I have an idea...
Hey Ray, I'm intrigued by your system! How/where did you learn it? I only started beginning of the month but I always thought there must be a way to set up constant orders to capture movements etc, and that is what you apparently do! And I guess an ea would be possible to code, so imagine that! I assume you don't need to study price action or indicators at all? Thanks, Sim
Hey Ray, I'm intrigued by your system! How/where did you learn it? I only started beginning of the month but I always thought there must be a way to set up constant orders to capture movements etc, and that is what you apparently do! And I guess an ea would be possible to code, so imagine that! I assume you don't need to study price action or indicators at all? Thanks, Sim
Hi Sim,
I have tried many "Make Grid" type EAs but they all have the same drawback, they don't replace the orders that have taken profit leaving quite large gaps in the Grid. It's frustrating to watch the price going up and down 50-60 pips in the middle of a "barren field" if you see what I mean.
My idea is to lay out 40 or 50 sweets along the road and collect them as you go along the road, replacing each one you pick up with another that is available on your way back. On your way back picking up "new" sweets you will leave more sweets that are available should you reverse your direction...simple really.
There is an indicator called "Daily Range Calculator" which when put into a GBP/USD Daily chart shows the huge potential my idea has. I don't know how to let you have it here...perhaps a kind soul will do that for us!
I do try to run this manually but it gets very fast and furious and I am not quick enough on the keyboard to get the Pending Orders placed.
Hopefully someone cleverer than me can write an EA to do this.
Kind regards,
Rayzee.
I think I totally understand you. To do it manually provokes two problems: constant monitoring and the requirement to place orders in a flash! Hence, an EA is needed... I did some studying and the best I could find was
But I assume you've seen this already? What I want to believe is that the coding of this EA would not be as complex as most others? There are no indicators, just pure order placement and money management?
Only yesterday I was toying with TRO's indicators of hourly and daily ranges etc, so I know what you mean there!
If you have the ideal EA, would your range be even higher than 200 either side? Lastly, is it correct that I have an image in my head of following all movements, with only retracements of say 10-19 pips being the drawdowns?
Many thanks for your reply, Sim.
I think I totally understand you. To do it manually provokes two problems: constant monitoring and the requirement to place orders in a flash! Hence, an EA is needed... I did some studying and the best I could find was Grid Trading - Forex Factory But I assume you've seen this already? What I want to believe is that the coding of this EA would not be as complex as most others? There are no indicators, just pure order placement and money management? Only yesterday I was toying with TRO's indicators of hourly and daily ranges etc, so I know what you mean there! If you have the ideal EA, would your range be even higher than 200 either side? Lastly, is it correct that I have an image in my head of following all movements, with only retracements of say 10-19 pips being the drawdowns? Many thanks for your reply, Sim.
Hi Sim,
Yes, you're right...very small drawdown because these are all Pending Orders and don't get filled until the price is hit!
The only thing that needs taking care of are the "turds". Imagine the price goes to the bottom of the range, triggers a Sell and then retraces before taking profit. This "turd" can get big, especially with Cable and you could be looking at minus 200 pips in a day for each incomplete order.
I probably would use the Daily Range Calculator, which gives probable action for the day, I would go minus 15-20% which should mean all orders are complete. No need to be greedy with this, 200 pips each way is too much as a general rule, though on the upside it is very common. Let me have your email address and I'll send the indicator to you (I know how to do that! :¬)
Kind regards,
Rayzee.
Hi Rayzee
did you find someone to implement your EA? I am interested in your strategy as I am in the search of successful grid strategies. Reading your post, I have some questions:
- if for example a buy stop takes profit, you place a sell limit order. at what price level? why you place one as you already placed them before start of trading?
- why do you place all orders upfront? isn't there a risk to have sever turds?Thx
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Hi Everyone,
This is my first post and I'm not sure it's the right place but here goes.
I trade Cable manually using a "Grid" to capture Daily Ranges. I place Buy Stops every 10 points to cover 200 points set to take 10 pip profit. The same with Sell Stops. I also place Sell Limits on the "Buy" side at the same places and Buy Limits on the "Sell" side.
As you can imagine this is quite time-consuming to set up, I work, travel and sleep 17 hours a day (I work nights so no help there!)
What I would love someone to write would be an EA that works on a Daily basis, that is it "opens" at 00:00 GMT and closes at 23:59 that day.
The EA needs all the usual parameters eg. MM,SL,TP,LotSize as well as GridSize, Magic, CloseAllPending, CloseAllBuy, CloseAllSell.
The first thing the EA should do is place 20 Buy Stops and 20 Sell Limits on the upside at 10 pip intervals, and 20 Sell Stops and 20 Buy Limits on the downside all at 10 pip Take Profit.
There are now 4 different Take Profit scenarios from the 4 different order types, this part is important.
1. When Buy Stop takes 10 pip profit it should place a Sell Limit order immediately.
2. When a Sell Limit takes profit it should place a Buy Stop.
3. When a Sell Stop takes 10 pips it should place a Buy Limit.
4. When a Buy Limit takes 10 pips it should place a Sell Stop.
When I do this manually the profits are phenomenal but it is hard to keep up with the pace as the price can move 20-30 pips in seconds, leaving no time to manually place Pending Orders.
In a nutshell there are 4 order types, 4 Take Profit types and 4 responses to each Take Profit type.
This will capture most of the "ups and downs" which characterise GBP/USD.
The only other consideration is how to deal with what I call "turds", that is an open position that didn't make profit and the price is moving away.
Perhaps, a Stop Loss or a Time Period...not sure about this, but "turds" can very quickly get very big.
Thanks for reading, I hope someone can help.
Kind regards,
Rayzee (Ray Fearnley).