Simple Daily Straddling System

Firstly you look at a daily candlestick chart and find the pair which may have more volatility.
After the New York close before Australia opens you make the limit orders. 30 pips below the current price sell and 30 pips above the current price buy order.Stop loss and take profit limits are 20 pips.After one of the orders execute you cancel the other limit order.If one of the orders execute and nothing happens you close the order before the New York close.
For a more volatile pair like GBP/USD you can make the orders 40 pips far and 30 pips take profit limit/stop loss.

Any results for your system, do you have an EA to backtest it? It sounds interesting and would like to experiment with different opening levels and TP and SL.

Regards

Madog

Saw similar system somewhere, but with only 10 pips above or below.

I have used this system but never got any consistent results. Some days both orders get filled and both get stopped out.

this system is nothing but a shot in the dark, if you hit you hit, if you miss you miss...if you are luck you will get a few probitable trades in the beginning, if not it will wipe out your account. there are better END OF THE DAY systems available on this forum with proven back tested results, try those

It's a straddling system as the name shows.You can't expect a such complex system when it comes straddling.But if you look at the charts before orders you can increase the probability of profit.If one of the orders execute it has a very high probability of taking the profit.At least when it executes you cancel the other order.So there is no probability of losing the two orders.If one of your orders execute it has an at least more than %50 profit probability and this is good for long term.