I’m staying in. I’m guessing it will end up stopping out, but I’m going to let it run it’s course anyway just in case.
I can’t afford to miss another winner 
If the pair just waffles around without hitting SL or TP, we just close it manually on Friday, right? Do you wait until end-of-day Friday, or is there a better time like lunch? Or just use discretion?
PS: Thanks Phil for sharing your idea on this method!!
Right, although this has never happened to me yet so I can’t say exactly when I’d close it. Probably around noon GMT.
Whew! Made it through all 140+ pages of this thread now 
Feels good to be educated LOL…
I plan to dig-in and help with the EA too if possible. I am probably in the same boat as Phil and s0 … not a “real programmer” LOL but once I get the syntax of MQ4 under my belt, I hope to be able to contribute (learning MQ4 is something I’ve wanted to get better at… and a worthy project like this is just what I need). I’m primarily a PHP guy but can pickup other languages pretty quickly. My goal is always to make trading as “dummy proof” as possible.
I think I will add EURJPY with this strategy to my toolbox this week. I’m trading a live IBFX mini account right now. I haven’t played with the current EA yet but thinking I might try that.
PS: iPhone users should check out this app – it’s a custom-written Metatrader client that can interface with supposedly any MT4 broker: forexonthego.com
hi people
congratulation 4 the great ts!
i was thinking about the ts: STOP move and the time to trade.
would be very interesting don’t need see the trade to change the stop… or cancel other order.
the ts perfect would be:
you open your software on monday 00:00, do the positions, and open again only the next monday!
sorry the english, i’m brasilian and don’t know very much write in english.
Long trade stop loss moved to breakeven … looks like this one may reach the finish line!
My target is 1.6533 , is that correct? moved to be too
Yes 1.6533 is my target too. Because the close of the trade is a “sell,” we do not need to add spread to that figure (buy at Ask, sell at Bid)
yipie…this week close with profit…thanks to phill again:D
Yup…200 pips!!! sweet…Phill you are genius
Me too. Another nice win this week.
I was lucky this week because I didnt take the short trade. I was (and still am) a little confused with the end of daylight saving in the UK. It appears I waited an hour longer than I should have to take the trade. I should be back to normal next week.
Hello Phill and thanks for sharing !I find this system interesting and the very first time I used it it worked somehow though I exited on 2 times the risk
How do you set the target according to the ATR(14) on the weekly charts. I’m using MT4 and when I enable the ATR on the weekly charts all I get is a line below the chart with a reading like 0.0780 or alike…How can I use this to set a T/P?
ATR 0.0780 would give us that the average true range of the last 14 weeks was 780 pips. Then you take that figure and apply it to TP according to Phil’s rules.
Hey, MacGyver,
I think you mean 780 pips.
If that happened to be the current ATR, then you would use one-half of that number, or 390 pips, as your profit target.
As of the close of trading on Friday, I’m seeing ATR(14) for GBP/USD = 403, and ATR(14) for EUR/USD = 260.
That means for next week, TP on the GBP/USD should be 201 pips, and TP on the EUR/USD should be 130 pips.
Blast!
Yes of course. 780 pips it is.
Edited my post to avoid confusion.
Have you considered trading the Monday 00 candle?
I am trading that on the GBP/JPY and it looks like a much higher win/loss ratio than you stated.
MT4 charts with IBFX has the correct chart/gmt time.
I really Like the other GBPJPY 4H strategy from gusforex.com , the problem is that the time here is terrible to wake up and set the trades… I think if we could automate that would be great since the ea would be very similar to the sunday BO strategy from Phil
Damn. This week’s is another big sunday candle. What is with these huge Sunday price ranges we have been getting the last few weeks? It makes trading this strategy very difficult.
Break even is larger than Take profit 
I’m tempted to trade this to the upside only — remembering what happened to us on the downside last week.