20 Pips A Day Every Morning Between 8-9a.m EST

There would be no confusion had you used the appropriate punctuation my friend.

Hope it works out for you. I've tried various similar systems. In the long run, they don't seem to work, and it's hard to tell the difference between a series of drawdowns (acceptable because the wins will come back) and a change in the environment (unacceptable because the system will never work again), so you end up giving your money back.

The only way to consistently make money is to learn to trade properly. There is no short cut.

Hi Atltrader,

Hmmm... I really don't mean to spill water over this fire, but really please understand I'm only trying to help.. I took a look at those charts and frankly don't see anything there. Really, you can take any pair at any hour and see it move just as randomly. Maybe there IS a small truth in it because of the time (not sure what happens, markets open or something) but even then I see no way from those charts to predict in WHICH direction such a move will be and WHEN to enter to catch it exactly . Of course if you wish to continue and test it and you really come up with total net profit for the longer term then by all means it'll be great and I'll be wrong which is a good thing in this case. Just can't see it here...

Either way, no need to be discouraged, there are many patterns in forex that we CAN take advantage of - channels, triangles, round number breaks, strong clear trends of course and more.

Good luck with your trading

Obviously "every day" won't happen. But a similar strategy works well on market opens if you're into scalping.

Easy way is to find the range from between 7am to 8am and use a pair of stop orders to straddle the range starting at 8am. Let it keep running thru the market open at 9:30 since a lot of volatility occurs then too. Monitor the M15 instead of the M5... less random noise. Get out when the trend starts to slow down. You should spend some time back-testing exits if you use this system, it will be what makes or breaks you.

I used to do something similar before the london open on a basket of EURUSD+EURGBP+GBPUSD, or before the asian open with a JPY set. It works a few times a week. You can usually pull 100 pips a week once you figure out the close. Works best to capture unpriced news events, obviously.

Alt trader, not sure what broker ur using, but i'm assuming your spread is in the 5 pip range??? If u have a 10 pip stop loss, thats only 5 pips of a move against you to hit your stoploss.. not feasible at all.. With a high spread, you should try to get as close to 1:1 on this, so maybe a 15-20 pip stoploss for a 15-20 pip gain, demo that and see the hit rate that you get on your trade, and you can take it from there. I hate putting arbitrary number stoploss, cuz it has not technical significance, usually stoploss should be based on something meaningful, like s/r levels, Average range for that time frame, etc.. So what you may wana do is see if you can pick out a range within that timeframe that prices are oscillating, find try to put your stoploss on the other end of that range, if the range is too big, maybe that trade should be a no trade, or if there is a strong support at the bottom or the top, and if its within that 10-15 pip range or so, then maybe you can take that trade, so like i said, blindly looking for that trade with an arbitrary 20 pip gain and 10 pip stoploss is the reason why new traders fail even with strategies that are valid and make people money. Its because they don't do the analysis to see if the trade is worth it or not. So study the range, average range for that particular timeframe you are in, and see if it ever ranges close to a s/r level, and then maybe take a break of that particular level to give you high probability trades. Thats what you should concentrate on, is being able to identify high probability trades, and the only way to know that is forward testing on demo and a little bit of backtesting to see if its worth lookin into, dont fall in love with backtests, its a fools game.. If you need specific help or ideas, feel free to pm me. Don't get annoyed btw with people pointing you to a direction other than what you might want to go at, the reason is because as newbies, we all had the same mentality at some point, which is to get the easy 10 to 15 pips etc. But what new traders fail to realise is that getting that 10-15 pips is not the hard part, the hard part is cutting your losses short so that you don't risk 30 or 50 pips to get that 10-15 pips else you'll find yourself winning 2 or 3 times and still at the end of the day being in the red because of that 1 loss. Plus unless you have a pretty good high probability trade on the cad, with the spread, its much harder to pull in tight stop losses and small gains of 10 pips or so, it would be more worth it with pairs like the eur/usd or eur jpy with spreads in the 1-2 pips respectively to aim for those kinda pip goals as it leaves more of a room for your stop loss.. do you see what I'm saying?
I trade the cad as well, plus being from Canada, I have more access to news and sentiments etc. which helps, I guide people, high net worth people in proper timing for their exchanges of USD money into CAD and vice versa, so a little hint in something you might look into, Cad trades in tight ranges and then it breaks out, I'm talking about daily/wkly ranges, short and buy close to the range with stops outside of the range, it will give you the same and most times better that 1:1 risk to reward ratio but a much higher percentage of trade profitability than the one you are looking at, only you thing you'd wana adjust is your position sizing for the trade and thats it. Give it a look and see if you can spot anything