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Highest Open / Lowest Open Trade

  • #11,801
  • Oct 16, 2017 7:18am Oct 16, 2017 7:18am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,802
  • Oct 16, 2017 10:24am Oct 16, 2017 10:24am
Quoting TooSlow
Who is taking the 10 trade challenge the week of October 15, 2017? 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!
I guess I'm still doing the challenge from last week (6 trades so far). Missed a couple of trades, but right now I'm having 5 winners and 1 loser . I'll update when I finish the 10 trades.
  • #11,803
  • Oct 16, 2017 3:44pm Oct 16, 2017 3:44pm
what does this mean "M5 bar must open between H1 open and extreme " ?
thank you
  • #11,804
  • Oct 16, 2017 3:49pm Oct 16, 2017 3:49pm
Quoting shay14
what does this mean "M5 bar must open between H1 open and extreme " ? thank you
There must be a 5 min (or 15 min) candle (bar) which opens in the area between the levels formed by the highest open on the H1 tf and the high of the day (or conversely, lows).
  • #11,805
  • Oct 16, 2017 4:18pm Oct 16, 2017 4:18pm
Quoting lemercenaire
{quote} There must be a 5 min (or 15 min) candle (bar) which opens in the area between the levels formed by the highest open on the H1 tf and the high of the day (or conversely, lows).
thank you, and that would be the setup candle, correct?
  • #11,806
  • Oct 16, 2017 4:23pm Oct 16, 2017 4:23pm
Quoting shay14
{quote} thank you, and that would be the setup candle, correct?
Once that qualifying candle has appeared, you're looking to enter if / when price crosses the boundary level (H1 open).

Take the time to read Michael's PDF for a graphic representation and breakdown of the set up conditions.
  • #11,807
  • Oct 16, 2017 10:55pm Oct 16, 2017 10:55pm
Quoting lemercenaire
{quote} Once that qualifying candle has appeared, you're looking to enter if / when price crosses the boundary level (H1 open). Take the time to read Michael's PDF for a graphic representation and breakdown of the set up conditions.

Hey there! where can i find that pdf? thank you
  • #11,808
  • Oct 16, 2017 11:53pm Oct 16, 2017 11:53pm
Quoting billionaire.
{quote} Hey there! where can i find that pdf? thank you
Hi there. It's in the paperclip section.

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  • #11,809
  • Oct 17, 2017 1:09am Oct 17, 2017 1:09am
Almost indicator free : I have my H1 chart on the left on which I draw my two HOLO lines : the only indi on this chart is Pivot lines (not needed, but they're "comfort food"). I have an M15 chart on the right with Daily-Open-High-Low indi (this indi is definitely needed). The only reason I have the lower tf M15 chart is in case I enter more than once on the H1 bar, as I did this morning & often do, in which case it is easier to see what I am doing. My basis of entry is entirely from the H1 HOLO lines.

The last H1 bar on the chart is the London Open bar, ie. the second bar of the DAX day (to non-DAX traders, the DAX Futures is closed from 22.00 to 08.00 Frankfurt time). This morning I made two long trade attempts at 12985.0 (FDAX trades in 0.5 increments), in both cases I moved my stop to breakeven +1 too soon (although at +10 ticks, not the +5 suggested for FX instruments on this thread), so I had 2 x +1. Then I shorted 12992.5 and hit my +21 tick target, so +23 = €287.50 less three commissions of about €4 each.

@lemercenaire : I understand the mindset of youknowwho who advocates taking consistent small profits (I don't mean TooSlow), but I think the DAX is uniquely volatile and can both trend and range strongly off the London Open. I often see that leaving my stop in place with no move to breakeven and taking my target is the best way to go... sometimes a breakeven is not better than a loss, if it damages the overall expectancy of a method. Onward work in progress as always...

