Round Numbers on EURUSD 1H

This system is based on EURUSD pair and 1H timeframe.


RULES:

.- Put BUY STOP and SELL STOP at 0:00 hour in GTM+1 on the round numbers above and below of the current price.
TP is 100 pips and SL is 100 - spread.
Example:
The current price is 1.4138, so, put BUY STOP at 1.42 and SELL STOP at 1.41
When the first limit order is open, DOUBLE THE OTHER STOP ORDER

POSSIBLES SITUATIONS:


1.- Hit TP:
Close the other stop order and wait for the 0:00 hour

2.- Hit SL and the other stop order is open:

let it run. if we hit TP wait for 0:00 hour
if we hit SL wait for 0:00 hour and double again the two stop orders

3.- Hit SL BUT NOT open the other stop order:

let it run. if it's open before 0:00 hour, continue and if TP is hit, wait for 0:00 hour. if SL is hit, wait for 0:00 hour
and double again the two stop orders.
if it's 0:00 hour and not was open, close it and start again with the same size lot for the two stop orders.

4.- at the end of the week if you have position open, close it:

if it's losser start calculating the double of your recent loss on sunday
if it's winner start normally



Take in mind that this system use martingale, risk according to your possibilities

Do you have any stats to show over the past couple of years?

i have done only papertrading and i see that we can do 10 trades per mounth more or less (about 5% of your balance by month)

i calculated a risk of 0,5% of your balance for the first pair of stop orders based on SL hits

since january 2009 there're 42 profit trades with this rules

And the number of losing trades?

hi

in this period, since january, i have see the maximum of 4 consecutive losses.

so, i calculated the 0,5% risk for the initial stop orders to covering 8 possible consecutive losses

when i say about 10 profit trades by month, i speak about total operations, so, we can loss 2 trades and the 3 is winner.
for me this is 1 profit trade.

we do more than 10 trades by month, but using martingale (with caution) i think that this strategy is profitable.

this is the actual trades that i have

the lot size of buy stop is double of the short open trade

i don't use the smas for nothing just to see the trend

http://img197.imageshack.us/img197/1365/94185648.jpg

in 2008 there're 108 profit trades (i see 1 trade like all operations needed to have profit, so, 3 consecutive losses and the last winner is 1 trade for me using martingale)
the maximum consecutive losses was 6 and it happened two times

if we risk 0,5% in our first limit orders, in 2008 we would make 54% of our account

are you sure that is LIMIT BUY not STOP BUY?
If we want to open buy, higher than current price I think it call STOP BUY not a LIMIT BUY

_________________________________

Diamond Pattern

.

yes is true excuse me.
in oanda platform is called limit order but really in MT4 is stop orders
i changed it