10 pip trade reverse grid system
Hi guys I couldn't think of a cool name so I made 1 up.
I want interested parties to try this with manual back testing only.
I have the grid indicator.
You can set the grid indicator to 130(this is actually 13 pips) so the grid lines will be 13 pips apart.
we are aiming for 10 pips so for my broker(oanda) 3 pips is safe bet. Most of the time the spread for EUR/USD is 2 pips or less but I want to be on the safe side.
the chart I am posting shows roughly how to trade this system.
Entry: When the price touches a grid line decide whether to go long or short( you can use any reason or just flip a coin)
Exit: Tp = next grid (its either 10 pips or a bit more depending on spread)
Sl= next grid(someone tell me how to exit a short position and a long position that will equal the tp) I think the sl for long should be set exactly at 10 pips and sl for short should be set exactly at 13 pips.
When your long hits TP than reenter long position again. When your short position hits TP enter short again.
When your long hits SL reverse and enter short position by adding 1 more lot. (so if the original trade was 1mini lot you add 1 more mini lot when you lose and reverse)
When your short hits Sl reverse and enter long by adding 1 more lot.
Every time you hit sl you reverse by adding 1 extra lot until you hit tp.
So for losing trades: first trade 1lot, second trade 2lots, 3rd trade 3 lots and so on.
ps: I forgot to say that try Eur/usd pair or 1 with similar low spread.
Let me know what your results are.