I've recently been trading this system and so far it is profitable.
I'll attempt to describe it as best I can.
1. Chart Set Up.
GBPUSD Time Frame 15 Mins
Indicators : SMA Period 21
Bollinger Bands Standard Deviation Set at 1. Levels set at 0.75 and -0.75
2. Entry Rule :
SMA must be Pointing down for a short entry. Bollinger Bands must be Pointing down for a short entry.
Set Up Candle must be a candle where the Open is in the Top 30% of the Candle and the Close is in the Bottom 30% of the Candle. This indicates a significant move down. The Candle must close outside of the bollinger bands. This candle is called a Down Bar Candle.
Trade Entry is set at 1 Pip Plus Spread below the Low of the Set Up Candle.
Exit is set at 2/3xATR at the time of the Trade. Initial Stop Loss is Set at 1xATR at the time of the Trade.
That describes a Short Trade. The opposite is true for a Long Trade.
This is a great system to trade the London Open.
I will attach a chart.