A few months ago, I had participated in a discussion on the SBFX forum regarding a trading idea based on entering the markets on the breakouts of the previous few hours. I posted an EA there hoping that people will post their findings, but I did not see any results being reported.

I will make another attempt to start that discussion here. I will not post the EA here, but will share with a limited number of people based on their willingness to participate in a constructive discussion and feedback.

I think this system is a type of opening range breakout and there are many variations of this theme. I want to keep the rules as simple as possible, and hence won't use any indicators.

Here are the rules in brief, please let me know what you think and we can go from there.

1. At 830 am Central European Time, calculate the highs and lows of the last 7-1/2 hours. You can use 8am or 9am and 7 to 9 hour lookback, it won't matter too much.

2. Place a buy stop and a sell stop 7 pips above the highest ask and the lowest bid prices of the above mentioned lookback period.

3. Use a stop loss of 35 pips, trailing start and stop of 70 pips and a take profit of 120 pips. Truthfully, the trailing stops degrade the performance, but if you want to keep it loose, like the one I mentioned here.

4. Cancel one side when the other side is filled.

5. If orders are not filled within 6 hours, cancel all orders.

6. Close all orders 8 hours from placing the trade.

From the limited backtesting and data I have, I found that this system seems to work on GBPUSD. Of course, this is based on MT4's backtesting, which is a suspect.

Again, please post your thoughts on this method and experience if you have used something similar.

Edit- Made a few changes after I found better data.