Alright guys, I’ve got a strategy that has paid off for me both in the recent EUR/USD bear-market, and over time. This 30 min strategy has been backtested since 06/03/09 and since 12/30/2002 and has over a 70% success rate. Here’s the setup:
Entry:
Entry signal:
enter at the open of the 7am bar
Exit:
Exit signal:
Stop/Limit:
Good luck!
Am I just reading this wrong… SL 6 pips, TP 2 pips on a 30 min chart, right?
First I’d question the entry off a 30 min chart for 2 pips. Second thats not a good R/R i.e. you need to be right three times more than your wrong to get to BE. You state the win rate is 70% but if 30% of the time your losing three times your gains would you not be bleeding out your account. 
100 trades:
70% win rate = 70 trades @ 2 pips TP = 140 pips.
30% losing trades = 30 trades @ 6 pips SL = 180 pips.
[B]Net loss 40 pips[/B].
I know some pro traders with a win rate as low as 35% but their R/R is 3:1 or better. Do you see what I’m getting at? Find a strat that works for you on a TF your comfortable on with an R/R preferably 2:1 or better and you can still be wrong twice as many times as your right and still be at BE.
I am thinking maybe its .0060 and .0020
60 pip stop
20 pip take profit
Thats still just as upside down the win rate would have to be over 75% to breakeven thats not even counting spread.
Thanks for your response.
The trick to this trade is volume of trades (i.e. the profit is smaller on winning trades, but the number of winners significantly outweighs the numbers of losers). In order to accurately determine a profit margin you must take into account all of the times that your trade ended [I]before[/I] reaching the stop/limit based on the time (note, the system employs an exit at the open of the 11am bar regardless of the profit/loss incurred if it is within the stop/limit range we established earlier).
The point of this strategy is to short sell at the most opportune times until a bullish reversal occurs.
Here is how the numbers break down:
Winning % = 76.22%
Total trades since 06/03/09 - 185
141 winners
44 losers
Lot size = 100,000 ($10 per pip)
Gross Profit = $27,000.00
Gross Loss = $19,661.00
Total Net Profit = $7339.00
Average length of trade = 2 bars
This system is a fantastic way to make small gains, remain disciplined, and grow an account into something major. Combining many small strategies like these add up to a significant profit in the long run.
PS.
.002 = 20 pips
.006 = 60 pips
Sorry for the confusion.
We just set up perfectly for this trade. The 6:30am CST bar opened at 1.36402 and closed at 1.36489. I have begun my short sell at the open of the 7am CST bar and I will either be out by the open of the 11am bar (regardless of my S/L or TP), if I hit my S/L of 60 pips, or if I hit my TP of 20 pips.
I’ll give you guys an update in the next two bars if we see any movement. The hope is that the merging of the London session and the US open will work in our favor. 
I used to have an old 1990 ford Ranger. I could swear by that lil old truck that it would start everytime, by the time I retired it, It had 500k miles on it. Once in a while though, it would backfire. (pardon the pun) So, even though this strategy went the abosolute wrong direction this morning. Tomorrow could be a different story. What I really like about your strategy is: You give very finite details on how to run it and that you give some excellent historic’s ie “back testing” for that I give you props. I did note that you did not say this was a 100%, you said 76%. It looks like the 24% hit.
Thanks for the heads up and sharing it.
edit I think I will keep an eye on this strategy for the next few days though. You seemed pretty sure of yourself on it.
Thanks fihunts.
Yes, this morning fell within the 24% margin in which the EUR/USD pair runs the opposite direction. One of the keys to successful trading is to remain emotionless despite incurring losses. I consider this loss the “cost” of doing business and will continue to use this strategy in the future. I will update this board to tomorrow if the conditions occur to take the trade again.
Well…I shared one of my systems. Does anyone else have anything that they’ve found to be successful? Cheers!
I’ll try this strategy, as still I have not one. I cannot wait for the things to happen - that’s my biggest mistake. Here you have given a time-frame which for me is very useful. Thanks!
Hey ForexP, I’m glad I could be of help. Patience and persistence pays off when trading systems. I will keep you updated as the next the conditions line up for this trade and we’ll give it another go.
It looks like that trade is not going to materialize today (the 6:30am CST bar is going to close down). I’ll give an update tomorrow.
Alright guys, the conditions just lined up for this trade. I am in at the open of the 7am bar and I will be in until the open of the 11am bar, until I hit my S/L of 60 pips, or until I reach my TP of 20 pips. I will update you as soon as this trade completes. My entry price is 1.35319.
Should be an interesting outcome? I’m short from 1.3587.
Good morning R Carter. That’s a great position to be in right now (especially with a trailing stop). I was short from 1.3572 overnight and hit my TP. Now I am back in as well. Good luck!
Were not a million miles apart on this strat of yours. One set up I use is to look at the Asian session directional bias and go long/ short off that at 07/08:00 GMT with a 50 stop. If and when the trade gets to 30-50+, I’ll drop my stop inside the trade by 5-10 pips and ride it out until NY close and exit regardless. 148 point trade on GBP/CHF yesterday using this entry.
Fantastic! It is really amazing to see correlations between currency pairs. In addition, trading multiple pairs based on divergence can certainly lead to substantials gains in a short period of time. I get slightly aggravated with the spreads on some of the pairs (of course this depends on the broker), but if the profit margin is large enough, it can still be worth it. A 148 pip profit is definitely worth it! 
I think you’re onto something with that one. I’ll take a look at it later today. Thanks for the heads up.
Your welcome. Usually the new daily candle will suffice.
Thanks again.
A quick update for everyone. Although it moved along one of the support points for a bit, the trade this morning was a success.
Entry: 1.35319
Exit: 1.35119
Profit: 20 pips ($200)
There will definitely be more trading opportunities today. I wish you all the best of luck throughout the remainder of today’s session. Good luck!
PS.
Keep an eye open for an opportunity to trade the EURUSD 30 min gap caused by the break between the US and AU sessions (Friday-Sunday jump trade). I’ll update the board later today with a thought on which way I think the gap will move.
Sorry for the late update. My thought is that the gap over the weekend will gap down. Look for around a 10 pip gain.
Have a great weekend. Talk to you all on Sunday. Cheers!
hi guys, how r u?
reading yr thread and looking for something like to trade london open,not to sit behind the screen for the rest of the day if possible. spent there quite enough by now //obviously not professional yet - making living out of it// . both of u guys have somewhat similar style, u know , morning candles and their passage i guess indies free… i gave it some back testing,mister RCarter, are u still using that strategy with the 9 gmt candle breaking either side of the lines? kind regards guys