Here is a system I came across in 2006 which I have just found in my favourites. It was posted on Forexfactory way back when. I haven’t looked at it in years but thought some newer traders might like to take a look.
Here’s a very simple system without any indicators that will generate max. 1 trade per week and pair. Please forgive me if something similar has already been posted.
Use a daily chart with GBP/USD, set to central european time (this is what I use, I don’t know how other time zones effect the outcome)
When thursday’s bar has completed, determine your position size based on that bar’s range (the range will be your risk).
Enter a stop buy order one pip above thursday’s high and a stop sell order one pip below thursday’s low.
A few moments before friday’s close, cancel all open orders and close any open position.
The attached screenshot shows blue rectangles which define thursday’s range. I didn’t always insert them exactly on the range, but you should get the picture. If friday produces an inside bar, then there’s no trade. On an outside day, you lose thursday’s entire range. A profit occurs if friday is not an outside day and closes outside thursday’s range.