DislikedThanks cgrey and erwal. As I said before I have been trading this strategy live since late February on a manual basis. I was initially interested in this strategy due to the time of trade. I live in UK[font=Arial] and this allows me to place the trade before I go to work (regrettably I am still part of the corporate world and trading is a part time activity for additional income). Like everyone else, I was following the rules as set out by Cgrey to begin with. For trading/research/analysis I was using 1 hr,...Ignored
As for the 7 pip rule as opposed to 9 pip rule. I think this is splitting hairs. I'm starting to believe that this filter is negligible and everchanging. Therefore unreliable. Personally, I wouldn't use it. I do think the 30 pip max difference rule may have some merit (to not trade instead of in choosing direction). This is something that should be investigated on through backtest to see if it is a worthy filter. Markets do go through cycles of building 'energy', breaking out and then settling back into a 'flat' stage of building momentum again. So again, it could have merit based on this market tendency.
Lastly, if the start time of 8 tends to have wild swings in both directions then maybe it's best to delay entry a few minutes. However, I'm not convinced this is better. I would hate to enter at 8:05 and lose out on 'X' pips because it went in my favor right from the 8 start. I suppose this is also a prefernce though; although it could have merit too if there is whipsawing at 8 which could take your stop out often. I suppose we can study this going forward.
Good luck in April all!