Simple Hourly System

I've currently been trading a simple daily system that nets me anywhere from 20-40 pips a night and am quite happy with it. What im looking for now is to try a simply hourly system to help kill time waiting for that new daily candle to start, and wanted to see what the more experienced traders here thought of it.

When a new hourly candle starts wait for it to move 5-10 pips in one direction, whether its bearish or bullish I would enter the way it was heading. Stop loss would be for -15(only this high because i've noticed with the Oanda demo account im using I usually end up starting at -4 to -8 pips) and the TP would be around +5 or +6 pips. The pairs that I've been trading on are GBP/JPY, USD/JPY, USD/CHF, GBP/USD and EUR/USD usually I take a couple trades at the end of the New York session, then will take a few at the start of the Tokyo session, take a break and come back for the close of Tokyo/open of London session.

So do you guys think this is a viable hourly system? I think that the lower TPs are usually pretty easy to hit and the SL is just far enough back that a little retracement wont instantly stop me out, but not far enough back that if I hit 10 or 15 losers in a row it wont wipe my account out. Any thoughts or advice you have on this would be greatly appreciated as I am still testing this and would like to get it running as smooth as possible within the next month or so, then do a good month or two after that before going live with it on anything other than just a mini lot.


D


PS. I was attempting to put this into the trading systems forum, but unfortunately as I'm still a junior member this is the only one I could place it in for the moment.

I think you better fix your 15:5 risk and reward ratio, because is too risky

thanks for share

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Do not use Pivot Points when trading Forex

As I said in the original post, the reason I have it set to 15:5 is that hitting +5 is a pretty easy thing to do, and with spreads that are putting me at anywhere from -4 to -7, the 15 allows for a mild retracement, but if I used a smaller number of say -10 stop loss I will get stopped out 9 times out of 10, I did play around with a -10 stop loss the first couple of days testing this system and it is just to tight to work often.

Care to tell me about this system, I'm looking for a simple daily method.

With regards to the 15:5 ratio you need to win 3/4 to break even, i.e. 75%. I guess those type of ratios are against the norm but why can it not work if your win % is high enough?

Why?