Here's my interpretation and methodology for the system;
Charts as BigPippin suggests, with the addition of a fibonnaci retracement on the last big trend swing (normally one or two of these a day in GBP/USD)
I am using FXCM Trading Station, and so I have an automated fib indicator which finds the higher highs and lower lows over the last number of defined periods. I also have a custom signal that plays an alert sound when all the parameters are hit (EMA's cross, RSI is + or - 50, STOCS between 80 & 20).
I have trading station open and running in the background while I work;
Upon hearing my alert signal, I go to it and check the following;
MACD is in the right place
STOC lines are heading in the direction of the trend
FIB Retracements are in the right place (it is automated after all)
A quick glance at the chart also just to confirm that the alert was in the correct place and that the current candle is behaving as it should (in the direction of the trend reversal)
Once I am happy that all these things are good, I'll watch for the candle that closes above the first fibonacci retracement level, and i'll enter on the next candle to begin trading.
I use the fibonacci lines as both take profit and stop loss levels and I am happy to walk away with 20-30 pips. My last trade I closed out at 20.4 pips profit after watching the candle struggle to break resistance at a fib line. I set a close on the fib line, which it hit and closed.
The trend continued, but hey, i'm not greedy and there will be another opportunity tomorrow and if I can do 20 pips on that i'll be very happy.
I backtested this method by selecting random periods in time and doing 4 days of trend reversals and it all looked good, I have also been monitoring without actually trading and written down the decisions i'd have took and I am confident that you can take a good few daily pips from it.
I'm giving it two months and if I can work an overall profit that justifies the time, I'll go live and probably blog my results.