Another Daily Range Strategy GBP/USD

Hello,

I think it's best not to hijack Mikado's post as it may have yielded a better strategy than what I came up with.

I thought of this strategy before reading the forum, micardo was using a similar theory with considerable success.

I've attached a Word document that explains roughly how it works - please read this first and then the rest of the post

I have determined the range I want to use (ie: when to enter the trade), profit margin (in pips) or my stop loss (in pips).

My thoughts are:

Range: 30 pips above or below 00.00GMT Profit: 10 pips Stop Loss: 30 pips

Range: 40 pips above or below 00.00GMT Profit: 14 pips Stop Loss: 40 pips

Range: 50 pips above or below 00.00GMT Profit: 17 pips Stop Loss: 50 pips

I haven't done any backtesting yet so if anyone wants to do it feel free as I'm not really sure how to do it without doing it manually every day.

Any feedback or constructive criticism would be greatly appreciated.

Thanks