Forex Trading Strategy - GBP / USD

I've just started trading a strategy which is based on the close of the first 15 minute bar after midnight GMT on GBPUSD.
1.) Take the closing price of the first 15 minute bar after midnight GMT on GBPUSD
2.) Place a buy order 50 points above the close and a sell order 50 points below the close
3.) Both orders should be placed with a 20 point stop loss and a 20 point limit order to take profits
4.) Once 1 trade is triggered, cancel the other.
This has averaged 74 points per month since April 08 which doesn't sound much, but given the short stop distance you can afford to place large trade sizes. I trade with £10k capital and am placing £12.50 per pip or 2.5% per trade. Based on last years results that's almost a 10% monthly return

I have tested this with 20, 30 and 40 point targets, the 20 point target won 960 points over 13 months, the 30 point target won 780 and the 40 point target won 960. I prefer to stick with 20 as a safe option.

---- by Rich fxStrgyrvl -----