Hi everyone,
Yes, this is a grid type strategy in that instead of estimating where price will go I straddle it hoping to catch it no matter where it goes. It's also based on the premise that prices tend to range more than trend. But it's also different in that I don't open Buy/Sell stops hoping that price will hit a distant TP but rather have the TP chasing price for the inevitable retrace. Please don't mention the M word
Have a look--during Asian session every pair (except maybe EurChf) has a flutter away from the 23h00 pivot line before returning. Imagine the pivot line contains 2 elastic bands stretched between 23h00 and 06h00--you pull the one band up or down and then it snaps back to the pivot line (hopefully). How many pips that "flutter" is, is the issue. As Bob said in one of his many threads the commodity pairs Aud, Nzd, Cad tend to sort of meander along in a direction without significant retracement. I've had an AudCad pair open for 9 days once and it went to level 6 before hitting TP. The Jpy pairs tend to bullet off with one big candle then go sideways--then another long candle and then sideways...with PoolerSan following like the faithful family dog waiting for a retracement he he
.In the last 2 years of development I tried the following. Trade on lots of pairs with small OR's so as to catch most moves. Account grows quickly until you get caught with 4-5 pairs at the open of European session then *Eish* draw down. I tried fewer pairs with bigger starting lot size, smaller % TP----- *Eish* DD. You'll see from the settings that with the OR the first are narrow in the hope there is early retracement. If not and price has momentum then from OR 4 on I start widening the OR's
Sorry, only I realise now that the spreadsheet in post 1 is not clear enough. (have so much info in my head and not on paper). Here are the settings that I use. They are based on the average daily range.
I have lot size's escalating the same for all pairs. You can change this to what you want (this is really a tinkerers inveterate dream)
Lots sizes
1 2 3 4 5 6 7 8 9 10
0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.1 0.12
Take Profit % levels
1 2 3 4 5 6 7 8 9 10
60 60 60 60 60 60 60 60 60 60
OR levels
1 2 3 4 5 6 7 8 9 10
15 15 15 22 22 30 30 30 45 45
From OR 3 -4, 5-6, 8-9 I multiply by 1.5 (approx.). I do this as a money management exercise with the idea that the wider the gaps the less levels but its a double edged sword because then price gets to far from TP
I'll post all the OR's I use for the different pairs just now. Have to do some of that job thing---work.
Cheers
