Hi everyone,


At 10PM GMT check for the high and low prices for this hour for GBP/USD for example
The high was 1.9884 and the low was 1.9865

All you have to do is to choose the 1.9865 which was the low of the hour and add 10 pips to it, so it will be 1.9875

This is your buy entry order, so you place a buy entry order @ 1.9875
your target is 60 pips which means 1.9935 and SL is 1.9835, you need to use trailing stop 10

On the otherside you place a sell entry order as follows, add 40 pips to the
buy entry order = 1.9875 +0.0040 = 1.9915, this will be your sell order

So Sell entry order @ 1.9915 TP (60 pips) = 1.9855 SL (40 pips) = 1.9955, you need to use trailing stop 10

If the buy order is executed and didn't reach the 40 pips, this means that the sell order won't get executed, so you need to add a rescue sell order the stoploss of the buy order which was 1.9835

So rescue sell entry order will be @ 1.9835 TP (60 pips) 1.9775 SL (40 pips)1.9875

All opened orders to be closed before 10PM GMT next day, which means no order to exceed 24 hours, no rollover

I usually use 5 lots for each order

These are the results for this system since 1st of May

1st of May:
Buy order got profit of 60 pips (reached target)
Sell order got profit of 55 pips (closed at 10PM GMT)
Total P/L of 1st of May = +115 pips x 5 lots

2nd of May
Buy order reached stop loss = -40 pips
Rescue Sell order got profit of 60 pips (reached target)
Total P/L of 2nd of May = 20 pips x 5 lots

3rd of May
Buy order reached profit of +48 pips but declined back (Using Trailing stop) so closed @ break even = zero pips
Sell order got profit of 60 pips (reached target)
Total P/L of 3rd of May = 60 pips x 5 lots

4th of May
Buy order reached profit of +60 pips (target is reached)
Sell was closed before 10PM GMT with loss = -18 pips
Total P/L of 4th of May = 42 pips x 5 lots

Total profit for system since 1st of May tothe 4th May =
115 + 20 + 60 + 42= 237 pips x 5 lots in 4 days

This idea is similar with this thread Volatility Expansion system!
I don't think that the situation is so optimistic as 150 pips a day but there are many versions of this EA ( Volatility Expansion system! ) and all of them are profitable for some pairs.

Thanks ND to bring this link...I like it

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Forex Indicators Collection

Forexking,

you are talking about a trailing stop of 10 pips but in your example you say that a trade that was at +48 pips closed at breakeven. That is not a trailing stop of 10 pips.
Or did you meant that you move your l to breakeven if you reach 10 pips profit?

Does the other ideas measure the 10pm est candle or day open and day close this just measures the 10pm est candle when finished and is profitable