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As complicated as necessary: Highest Open / Lowest Open Trade 854 replies

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Attachments: Highest Open / Lowest Open Trade
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Highest Open / Lowest Open Trade

Quoting helbor
{quote} Your insistence makes it more painful but I recognise the benefit. It was a reckless entry after breakout of previous day high. Added to the short on next higher open, moved SL so far away it would never get hit. But of course, it did. Not an example of a flawed method but rather a flawed trader.
Ouch. However, as I have posted here before, it is only a mistake if you don't learn from it.
Quoting hhc
{quote} Hi LeMercenarie, i like to ask you what is the strategy or strategies, that you use more often, i find that after trying HOLO or Wick Zones strategies does not look good in the long term, but i am asking to see in what strategy to invest time in effort to master. Thank you in advanced.
Ifurlan is correct in his posted reply as far as 1-2-3 and HOLO are concerned. It is simply my way of maximising any directional bias there may be.

However, 1-2-3 and HOLO are only a part of a basket of overlapping methods I use throughout my trading day. My main trading session is the UK morning and I usually don't need to do any more than that.

If I do, it is usually because I have nothing else on that day. I am lucky enough to be a full time trader and so I trade so I am able to make free time to live my life away from the charts.

Anyway, if you check out my profile, you will find where I spend most of my time and the method(s) and techniques I use. I should say that most are not really suitable for newcomers to the game. I have been doing this for a long, long time, lol.

The thing with 1-2-3 and HOLO is to narrow your focus to a bare handful of pairs and learn them inside and out. Look at TS himself. Specialises in one pair...one. I specialise overall on The DAX.

Once you do this, you will begin to feel how the market moves, when a set up is strong, when it is more likely to fake you out.

Although I use S+D etc as noted, I should also point out that when I first joined the threads, I ran both completely as-is and out the box.

When it comes to Wick-Zone, again, most who struggle are using it purely as a one-off method. Yes, you can do so but that is very limiting. Instead, use Daily WZ to give you that additional concept of bias. Look where price is sitting in relation to the Upper and Lower DWZs. Where has it been the rest of the day? How is it in relation to ADR?

One major thing to know is that Wick-Zones are basically mini Supply + Demand Zones. Think about what that shows you as regards price movement into and out of the zones.

Anyway, apologies to TS for cluttering up the thread. I cannot stress highly enough that YOU DO NOT NEED ADDITIONAL INFORMATION TO RUN 1-2-3 AND HOLO. Learn the method first and then you can possibly look at adding your own spin.

If you want more info, please do not post here out of respect for TS and his wishes.

Lem.
Quoting hhc
{quote} Hi LeMercenarie, i like to ask you what is the strategy or strategies, that you use more often, i find that after trying HOLO or Wick Zones strategies does not look good in the long term, but i am asking to see in what strategy to invest time in effort to master. Thank you in advanced.
Show us the data that shows these strategies do not look good in the long term. How old is this thread? How long have you traded these methods?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Quoting lemercenaire
{quote} Ifurlan is correct in his posted reply as far as 1-2-3 and HOLO are concerned. It is simply my way of maximising any directional bias there may be. However, 1-2-3 and HOLO are only a part of a basket of overlapping methods I use throughout my trading day. My main trading session is the UK morning and I usually don't need to do any more than that. If I do, it is usually because I have nothing else on that day. I am lucky enough to be a full time trader and so I trade so I am able to make free time to live my life away from the charts. Anyway,...
Thank you for your detailed answer, it was really really helpful, and i see that you have understand the real spirit of my question, that was trying to get the most from real traders that share his knowledge and i am really thank full for your attitude trying to help all the new ones, like me, that are trying to learn from others. Please keep helping as i see that you are always doing.
Quoting TooSlow
{quote} Show us the data that shows these strategies do not look good in the long term. How old is this thread? How long have you traded these methods?
I see that you have not understand my question, it was directed to Lemercenarie or any other person that answers politely and have a good attitude. Hope fully Lemercenarie understand correctly and have give me a really useful comment. Bye
Who is taking the 10 trade challenge the week of JANUARY 5, 2020?

During the challenge, you are only to trade the same pair.

Beginners do not get to trade multiple pairs until they have mastered trading one single pair.

GREEN PIPS TO ALL.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Quoting hhc
{quote} I see that you have not understand my question, it was directed to Lemercenarie or any other person that answers politely and have a good attitude. Hope fully Lemercenarie understand correctly and have give me a really useful comment. Bye
I see that you did not understand my comment or answer my question.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
I'll start the challenge today.

