I have been intrigued by gri sytems, but can't reconcile the possible disaster scenarios. While looking at possible safe solutions, I came accross something that seems to work rather well. I have backtested for about 3 weeks visually. The only caveat is that you need to be paying attention. This is not a set and go system, you have to be at the screen.
You should start just before the London or New York open, sat about 30 minutes. Look at the price, and set buy stops and sell stops. First buy/sell stop around 10 to 15 pips from current price. Set take profit at +/- 20 pips. Set another set of buy/sell stops at the other take profits, and add a take profit of 20 pips on these. Now wait and see what happens. As each 20 pip target is reached, you have antoher one open in the direction of the last trade. Only open 3 of thes and quit opening in that direction. Another thing to do is when you reach a target, cancel the opposite orders and add one 20 pips away from where you reahched your last target. Do not use stops or close any orders until trading is over. My method is to quite after about 5 or 6 hrs.
I will give you an example in the next post. So far, no losses, and profits from 20 to 80 pips a day.
You should start just before the London or New York open, sat about 30 minutes. Look at the price, and set buy stops and sell stops. First buy/sell stop around 10 to 15 pips from current price. Set take profit at +/- 20 pips. Set another set of buy/sell stops at the other take profits, and add a take profit of 20 pips on these. Now wait and see what happens. As each 20 pip target is reached, you have antoher one open in the direction of the last trade. Only open 3 of thes and quit opening in that direction. Another thing to do is when you reach a target, cancel the opposite orders and add one 20 pips away from where you reahched your last target. Do not use stops or close any orders until trading is over. My method is to quite after about 5 or 6 hrs.
I will give you an example in the next post. So far, no losses, and profits from 20 to 80 pips a day.
