[nameless]

30th January 2007 (Oanda fxgame)

Trying out the “Big Ben System” today, so woke at 6:45am (UK time) set up the charts for GBP/USD and noticed there had been little movement throughout the night. at 7:00am on the dot I initiated a buy of 10000 units($1/pip) trade @1.96284 over the next couple of minutes the price dropped down as low as 1.96252 then at 7:03 am it started a gradual climb peaking at 7:20 at 1.96619. I set a couple of stop losses as it climbed locking in my profit, at 7:21 it dropped and hit my stop loss @ 1.96498 releasing a 21 pip gain.
For the next 20 mins it fluctuated between its 7:20 high and to just below my stop loss and at 7:39 it started to rise again peaking @ 1.96813 at 7:47 am, a potential profit of 53 pips.

+21 pips

From 7:47 to 8:00 the trend was downwards bottoming at 1.96560 at 7:55 with the trend going down I initiated a sell of 10000 units @ 1.96562, unfortunately it started to rise again and if I was using a live account I would have cut my loses but for the purposes of experimentation I decided to stick it out (had done a bit of research on the chart history of the GBP/USD and noted that it sometimes took up to 10am to settle down again) it peaked at 8:30 @ 1.96967 (a possible 40 pip loss) the trend then reversed and I set a take profit of 1.96501 only a 6 pip profit but rather than sit all day at the computer and run the risk of it changing direction again I would be happy with 6 pips on top of the earlier 21. it hit the take profit at 9:40am giving me the 6 pips price continued to drop reaching 1.96360 at 10:15am.

+6 pips

Total + 27 pips over less than 4 hours input

Summary: personally happy with overall result, on the first trade I am pleased with the initial entry, the exit could maybe have been raised to release more pips. On the second trade it would have been nice to delayed the entry till when the price had been higher there was a possible 40 pip difference, but hindsight is a great thing. And I think I exited at around the correct time going with the chart history of when the charts start to balance out.

As a noob to forex I am delighted with this result. And will continue to practise on this system.

Note: looking at the history charts this range of movement does not happen everyday but when it doesn’t its only a small change and not enough in the opposite direction were you would lose your shirt. The wins would hopefully more than cover the loses.