Will this work

1. Daily chart.
2. Wait for new bar.
3. Close all open/pending orders.
4. Place GBPJPY Buy Stop using lots=0.05.
5. Plade CHFJPY Sell Stop using lots=0.08.

nope

Why not ?

I keep telling you even though they appear positively corelated its not guaranteed they will continue to move that way, they can and will decouple at any time for short periods, without a stop loss you will lose your account in a single trade. With a stop loss (daily bar) you may lose more often than you win.

Anyway don't listen to me try for yourself, try for atleast 6 months even if you think if its a waste of time, you need to know if its long term viable. For heavens sake don't rely on short term results or if someone tells you something, they wont be responsible for your losses all they'll say is "well its too bad" and your money is lost not theirs.

Where is Ozfx method today, at one point it had 34 wins in a row,where is Imran Sait method today? do you remember?

If it was that simple banks would give up banking and simply trade instead of wasting time with customers.

Don't listen to me but try on a demo for 6 months and see. That way you'll know and contrary to what you may think I'll be more than happy to be wrong.

Buy Forex-tester, save some time and money.

My backtesting is 100 times better since I started using this. I told Mike (The author) that Id do some follow up posts, as this thing is worth 100 times more than you will pay. (Its only 150 bucks)

i'll explain this once again. Buy GBP/JPY and sell CHF/JPY = buy GBP/CHF. Check out the chart of GBP/CHF. Might as well trade gbp/chf...

give a trial!

i tried before similar idea in demo account,i didn't put SL and it worked with me..but i think it would be scary not putting SL while trading your real money