Today I will review the forex grid trading ea strategies.
First, I've often seen some FX traders test the forex grid trading ea on the one minute chart. Frankly, I think it's terrible. It ignores the major trend on the daily chart.
Second, some novice traders simply focus on the grid trading forex ea. It also ignores the major trend. I think they will get nothing.
Third, though most of the forex trading sites shows the free forex grid trading ea, it can't trade in a range-bound market. For instance:
For me, I always use the one direction grid trading system. For example:
First, I've often seen some FX traders test the forex grid trading ea on the one minute chart. Frankly, I think it's terrible. It ignores the major trend on the daily chart.
Second, some novice traders simply focus on the grid trading forex ea. It also ignores the major trend. I think they will get nothing.
Third, though most of the forex trading sites shows the free forex grid trading ea, it can't trade in a range-bound market. For instance:
- buy stop order
- buy stop order
- buy stop order
- median price
- sell stop order
- sell stop order
- sell stop order
For me, I always use the one direction grid trading system. For example:
- I only focus on one currency pair. Therefore I will decide to trade the major pairs like GBPUSD
- I have to update the forex trading checklist every day.
- on the daily chart of the GBPUSD, it stays above a bullish support trend line.
- My grid spacing is 47 pips on the 4 hour chart
- My grid lot size is 0.01 lots
- My take profit is 47 pips and can't set stop loss order.
- Maximum number of trades are 8
- I place buy limit orders near support lines
- I place sell limit orders near resistance
- Every day I will set new forex limit orders
- When the forex market is trending, I will use a buy-and-hold strategy.
- Sometimes I am going to try and keep it simple. Therefore, I stopped checking the RSI and ADX indicators
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