Fish Net System Version 2.
Rules:
1.Open your daily chart, look back last three months, we choose 70 bars back. Find out the highest price hPrice and lowest price lPrice.
2.So market is ranging between hPrice and lPrice. PriceRange=hPrice-lPrice.
3.Divide PriceRange + 300 pips into 10 equal levels: TenthRange=(PriceRange +300)/10. Then we will have 11 price levels, l1,l2,l3,l4,l5,l6,l7,l8,l9,l10,l11 from top to bottom.
4.At each price level, we place pending buy and sell orders. It could be stop or limit orders depending on where market is. Our base lot is 1 lot. For buy orders lot size factor is as follow: 1,1,1,3,3,3,6,6,6,9,9 from top to bottom. For sell orders just reverse 9,9,6,6,6,3,3,3,1,1,1. Or choose whatever factor you want but have to be in above increase order.
5.No stop loss.
6.For buy orders (including level6) are above level6 use bigger value from 100 pips or TenthRange. If you have more than one buy order opened, take profit target is average price + 100 pips. Average price need to factor in lot size. For buy orders below level6, level6 price is take profit target.
7.For sell orders (including level6) are below level6 use bigger value from 100 pips or tenth value. If you have more than one sell order opened, take profit target is average price - 100 pips. For sell orders above level6, level6 price is take profit target.
8.If market goes beyond level1 or level11 after daily closed, delete all pending orders. Place new pending orders according to above rules and adjust your take profits with new set of level price for existing opened orders if any.
9.Every time an order closed, refill order with pending order at the same price level. You will always have 22 opened and pending orders on.
10.It will always have drawdown, especially when market go from level6 to level1 or level11 or beyond. So choose your base lot size wisely and make sure you have enough margins to sustain big drawdown.
Only constructive comments welcome and no indicator talks.
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