Originally Posted by fx_geezer

What do you guys think of this system?

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At 5PM EST:

1- Close out any open positions
2- Cancel any unexecuted orders
3- Set an Entry Buy order 1 pip above previous high
4- Set an Entry Sell order 1 pip below previous low
5- Set stops and limits using the following guidelines:

50 pip profit target, 25 pip stoploss if ADR ABOVE 200
40 pip profit target, 20 stoploss if ADR BETWEEN 175 and 199
30 pip profit target, 15 stoploss if ADR BELOW 175

Do no trade if ADR is below 100

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How to calculate ADR (Average Daily Range):

It may be easiest to use an excel spread sheet for this.
Take the H/L for each day, for the past 14 days.
For each day list the amount of pip's between the H and L
Example. H = 1.5623 L = 1.5586
5623 – 5486 = 137
Add the total amount of pip's for all 14 days and divide it by 14.
This will give you the average daily range.