Big Ben Strategy is a day trading strategy that takes advantages of the 24-hour trading possibility. It is meant to be used with GBP/USD mainly. According to that you should capture the first directional intraday move after the market opens in London (1am ET). The first big move will usually happen within couple of hours.
While this strategy can be used on the long side as well, it’s mainly meant for short side. Meaning selling short.
The market opens and soon (within couple of hours) it makes a new low compared to the opening price, the new low should be at least 25 pips from the opening price. Then the trend reverses and moves at least 25 pips UP from the opening price. This is followed by another short term trend reversal and the price goes below the first low (so more than 25 pips below the opening price). Now you should sell a breakout that is at least 7 pips lower than the first low. Once this has been filled place a stop loss no more than 40 pips above the entry price. Once the price moves lower and lower, also lower your stop limit (half the distance between entry and stop).
And that’s pretty much it. Haven’t tested it myself yet, but will do so soon. If someone has tried it, feel free to share the information in the comments section.