1. Before the market's open on Monday morning find the total range of the previous week, (high - low = range) and multiply that figure by .30 to obtain the values which will determine our entry points for the coming week----(example: EUD/USD: last week's range (Oct. 6-10, 2008) was 527 pips (high:[url removed, login to view], low:[url removed, login to view]) Now multiply 527 x .30 = 158.1. Round up to get 159 pips. This figure is added to/subtracted from the open for your entry orders in the next step. .
2. Monday’s opening---place pending orders as follows buy at opening price + the quantity from step (1) and sell at opening price – the quantity from step (1).
3. Stoploss Levels-
Check back to step 1 to find the figure for last week's range. Following the example, the previous week's range was a total of 527 pips. Multiply 527 x .10 = 52.7. Round up to get 53 pips. For pending buy order set stoploss below the Monday’s open a total of 53 pips (total risk in this example—159 + 53= 212). For pending sell order just do the reverse set stoploss above the Monday’s open a total of 53 pips (total risk=212). The risk per trade will change every week.
4. Close all orders both open and pending at close on Friday and repeat the whole process for the next week.