
worst drawdown from the peak: −0%
days below the previous peak: 1,368
signals refused for lack of capital: 0%
paths where the account halved (out of 12): 0

Reproducibility

period: 2020-01-01 to 2026-06-26
assets that traded: 2
variations tested before this one: 1
gross per trade: +0.01%
net per trade: +0.01%
exit rule: the technique itself (held until the opposite signal)
median duration bars: 7
mean duration bars: 25.7
max duration bars: 220
spread pips: 1.0
episode days: 8
seed: 20260728
waiting threshold: -1.0
waiting window: 5
slope period: 80
waiting ATR: 20

Twelve Data forex (15m aggregated to 1d) · collected on 2026-07-25 · 2 assets · 4,055 bars · 2020-01-01 to 2026-06-26

Hypothesis, filed before the result

The third choice on p. 1076, in the variant that does not depend on a price unit: one waits for ANY price better than the signal's, and «you can enter at the close if no opportunity has occurred within 5 days» — «if no opportunity occurred, the trade was entered on the close of the fifth day». It is the «Min» row of Table 23.10, and it is fully specified: there is no parameter to choose. THE CLAIM IS STRONG: «waiting, even for a minimum move pullback after the initial signal, results in significant performance improvement in all three markets». The published effect is one of cutting: it «reduced the number of trades by about 40% in all three markets» and «turned gold's result from a loss into a profit, while halving the S&P's losses». AND THE PROTOCOL ALREADY KNOWS HOW TO READ THAT: a filter that cuts `n` almost always cuts winners and losers in the same proportion. The test that separates the two cases is the `t` — a cut with no gain in `t` is a filter that does not separate. A MEASUREMENT DEFECT CONFESSED BY THE SOURCE: «the test platform does not post the profit or loss of the open position on the last trade... had the last trade been included, gold would show a large net profit». Family-level prediction, recorded before measuring: (1) NONE survives the corpus-wide Benjamini-Hochberg; (2) the FRACTIONAL ENTRY and the two PYRAMIDS ON PROFIT will move the mean by LESS THAN THE ERROR BAR and will NARROW the deviation — it is the mechanism the protocol has already measured twice, at breakeven (median from −2.75% to 0.00%, mean unchanged) and at partial profit taking (−0.023% ± 0.518%, deviation from 19.9% to 12.4%): position management moves the SHAPE and is read as if it had moved the CENTRE; (3) the EQUITY CURVE GATE fails, and for lack of autocorrelation — this is the family's most falsifiable prediction, because the number already exists in the corpus: the source states that «first one must find out whether returns are positively autocorrelated», and `confirmacoes.py` publishes, over 742,175 crypto days, that daily direction is a coin flip WITH NO MEMORY; (4) AVERAGING DOWN will be the worst in the family and will die at CONTROL 1, concentration, because adding to losses fattens the tail — and the source itself already rejects it in 3 of 4 markets; (5) the gravedigger in crypto will be CONTROL 1 and not the benchmark, which is the correction of the prediction refuted in part 76 and what part 74 had already established: in crypto, what pays a lot pays it concentrated; (6) the 80-day BASE will do better than any layer built on top of it. MEASURED IN FOREX (EUR/USD and GBP/USD, daily aggregated from 15m), and not in crypto. This is a pre-registered REPLICATION — not a new discovery —, and the multiple-testing count treats it as such. And there is one difference that matters to this family: waiting for a better price is measured in multiples of the asset's own true range, so it adapts to the market by construction — but a pullback that happens every week in crypto may be rare in a currency pair, and the 5-day window is the same in both.

filed on 2026-08-04, before the number existed

The original, as it was filed

A terceira escolha da p. 1076, na variante que não depende de unidade de preço: espera-se QUALQUER preço melhor que o do sinal, e «pode-se entrar no fechamento se nenhuma oportunidade tiver ocorrido em 5 dias» — «se nenhuma oportunidade ocorreu, a operação foi entrada no fechamento do quinto dia». É a linha «Min» da Tabela 23.10, e é totalmente especificada: não há parâmetro a escolher. ⚠️ A ALEGAÇÃO É FORTE: «esperar, mesmo por um repique de movimento mínimo depois do sinal inicial, resulta em melhora significativa de desempenho nos três mercados». O efeito publicado é de corte: «reduziu o número de operações em cerca de 40% nos três mercados» e «transformou o resultado do ouro de prejuízo em lucro, enquanto cortou pela metade as perdas do S&P». ⚠️ E O PROTOCOLO JÁ SABE LER ISSO: filtro que corta `n` quase sempre corta vencedoras e perdedoras na mesma proporção. O teste que separa os dois casos é o `t` — corte sem ganho de `t` é filtro que não separa. ⚠️ DEFEITO DE MEDIÇÃO CONFESSADO PELA FONTE: «a plataforma de teste não lança o lucro ou prejuízo da posição aberta na última operação... se a última operação tivesse sido incluída, o ouro mostraria um grande lucro líquido». Previsão da família, registrada antes de medir: (1) NENHUMA sobrevive ao Benjamini-Hochberg do corpus; (2) a ENTRADA FRACIONADA e as duas PIRÂMIDES SOBRE LUCRO moverão a média por MENOS QUE A BARRA DE ERRO e ESTREITARÃO o desvio — é o mecanismo que o protocolo já mediu duas vezes, no breakeven (mediana de −2,75% para 0,00%, média parada) e na realização parcial (−0,023% ± 0,518%, desvio de 19,9% para 12,4%): gestão de posição mexe no FORMATO e é lida como se tivesse mexido no CENTRO; (3) o GATE PELA CURVA DE PATRIMÔNIO reprova, e por falta de autocorrelação — esta é a previsão mais falsificável da família, porque o número já existe no corpus: a fonte declara que «primeiro é preciso descobrir se os retornos são positivamente autocorrelacionados», e `confirmacoes.py` publica, em 742.175 dias de cripto, que a direção diária é cara-ou-coroa SEM MEMÓRIA; (4) a MÉDIA PARA BAIXO será a pior da família e morrerá no CONTROLE 1, concentração, porque adicionar nas perdas engorda a cauda — e a própria fonte já a reprova em 3 de 4 mercados; (5) o coveiro em cripto será o CONTROLE 1 e não o benchmark, que é a correção da previsão refutada na parte 76 e o que a parte 74 já tinha estabelecido: em cripto, o que rende muito rende concentrado; (6) a BASE de 80 dias irá melhor que qualquer camada sobre ela. ⚠️ MEDIDO EM FOREX (EUR/USD e GBP/USD, diário agregado de 15m), e não em cripto. Isto é uma REPLICAÇÃO pré-registrada — não uma descoberta nova —, e a conta de múltiplos testes a trata como tal. ⚠️ E há uma diferença que importa a esta família: a espera por preço melhor é medida em múltiplos da amplitude real do próprio ativo, então ela se adapta ao mercado por construção — mas um repique que em cripto acontece toda semana pode ser raro num par de moedas, e a janela de 5 dias é a mesma nos dois.

Quotations from the source were translated from the Portuguese record and back into English — they are not the author's exact words.

Pre-registration exists to keep prediction apart from rationalisation: written after the number, every hypothesis is right.

The same technique in the other market

The verdict held in the other market too, on independent data.

forexFAILED← this one
cryptoFAILEDopen that card

This claim has been audited once — there is no history to compare against.