One last thing is that I would like to change the default entry time of the market (0 to 24) to 1 hour later (1 to 23) but in the window 'opening logic condition', "Enter the market between the specified hours" 1 to 23 doesn't work. If I keep the 0 it does work. Any clue?

This "Permanent Stop Loss" sets a stop loss order to all open positions. It is calculated on the Entry Price basis.

You guessed it I am back with an additional question
Keeping in mind the same strategy with entering long/short at the +/-50 pips position, how can I insert a hard stoploss (-30 pips) at this long/short position?

Forex Strategy Builder allows you to set the long entry logic. It makes the mirrored logic for the short entry alone.

So if you want to enter long at Open Price + 50 pips, you have to use the logic:  "Enter long after an upward move". The same means that you'll open short when the market reaches Open Price - 50 pips. FSB sets this automatically.

If you want to enter long at the lower price and enter short at the upper price, you have to use "Enter long after a downward move"

If your historical forex rates are from London time zone, just use this entry point:

[Opening point of the position]
Price Move
     Enter long after an upward move
     Base price  -  Open
     Price move  -  50
     Use previous bar value  -  No

That is in case if you want to open long at Open Price + 50 pips or short at Open Price - 50 pips.

Hmm, I am little bit confused here. What is quoted above works for both long or short? So why it says "Enter long"?
Thanks for your time!

[Opening point of the position]
Price Move
     Enter long after an upward move
     Base price  -  Open
     Price move  -  50
     Use previous bar value  -  No

That is in case if you want to open long at Open Price + 50 pips or short at Open Price - 50 pips.

If you want to open long at Open Price - 50 pips, use:

[Opening point of the position]
Price Move
     Enter long after a downward move
     Base price  -  Open
     Price move  -  50
     Use previous bar value  -  No

That is because Day Opening is at 00 hrs London Time.

If your data are from different time zone you have to add additional entry time filter:
Let say you are 5hrs western than London. So your local time will be 5 o'clock when London opens.
To be able to filter the entry time you have to use 1hour chart.

[Opening point of the position]
Price Move
     Enter long after an upward move
     Base price  -  Open
     Price move  -  50
     Use previous bar value  -  No

[Opening logic condition]
Entry Time
     Enter the market between the specified hours
     From hour (incl.)  -  5
     From min (incl.)  -  0
     Until hour (excl.)  -  6
     Until min( excl.)  -  0

[Opening logic condition]
Enter Once
     Enter no more than once a bar

Notice that I use 5 o?clock and 6 o?clock and ?Enter once a bar?. This means you will open long/short if there is upward or downward 50 pips market move during the first hour after London market opening.
Other option is to use 4 hour chart and to set ?Entry time? from 4 to 8 o?clock. But this is not exactly the London opening.
Despite the fact you can play with different time zones data and ?Entry time? filter, the best solution is to load market data from the London time zone. Of course you can continue using ?Entry Time? to specify a time horizon for the market entry.

The logic condition:

[Opening logic condition]
Enter Once
     Enter no more than once a day

will cancel any aditional entry order during the same day.