Tested on GBPUSD
THe procedure is so easy even a caveman can do it! (ahem)
Method goes like this.
1. Notice the Current Trend
2. See Opening price of daily candle around 5PM EST based on broker )
3. If Trend is up and price Reaches -30 pips from open, set a BUYLIMIT @ Opening price 15 Pips.
So if price closes at 1.9230, price drops into 1.9200, set order at 1.9230 15 = 1.9245.
TP Exit is discretionary, My exit is dependent on Average daily range for final 10 or so candles, if candles are doing average of 120 pips a day, then depart would be 120-(30 15)= 75 pips away from entry. In addition, I watch momentum and time period charts for departure.
TP Exit is discretionary, SL is normally 30 pips away from open.
I don't advise going against the tendency even though occasionally it works. It just happens that trading with the tendency have a higher Prospect of succeeding