Can I post my decision taking process step by step?
He bought? Dump it!
Quoting ifurlan
I'll start the challenge today. Can I post my decision taking process step by step?
Don't see why not. What I would do however, is do it as the step-by-step breakdown re the entry rules.

That way you will in effect have a standardised checklist to work from.

That way others can relate more easily.
Due to my schedule I couldn't place any trades today. The UJ hasn't given me any opportunities during the opening of the Asian session.


I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION



For those who are more experienced with the system, or even TooSlow, is it possible to apply the technique to higher timeframes, such as the daily chart? In this case, would I analyse the previous month to determine the previous high and low and the highest open on the daily candles? If so, how would I manage the trailing stop as the pips values would be higher than those indicated on the first post?
He bought? Dump it!
Quoting ifurlan
Due to my schedule I couldn't place any trades today. The UJ hasn't given me any opportunities during the opening of the Asian session. I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION For those who are more experienced with the system, or even TooSlow, is it possible to apply the technique to higher timeframes, such as the daily chart? In this case, would I analyse the previous month to determine the previous high and low and the highest open on the daily candles? If so, how would I manage the trailing stop as the pips values...
You can run the Weekly time span, with H4 Higher / Lower Open.

It is traded more as a swing trading method, not using the same trade management.

You can either drop down the tf to look at pa to inform your entry decisions, or simply play it as entering as price crosses the entry level.

For example, Cable has a possible set up for a short entry - or at least there was a few hours ago, I haven't checked since, I only saw it in passing.
Hello TooSlow,
Did someone share the challenge results with you (perhaps via pm)?

I've seen you use indicators from time to time. Do you have any results?
Best regards
Peter
No trades today as the USD/JPY broke the previous day low so I prefer to stay out. Since I'm a beginner to this method I believe it's better to be safe than sorry.
He bought? Dump it!
Update

I decided to give the system a try on a demo account.

Trading results: + 17 pips using trailing stop

The steps I took

1. I set the previous day high and low using the daily chart. As an alternative, the indi attached to this thread will do the same work

https://www.tradingview.com/x/wCPqr1Ee/

2. I switch to the hourly chart and wait for a new candle to be formed (5 PM New York Time or 7 PM GMT -3 in my country) and I start to draw every hourly open> My lowest open was indicated by the pink line #3 (it's important to note that the same candle created a new daily low)

https://www.tradingview.com/x/wiOTGKTs/

3. I switched to the 15 minutes chart to find the best entry spot marked by the green line (the magenta line is still there to depict where the previous hourly candle open was located, I waited for the next candles to penetrate the interest zone and for the price to cross above them then I took the trade).




https://www.tradingview.com/x/pS1uteWq/



I hope the logic behind my trade was right and my explanation clear.
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He bought? Dump it!
Quoting ifurlan
Update I decided to give the system a try on a demo account. Trading results: + 17 pips using trailing stop The steps I took 1. I set the previous day high and low using the daily chart. As an alternative, the indi attached to this thread will do the same work https://www.tradingview.com/x/wCPqr1Ee/ 2. I switch to the hourly chart and wait for a new candle to be formed (5 PM New York Time or 7 PM GMT -3 in my country) and I start to draw every hourly open> My lowest open was indicated by the pink line #3 (it's important to note that the...
Hi ifurlan

It's clear.
Congratulations on your 1st win.
How many pips in your trailing stop?
Quoting helbor
{quote} Hi ifurlan It's clear. Congratulations on your 1st win. How many pips in your trailing stop?
Hi.

Thanks.

I used the 5 pips automatic trailing stop provided by Metatrader.
He bought? Dump it!
Trade #2: BE + 1 on UJ

I've attached to this post the 1 hour and 15 minutes chart. The magenta line is where I took a short.

Question, in the first picture did the candle break the previous day high and formed a new high?
Attached Image(s) (click to enlarge)
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He bought? Dump it!
No trades for today as there wasn't a clear setup and I have to sleep lol

@Lem price on UJ is within a daily supply zone, enjoy it.

I hope everyone has a relaxing weekend.

I'll come back on Sunday night.
He bought? Dump it!
Quoting ifurlan
No trades for today as there wasn't a clear setup and I have to sleep lol @Lem price on UJ is within a daily supply zone, enjoy it. I hope everyone has a relaxing weekend. I'll come back on Sunday night.
That looks very tasty indeed .
Quoting ifurlan
Trade #2: BE + 1 on UJ I've attached to this post the 1 hour and 15 minutes chart. The magenta line is where I took a short. Question, in the first picture did the candle break the previous day high and formed a new high? {image} {image}
Looks like it.
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