went long and got my 20 pips, in trade 11 minutes.
I see from the thread that some of you went short so no doubt people will ask why I didn't go short. This is due to my entry criteria but I must stress there is no right or wrong answer, as long as you have a genuine trading edge using your criteria and execute with good MM you will make money.
My entry criteria is using the open and close prices only on the 7 x 1H bars that Claudia uses. 12 midnight to 7am GMT. This gives me my highs and lows for entry. I then use the 1M bars to fine tune my entry points. I use the absolute low and high on the 1M charts in the last hour 6am - 7am to adjust my entry point, the price has to breech my high/low levels by 1 full pip to trigger an entry. So if the price on the 1M chart has moved beyond the high / low range as identified in the 7 hour range this overrides the entry point. Therefore I had sell entry point at 1.60678 from the 0633 1M candle, so price would have had to hit 1.606668 for me to go short.
As I said there is no right or wrong answer, on some days I will be triggered a different direction to others and I will lose and they will win.
I don't know about you guys but I am very interested in using this strategy in other markets at different times of the day, any market where I can identify a solid trading edge, other currency pairs, oil, gold, indices. Has anyone got any other suggestions for times / markets to apply this strategy to, I will be researching and posting back if I find any.