Highest Open / Lowest Open Trade

Quoting JaqenHgar

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{quote} Good morning, TooSlow, a simple question, please : why did you add lower timeframes to your original post #1 and thereafter (I have also checked out MichaelG's very well-presented charts) ? Your 3 sentence entry instruction defines an exact entry price and what needs to happen to validate the entry (assuming no previous day breakout) : surely this is entirely independent of timeframe ? For example, for a short entry : line at highest H1 Open, price must move above that level regardless of timeframe, enter...

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Quoting TooSlow

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{image}

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Quoting TooSlow

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{image}

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Quoting Ivanyo

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{quote} Am I correct in saying that the first cross represents where you entered, and second cross is where you exited the trade?

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Quoting lemercenaire

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{quote} No. Ignore the crosses. Use this as an exercise and take the screenshot you're looking at, go through your entry checklist and mark up where you think the entries would be. All the information you need is right there on the chart.

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Quoting Ivanyo

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{quote} So I think there are 2 opportunities on this chart. One to go long (blue circle on the lower left) and one to go short which would've got stopped out (blue circle on upper right). The win/pips from the long trade would've easily covered for the loss from the short. Is this correct? {image}

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Quoting amirr1361

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Hi All, Please help me to understand why this failed. first breakout bar? money management ? Thank you in advance. {image}

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Quoting samuel2133

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{quote} You advise against trading breakouts but in this example this is exactly what you did. Can you explain why please?

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Quoting lemercenaire

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{quote} Hi Ivanyo. The first - on your chart - (blue-circled, lower left) entry is a valid entry. The second (blue-circled, upper right), is not. The 5 min candle did not open in the Area-of-Interest. The entry you would have been on, is the later one I have marked, as that 5 min candle did open in the zone. Whether it went on to be a winner, I can't tell from this chart, as the trade has just triggered. Also, one could argue that this would not be taken, as looking left, you can see the warning re you playing in an H1 Breakout. {image}

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Quoting Ivanyo

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{quote} Thanks for your explanation - I think I understand the system. Please have a look at below chart and confirm. This instance there are two entries marked in blue, and the stop loss would be placed near the highlighted area. TP we move to BE+1 when trade gets to 5 pips, and +5 when trade moves 10 pips. {image}

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Quoting lemercenaire

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{quote} Yes. All good. Other than the fact that again, you are playing in an H1 breakout (Rule #1)

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Quoting Ivanyo

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{quote} Sorry what do you mean by that? Are you able to show me with a chart? I'm assuming when it is a H1 breakout, I should not trade these entries?

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Quoting MichaelG

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{quote} Hi Ivanyo what Lem is referring to is the rule that says you should TRADE WITH CAUTION when above yesterdays HIGH.....or below yesterdays LOW. I hope that helps. {image}

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