End-of-Day Grid24 trading rules ...

Before reading the specifics, please listen to the podcast about my general philosophy regarding risk and money management and day trading the forex with the FX Money Map Grid.

End-of-Day Grid24 trading rules

Trading is a fuzzy system. Stay flexible and adapt.

The levels I call at NY close are valid for the pre-Asian and first few hours of the Asian sessions.

I would only leave entry orders if I could also leave stops and limits in the market at the same time (check with your broker).

If price trades through the limit level before triggering the entry order. CANCEL the entry order.

I use an initial reward:risk ratio greater or equal to 1:1 i.e. the stop is the same or smaller than the limit. As the position moves into positive territory the R:R improves as the trailing stop tightens.

Getting out is the hardest part: I have a win:loss of just under 2:1. This is achieved by a take profit level between 1 and 1.5 times the initial stop.

Get rid of any pip obsession you may have. It's all about percentage trading capital at risk. Be obsessional about varying the lot size to keep the trading capital at risk CONSTANT for every trade.

Regard
Morty Sill
London