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Highest Open / Lowest Open Trade

  • #11,921
  • Nov 6, 2017 9:51am Nov 6, 2017 9:51am
A reminder, refresher:

https://www.forexfactory.com/showthr...45#post8952745
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,922
  • Edited 1:06pm Nov 6, 2017 12:02pm | Edited 1:06pm
Quoting lemercenaire
{quote} +5 x 10 = pretty good A spread of 2-3 pips on UC, however, is just mental.
But in this situation it should have been BE +1, or not?
In this situation I was breaking tooslow money management rule, after BE+5 move stop to +1, because I wasn't at the screen, but good lesson, to not break the rules, because it's always better +1 pip than the loss.

And I have another question, when I should buy, should I buy when the price crosses open price, or when the ask price crosses open price?

And our stops are triggered by ask price, so it should be better to manually close it on the stop, not ?
  • #11,923
  • Nov 6, 2017 1:13pm Nov 6, 2017 1:13pm
My trades today. For sell, I allow for 5mins bar to close above the Highest open and another to retrace and close below the open before pulling the trigger, opposite for buy.

Hope I got the rules clearly?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EURJPYH1.png Size: 18 KB
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Click to Enlarge Name: GBPUSDH1.png Size: 15 KB
Click to Enlarge Name: USDCADH1.png Size: 16 KB
When U allow your emotions to dictate your decisions, U make bad decision
  • #11,924
  • Nov 6, 2017 1:28pm Nov 6, 2017 1:28pm
Quoting SolidSnake-
My trades today. For sell, I allow for 5mins bar to close above the Highest open and another to retrace and close below the open before pulling the trigger, opposite for buy. Hope I got the rules clearly? {image} {image} {image} {image} {image}
Hi SolidSnake. No, you enter as price crosses back over the Open level, not when the candle closes.
  • #11,925
  • Nov 6, 2017 1:30pm Nov 6, 2017 1:30pm
Quoting netas369
{quote} But in this situation it should have been BE +1, or not? In this situation I was breaking tooslow money management rule, after BE+5 move stop to +1, because I wasn't at the screen, but good lesson, to not break the rules, because it's always better +1 pip than the loss. And I have another question, when I should buy, should I buy when the price crosses open price, or when the ask price crosses open price? And our stops are triggered by ask price, so it should be better to manually close it on the stop, not ?
Yes but my point was that a bunch of small plusses all add up.

The Bid and Ask price issue is addressed in MichaelG's pdf.
  • #11,926
  • Edited 2:14pm Nov 6, 2017 1:35pm | Edited 2:14pm
Quoting lemercenaire
{quote} Hi SolidSnake. No, you enter as price crosses back over the Open level, not when the candle closes.
Hi Lemercenaire, I have to enter at price crossing the CLOSE and not the Open??
Is every other thing followed correctly?

Thanks.


Edited- Sorry I got it now. I'll use 2-3 pips buffer.
When U allow your emotions to dictate your decisions, U make bad decision
  • #11,927
  • Nov 6, 2017 2:17pm Nov 6, 2017 2:17pm
Quoting SolidSnake-
{quote} Hi Lemercenaire, I have to enter at price crossing the CLOSE and not the Open?? Is every other thing followed correctly? Thanks.
If going short, you will wait for a newest Higher H1 Open. The zone between this Higher H1 Open and the High of the Day is our Area of Interest.

We wait for an m15 (or m5) candle to open in this zone.

If price then crosses back over the level of the Higher H1 Open, we enter. You do not have to wait for the candle to close.

That's it.

Flip the steps for long trades.

If you are still unsure, I would suggest that another read of the pdf MichaelG put together would help you a lot, as it uses visual examples to walk you through the process.
  • #11,928
  • Nov 6, 2017 7:36pm Nov 6, 2017 7:36pm
Hopefully this time I get the rules correct (still learning).

