Interesting GBP System | Foreign Exchange EA Download - MT4/MT5 Resources

I found this system on another forum and it looks interesting. It's a very simple "set it and forget it" type of system and it performs quite well.

I hope Merlin or someone else with the resources and ability can do some backtesting on it.

The rules are as follows:

Sunday through Thursday at 5 p.m. ET:

1- Close any open positions
2- Cancel any unexecuted orders
3- Place an entry buy order 1 pip above the previous day's high (we now consider the spread in the buy order)
4- Place an entry sell order 1 pip below the previous day’s low
5- Based on our discussion, use the following guidelines to set stops and limits:

50 pip limit/25 pip stop loss if ADR is above 200 40 pip limit/20 pip stop loss if ADR is between 175 and 199 30 pip limit/15 pip stop loss if ADR is below 175
ADR below 100 -> Gone Fish'n

Account balance $300-$599 1 Mini lot account balance $600-$1199 2 Mini lot account balance $1200-$2399 4 Mini lot account balance $2400-$4799 8 Mini lot account balance $4800-$9599 1.6 Lot account balance $9600-$19199 3.2 Hand account balance $19200-$38399 6.4 Hand account balance $38400-$76799 12.8 Hand account balance $76800-$153599 25.6 Hand account balance $153600-$307199 51.2 Hand account balance $307200-$614399 102.4 Hand account balance $614400-$1228800 204.8 hands

This system is designed for GBP/USD, but you can test it on other currency pairs to see if it works. Additionally, you can try different stop and limit prices, such as 40/20, or even completely different values, such as 32/16.

Anyway, groups on other forums have been trading it live with some success, but I'd like to see some backtesting before trying it so I can trade with confidence.

Thanks.