THE TRADING PLAN

This system is discuss on Forex Factory (www.forexfactory.com) as the DIBS system (Daily Inside Bars)

What we will do is look for Inside Bars forming on the 1Hour chart of the GBPUSD.

I will only trade in the direction of the day, which shall be decide by the open of the 6am (UK time) candle. If the price is above this we will go long on the break of an Inside Bar, if price is below we will go short.

If an inside bar forms i will place a Buy/Sell stop loss order 4 pips from the High/Low of this bar and my stop loss will be 4 pips above/below the other end.

When an hourly bar makes a new high/low i will move my stop loss to 50% difference between the high/low of this bar and my previous stop.

I will only trade london hours 7am to 3pm, after this the stop will be left until the next morning.

I will only exit if my stop is hit or i get a reversal signal.

I may miss some signals as i have other trades to make, but will attempt to trade all the signals i see.

I will only need to check the trade once every hour, just before the hour.