Hi All.
Okay, another question.
Has anyone here ever
thought of, or even better tried out a grid trading system that always surrounds price with a pending order at 25 pip intervals? This is based on straight-line trading, where as price approaches those "golden" numbers, we assume that price will continue in that direction and so trades are entered as they cross these lines. (I picked this up on FF from a bloke that calls himself TRO (The Rumpled One). Now, I know that this bloke has been flamed everywhere he goes, and his integrity has been called into account on many occasions, but.... In the past I had tried the above manually, and it actually worked (especially in trending markets, obviously, and more so in more volatile pairs, think AUD & NZD pairs...), but, life inevitably gets in the way so I was not able to attend and set pending trades as the price moved, which resulted in my abandoning the idea.
But I have to say that the above method is one that, for me, has brought me the closest to what I can term to be actually making a profit within a month...
What was happening on the days that I could actually give time to the method of setting pendings as price moved (no SL or TP was used at the time), price would go through the motions of the day, and as price then determined a direction for the day, pending trades were triggered, retracements and all. At the end of the day, I would close out all open trades, regardless of what the end result was. At that time it worked, time was my only constraint.
For me it worked not only on the trading side, but also on the psychological side, as I did not have to think or make decisions ( it seems that I am now realising that I am my own worst enemy when it comes to trading as I struggle to make a brilliant system like those of NB work...)
If it can be automated, even better, because then I can concentrate on my work life...
Can you visualise the above method, does it make sense? Can it be automated?
Cheers
H