Laying out a Diamond Grid
- Thread starter ram
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Update
There have been (2) 25/30 pip midday swings
that could have been captured for shorter gains.
The market reversed on the GBPUSD w/o reaching the long targets.
The reversal hit the 5 pip stoploss so I reversed as well.
Long and Short targets are both in in the 65-75 pip range.
I let the 'system' play itself out and try not to second guess it once in play.
Typical stoploss is 5-7 pips... typical targets are 50-120 pips.
The London 8:00am drop on the pound to the diamond grid pivot
was 110 pips. The London reversal was about 120.
Those 2 points represent today's daily range.
Here is my current status short the cable.
Cheers!
There have been (2) 25/30 pip midday swings
that could have been captured for shorter gains.
The market reversed on the GBPUSD w/o reaching the long targets.
The reversal hit the 5 pip stoploss so I reversed as well.
Long and Short targets are both in in the 65-75 pip range.
I let the 'system' play itself out and try not to second guess it once in play.
Typical stoploss is 5-7 pips... typical targets are 50-120 pips.
The London 8:00am drop on the pound to the diamond grid pivot
was 110 pips. The London reversal was about 120.
Those 2 points represent today's daily range.
Here is my current status short the cable.
Cheers!
Exits
The short trade still crawling towards the target.
This system is more fun during London. 🙂
As far as exits...
you always know what your target is.... but not the price.
So,
you plan for the pivot.
If I can't monitor the progress (sit in front of the chart)
I set an alarm nearby the projected intersect,
when triggered, I watch the current candle.
Once you're getting close, say within 10 pips of the intersect:
you set your take profit price point.... at the exact intersect...
with you finger on the manual close order.
Plan for the pivot:
3 pips BELOW the intersect,
In this case, a short, I will set a limit buy with a 5-10 pip stop loss...
and watch it like a hawk. 🙂
The short trade still crawling towards the target.
This system is more fun during London. 🙂
As far as exits...
you always know what your target is.... but not the price.
So,
you plan for the pivot.
If I can't monitor the progress (sit in front of the chart)
I set an alarm nearby the projected intersect,
when triggered, I watch the current candle.
Once you're getting close, say within 10 pips of the intersect:
you set your take profit price point.... at the exact intersect...
with you finger on the manual close order.
Plan for the pivot:
3 pips BELOW the intersect,
In this case, a short, I will set a limit buy with a 5-10 pip stop loss...
and watch it like a hawk. 🙂
Last edited:
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