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  • #11,810
  • Oct 17, 2017 7:55am Oct 17, 2017 7:55am
If there is warning that there is H1 high/low breakout ? Better not to trade, right ? Because I see some loses with this warning, coincidence or rule ?
  • #11,811
  • Oct 18, 2017 3:18am Oct 18, 2017 3:18am
Could someone pls confirm my red arrow is a correct entry on 5m?
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  • #11,812
  • Oct 18, 2017 11:28am Oct 18, 2017 11:28am
Quoting JaqenHgar
Almost indicator free : I have my H1 chart on the left on which I draw my two HOLO lines : the only indi on this chart is Pivot lines (not needed, but they're "comfort food"). I have an M15 chart on the right with Daily-Open-High-Low indi (this indi is definitely needed). The only reason I have the lower tf M15 chart is in case I enter more than once on the H1 bar, as I did this morning & often do, in which case it is easier to see what I am doing. My basis of entry is entirely from the H1 HOLO lines. The last H1 bar on the chart is the London Open...
@lemercenaire : I understand the mindset of youknowwho who advocates taking consistent small profits (I don't mean TooSlow), but I think the DAX is uniquely volatile and can both trend and range strongly off the London Open. I often see that leaving my stop in place with no move to breakeven and taking my target is the best way to go... sometimes a breakeven is not better than a loss, if it damages the overall expectancy of a method...

Hi JH. The DAX needs to be treated differently for sure. You will know I trade it via two methods, TS' 1-2-3 and specifically, my a.m. method which has alien DNA, over on Billy's thread. I don't trade it using HOLO.

Now, I'm not saying it can't or shouldn't be traded, just that I don't. If I was to do so, I can say that I would not use the HOLO-recommended stop-methodology.

Without confusing those new to the thread, the method, or trading, by mentioning advanced tech here, there is a way to cover the issue for you and if you know how we trade over in Billy's yard (and to an extent on 1-2-3), then you will know what I am talking about.
  • #11,813
  • Oct 18, 2017 11:33am Oct 18, 2017 11:33am
Quoting netas369
If there is warning that there is H1 high/low breakout ? Better not to trade, right ? Because I see some loses with this warning, coincidence or rule ?
When you're just starting out - best stick to the rules and that includes no entry on a breakout bar. If you mean the warning of price being above / below the previous day's extreme, then yes, I'd also treat that as a rule until you get some more mileage under your feet.
  • #11,814
  • Oct 18, 2017 11:41am Oct 18, 2017 11:41am
Quoting Scrambleguy
Could someone pls confirm my red arrow is a correct entry on 5m? {image}
Walk yourself through your check-list...

Has there been a new m15 / m5 candle opened in the Area of Interest?

Have you entered as price crossed the new lower H1 Open level?

Yes to both?

What's your answer then?
  • #11,815
  • Oct 18, 2017 12:29pm Oct 18, 2017 12:29pm
Quoting lemercenaire
{quote} Walk yourself through your check-list... Has there been a new m15 / m5 candle opened in the Area of Interest? Have you entered as price crossed the new lower H1 Open level? Yes to both? What's your answer then?
That's a yes, cheers Lem
  • #11,816
  • Oct 18, 2017 3:26pm Oct 18, 2017 3:26pm
Quoting Scrambleguy
{quote} That's a yes, cheers Lem
No worries. Always break down your trades like this. The confidence that builds will grow exponentially. This comes from the knowledge that you have done your own legwork, not relied on anyone else to spoon-feed you.

Onwards and upwards...
  • #11,817
  • Oct 18, 2017 5:26pm Oct 18, 2017 5:26pm
Quoting lemercenaire
{quote} There must be a 5 min (or 15 min) candle (bar) which opens in the area between the levels formed by the highest open on the H1 tf and the high of the day (or conversely, lows).
thanks for the repsonse

another question hopefully you can answer, when price hits low/high open, and then comes back down, how far up or down does the price have to go up, and also down to trigger a trade?
  • #11,818
  • Oct 18, 2017 11:51pm Oct 18, 2017 11:51pm
Quoting shay14
{quote} thanks for the repsonse another question hopefully you can answer, when price hits low/high open, and then comes back down, how far up or down does the price have to go up, and also down to trigger a trade?
If the set-up is there, then you enter exactly at the point price crosses the H1 Open level, nothing else matters.
  • #11,819
  • Oct 19, 2017 5:34am Oct 19, 2017 5:34am
Hi, the indicator doesnt show the current H1 high open and low open for me. Tried messing around with the settings but still didnt work. Help please.
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  • #11,820
  • Oct 19, 2017 8:06am Oct 19, 2017 8:06am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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