I've been trying out my new strategy again and it's working quite well - I think I could be onto something. As mentioned before, it basically tries to recognise horses that are being backed or layed and then goes with the flow. So when the price moves in either direction by a certain percent, it them becomes a back or lay. It doesn't always work but it's alerted me to some big swings which usually make up for the small losses (I have a fairly tight stop loss).
The main problem was trying to keep an eye on all the prices and trying to work out how much they have moved by so I automated it in a spreadsheet today.
Basically, the spreadsheet links in with Betfair through Betting Assistant and the live prices are displayed in the spreadsheet. I've set the spreadsheet up to alert me to back or lay by turning blue or pink once the market has changed. I'm getting better with excel and this is proving very handy!
19 hours ago