1 hour trading system

I've been using this system for nearly 2 weeks now and am pleasantly surprised by the results. I've put a quick table together to show how I've done.

Day Opened Direction Opening Closing P/L
Thu 08/11/2012 SELL 5801 5782.5 18.5
Fri 09/11/2012 SELL 5759 5734 25
Mon 12/11/2012 BUY 5784 5769 -15
Tue 13/11/2012 BUY 5750 5780 30
Tue 13/11/2012 SELL 5719 5749 -30
Wed 14/11/2012 SELL 5748 5729 19
Wed 14/11/2012 BUY 5767 5748 -19
Thu 15/11/2012 SELL 5681 5662 19
Thu 15/11/2012 BUY 5705 5680 -25
Fri 16/11/2012 SELL 5667 5651 16
Mon 19/11/2012 BUY 5657 5670 13
Tue 20/11/2012 BUY 5729 5751 22
Wed 21/11/2012 BUY 5744 5755 11
Thu 22/11/2012 BUY 5780 5792 12

So Total profit is 96.5 points. On one of the days I broke the rules by closing 6 points to soon so really the profit should be more than 100 points. Considering it takes me less than 5 minutes a day using my mobile I couldn't be happier with the way its worked to date. Many Thanks Remo. If the performance continues this way then you will definitely be on my Christmas card list

Thanks
Amo

Thanks for the clarification on this one Remo!

If you increase the entry by 2 points then you can increase the stop by 2 points as well from the original stop area so that you helps in reducing the false breakout.
Obviously the targets have to to be adjusted.
dyor

Hi guys
dont carry over yesterdays closing price
Its the first hours price action that counts but if the price is close to yesterdays closing low price(by a couple of pips) then worth considering. Most times i would totally disregard the previous days closing price.
Also you have to tweak the system to suit yourself. For instance i place my longs on breach of 2 pips past the high of the first hour and vice versa for a short. This is done to factor in the resistance and support factor. It helps in reducing the false breakouts.

Heres a chart of the first hour area for today. Its only 16 pips your after. if you include the 2 pips past the high


Like i said before i dont use this system that much as i find it too boring. I prefer trendline and supports and resistance trades and conventional trading.

I do find that this system wins more than it losses.
I hope you guys do a thorough research on this.

DYOR

I've interrupted the system as including the prior days close but could be wrong as it's not a system I've used before!

"If the share gaps down on the following day then i would take the high just before the close as an entry level for the high of the first hour trading if prices carried on going down in the first hour."

Obviously the above would be reversed for today's action on the ftse.

Remo - what are your views on this?

Monkeyz,

Is that how you do it? I've been using 8-9 high,low = range.

I use:

8-9 high 5661.8,
8-9 low 5645.8, = 16 points range.