I am very interested in the concept of grid trading but all of the grid trading systems I have looked at use limit orders instead of stop orders. Of course if the market moves one way say 200 pips you can end up with 20 or more positions against you, hoping for a retrace. What I am looking for is a grid system that works like so. Lets assume eur/usd is currently at 1.3000. spread not included for simplicity.
Buy @ 1.3010, 1.3020, 1.3030 etc. Take profit every 10 pips 20,30,40 etc.
Sell @ 1.2990, 1.2980, 1.2970 etc. Talke profit every 10 pips 80,70,60 etc.
Lets say that market moves up to 1.3010. Books 10 pips profits. Now as soon as the first 10 pip profit is taken at 1.3010 bid then a sell stop order is placed @ 1.3010 and 1.3000. The buy stop that was at 1.3010 is now a sell stop.
The concept is stop orders are added in the grid on both sides of current price NOT limit orders. This way if we have a run in one direction you are collecting pips all the way. If there is a retrace then you can also collect pips in that direction.
Has anyone seen such a grid trading EA or would anyone with programming knowledge like to code such an EA. I have tried but I am not a programmer. Maybe an EA like Makegrid could be modified. I don't know.
Thanks.
Buy @ 1.3010, 1.3020, 1.3030 etc. Take profit every 10 pips 20,30,40 etc.
Sell @ 1.2990, 1.2980, 1.2970 etc. Talke profit every 10 pips 80,70,60 etc.
Lets say that market moves up to 1.3010. Books 10 pips profits. Now as soon as the first 10 pip profit is taken at 1.3010 bid then a sell stop order is placed @ 1.3010 and 1.3000. The buy stop that was at 1.3010 is now a sell stop.
The concept is stop orders are added in the grid on both sides of current price NOT limit orders. This way if we have a run in one direction you are collecting pips all the way. If there is a retrace then you can also collect pips in that direction.
Has anyone seen such a grid trading EA or would anyone with programming knowledge like to code such an EA. I have tried but I am not a programmer. Maybe an EA like Makegrid could be modified. I don't know.
Thanks.