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Highest Open / Lowest Open Trade

  • #101
  • Edited 7:15pm May 12, 2016 7:01pm | Edited 7:15pm
One way to use the same size stop loss in pips for each trade would be with range bars. Wait until the low or high is set and then enter when a bull bar closes for a long (low of the day) or bear bar closes for a short (high of the day). Shoot for 1.5x or 2x the risk for the TP. Use a trailing stop if desired. Below in the image is an example of a few long opportunities during the NY session (think the setting is correct). You can limit the number of re-entries for each hour as desired.
Attached Image (click to enlarge)
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  • #102
  • May 12, 2016 7:55pm May 12, 2016 7:55pm
@TS
What do you mean with "highest Open" or "lowest open" ?
thank you
  • #103
  • May 12, 2016 10:04pm May 12, 2016 10:04pm
Quoting Dezil
{quote} Looks like you got SL with last trade and this is new? Post 97 and post 99 has different daily low
No.
Didn't stop out.
Stop wasn't set at daily low, I used a buffer.
Got lucky.
The lowest open - daily low was less than 20 pips so stop was further away.
When you know the price action of the pairs you trade, you can make adjustments and trade accordingly.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #104
  • May 12, 2016 10:05pm May 12, 2016 10:05pm
Quoting pip-boss
One way to use the same size stop loss in pips for each trade would be with range bars. Wait until the low or high is set and then enter when a bull bar closes for a long (low of the day) or bear bar closes for a short (high of the day). Shoot for 1.5x or 2x the risk for the TP. Use a trailing stop if desired. Below in the image is an example of a few long opportunities during the NY session (think the setting is correct). You can limit the number of re-entries for each hour as desired. {image}
Thank you for sharing pip-boss.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #105
  • May 12, 2016 10:10pm May 12, 2016 10:10pm
Quoting matsuikenj1
@TS What do you mean with "highest Open" or "lowest open" ? thank you


HIGHEST OPEN / LOWEST OPEN TRADE

Place a line at the highest H1 open and lowest H1 open for the current day.

Look at an H1 chart.
Place a line at each H1 open for the current day.
The top line would be the highest H1 open.
The bottom line would be the lowest H1 open.
As the day progresses, there may be an H1 open that is higher than the top line and that becomes the highest H1 open.
And there may be an H1 open that is lower than the bottom line and that becomes the lowest H1 open.

Is my explanation satisfactory?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #106
  • May 12, 2016 10:40pm May 12, 2016 10:40pm
Attached Image (click to enlarge)
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Another lowest open.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #107
  • Edited 12:03pm May 13, 2016 2:11am | Edited 12:03pm
Quoting pip-boss
One way to use the same size stop loss in pips for each trade would be with range bars. Wait until the low or high is set and then enter when a bull bar closes for a long (low of the day) or bear bar closes for a short (high of the day). Shoot for 1.5x or 2x the risk for the TP. Use a trailing stop if desired. Below in the image is an example of a few long opportunities during the NY session (think the setting is correct). You can limit the number of re-entries for each hour as desired. {image}
Excellent trade setup from @TooSlow with cool recommendations from @Pip-Boss! Thanks, guys!
  • #108
  • May 13, 2016 2:40am May 13, 2016 2:40am
Quoting TooSlow
{quote} No. Didn't stop out. Stop wasn't set at daily low, I used a buffer. Got lucky. The lowest open - daily low was less than 20 pips so stop was further away. When you know the price action of the pairs you trade, you can make adjustments and trade accordingly.
Could you please tell us more about placing stops? Do you use mimimum value (for ex, not less then 20 pips), or what size of buffer from daily low/high. Its a vital part os the the system
  • #109
  • Edited 6:33am May 13, 2016 6:12am | Edited 6:33am
A little early but giving AudUsd a go. One hour prior to NY open.

Update: SL to +1

Results; +1
Attached Image (click to enlarge)
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  • #110
  • May 13, 2016 6:52am May 13, 2016 6:52am
Quoting Dezil
{quote} Could you please tell us more about placing stops? Do you use mimimum value (for ex, not less then 20 pips), or what size of buffer from daily low/high. Its a vital part os the the system
The simple answer is:

Stop loss is the current daily high or current daily low.
Adjust your position size accordingly.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #111
  • May 13, 2016 6:52am May 13, 2016 6:52am
Quoting diamonddbw
A little early but giving AudUsd a go. One hour prior to NY open. Update: SL to +1 Results; +1 {image}
Thanks for sharing your trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #112
  • May 13, 2016 6:55am May 13, 2016 6:55am
Quoting TooSlow
{quote} Thanks for sharing your trade.
++++++++++++++++++++++++++++++++

I appreciate you sharing your time & knowledge. Both are precious commodities.
  • #113
  • May 13, 2016 6:57am May 13, 2016 6:57am
Attached Image (click to enlarge)
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I repeat each day this so new comers don't have to go back to the first post:

HIGHEST OPEN / LOWEST OPEN TRADE

Place a line at the highest H1 open and lowest H1 open for the current day.

Sell short at the highest H1 open after price goes up through it and comes back down.

Buy at the lowest H1 open after price goes down through it and comes back up.


Stop loss is the current daily high or current daily low.
Adjust your position size accordingly.

Take profit by moving stop up.
When trade is +5 or more, move stop to BE+1.
When trade is +10 or more, move to to BE+5, or switch to trailing stop.
Optional exit is to exit part of trade position with a profit to bank it, move stop to BE+1 and watch the market.


WARNING

When price breaks through yesterday's high or low, that is a breakout!
Trade the reversal with caution.


"Perfection is not when you have nothing more to add, but when you have nothing more to take away." - Antoine De Saint Exupery

"It is not about adding on, but taking away. The less technique, the better you are." - Bruce Lee


Please understand none of this is original or new and this is presented for EDUCATIONAL PURPOSES ONLY. You may find your results may differ. Please check with an accredited financial specialist before using real money. FOREX trading can be risky. YOU HAVE BEEN WARNED!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #114
  • May 13, 2016 7:09am May 13, 2016 7:09am
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Breakout of yesterday's high.
Use caution.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #115
  • May 13, 2016 7:24am May 13, 2016 7:24am
Quoting TooSlow
{image} Breakout of yesterday's high. Use caution.
In this example i was stoped out from a short trade on bar 0 becaouse day 0 high was broken.
If i use your rule Stop loss is the current daily high or current daily low.
  • #116
  • May 13, 2016 7:34am May 13, 2016 7:34am
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News spike.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #117
  • May 13, 2016 7:48am May 13, 2016 7:48am
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Next hour.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #118
  • May 13, 2016 7:55am May 13, 2016 7:55am
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Another possibility.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #119
  • May 13, 2016 7:55am May 13, 2016 7:55am
Quoting Dezil
{quote} In this example i was stoped out from a short trade on bar 0 becaouse day 0 high was broken. If i use your rule Stop loss is the current daily high or current daily low.
Were you stopped out before the news?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #120
  • May 13, 2016 8:08am May 13, 2016 8:08am
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Here we go.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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