Disliked1. Are you primarily trading this method instead of the 1-2-3 thread method? The 1-2-3 method is a subset of this method. 2. Putting things in my own words for this method: a. Wait for H1 candle to close and mark its open (Bar 1). Say this Bar 1 has the Highest open for the current day b. If the next H1 candle (Bar 0) trades above the open of Bar 1 and then comes back down to trade below it, short at the open of Bar 1 candle. c. The open of Bar 0 candle is not considered. d. On the other hand, if Bar 0 does not trade back down through the open of...Ignored
1. Bar 7 broke below prior day D[1] low. Hence only trade bar6 if it makes a lower low, lower than bar 7.
2. In this case, bar6 did make a lower low and has the lowest open for the day => if price gets back above bar6 open, long entry would be triggered.
3. It looks like bar5 touched open of bar6, so may have triggered long entry. Since bar 5 also made a lower low, it is possible that trade may have stopped out on this candle. However, looking at the Open-Close of bar5, I don't think the trade was stopped out if triggered.
4. If bar 5 did trigger a long entry, you likely had a BE+1 stop and were taken out at BE+1 or a 5 pip profit on bar4.
5. Now, bar5 has the lowest open for the day. A 2nd long attempt would have been made at either Bar2 or Bar1 once price went below open of Bar5 and came back above it. This 2nd long entry would still be in profit.
Please correct any missteps. Thank you for the practical chart example to test my knowledge and to see if I was interpreting the action and rules correctly.