Closed 70% at +5 and rest got hit by Trail Stop
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDM5.png Size: 53 KB
  • #11,929
  • Nov 6, 2017 7:37pm Nov 6, 2017 7:37pm
Quoting TooSlow
{quote} Follow the rules first, then learn to break the rules. {image}
Thanks for the feedback... at the time of the trade it was valid rule.. I just waited for the H1 candle to close before entering (was afraid of a break out).. ideally the trade would have been open at the same level during that H1 candle..
  • #11,930
  • Nov 6, 2017 9:43pm Nov 6, 2017 9:43pm
Second one for the day (when trade was opened it was HO).
Attached Image (click to enlarge)
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  • #11,931
  • Nov 7, 2017 4:05am Nov 7, 2017 4:05am
Been sitting on a small handful of possibles that have either faded away or gone into breakout mode. The only one that has played out for me has been this one...

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM5asHOLO7thNov17.png Size: 36 KB


Again, an example of watching a pair for another method and being aware enough of what was going on to see that although the original trigger has not come (so far), there was an entry using another technique - in this case, HOLO.
  • #11,932
  • Nov 7, 2017 4:12am Nov 7, 2017 4:12am
Keep an eye on AU for possible action in the next hour or so.
  • #11,933
  • Nov 7, 2017 4:14am Nov 7, 2017 4:14am
Quoting lemercenaire
Keep an eye on AU for possible action in the next hour or so.
GU as well, though maybe not quite so attractive.
  • #11,934
  • Nov 7, 2017 4:33am Nov 7, 2017 4:33am
Quoting lemercenaire
{quote} GU as well, though maybe not quite so attractive.
please teach why not quite attractive? is is due to H1 breakout or something else?
  • #11,935
  • Nov 7, 2017 5:23am Nov 7, 2017 5:23am
Quoting sdatta
{quote} please teach why not quite attractive? is is due to H1 breakout or something else?
Yeah, mostly. Also, at the time, the Area of Interest was heading towards being very shallow. It wasn't that bad overall, just not that great either. If in doubt, stay out and all that.
  • #11,936
  • Nov 7, 2017 5:48am Nov 7, 2017 5:48am
Quoting lemercenaire
{quote} Yeah, mostly. Also, at the time, the Area of Interest was heading towards being very shallow. It wasn't that bad overall, just not that great either. If in doubt, stay out and all that.
Got you, I entered and got 5 pips.. but waited for it to create few ranging M5 candles..
  • #11,937
  • Nov 7, 2017 5:57am Nov 7, 2017 5:57am
Quoting sdatta
{quote} Got you, I entered and got 5 pips.. but waited for it to create few ranging M5 candles..
Just did the exact same thing on AU.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDM5asHOLO-AtLASTlol-Nov7th17.png Size: 40 KB


It helped that I had confirmation from a micro-S+D Zone.

Attached Image (click to enlarge)
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I actually traded it as a scalp out of that zone, rather than a straight HOLO but I could just as easily have taken the HOLO option, I just happened to be looking at the other chart as it broke.
  • #11,938
  • Nov 7, 2017 6:21am Nov 7, 2017 6:21am
That GU eventually came good - however I stayed out.

The charts below show my reasoning, with a micro S+D zone above the area where our trade would have been triggered, forming a (potential) barrier to any long move.

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Now, this was my reasoning. There is absolutely nothing...nada...zero...in the HOLO rules about managing your entries in this way - and in this case, I lost out. My call, I'll live with it. I had two potential set-ups and wanted to concentrate on one. I went with AU and it paid off. The fact that the GU one also did is immaterial.
  • #11,939
  • Nov 7, 2017 10:55am Nov 7, 2017 10:55am
Quoting lemercenaire
Been sitting on a small handful of possibles that have either faded away or gone into breakout mode. The only one that has played out for me has been this one... {image} Again, an example of watching a pair for another method and being aware enough of what was going on to see that although the original trigger has not come (so far), there was an entry using another technique - in this case, HOLO.
So glad I latched onto the earlier UJ trade, as it meant I still had the chart open and dropped this absolute beaut into my lap...

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM5asanotherHOLObiggie7thNov17.png Size: 40 KB


A wider view of the day...

Attached Image (click to enlarge)
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  • #11,940
  • Edited 1:23pm Nov 7, 2017 12:29pm | Edited 1:23pm
Today’s trade, quite a few.

Overall -ve day for me. Missed U/J sell, nice set up.

18 trades total, 5 breakeven +1 trades. I closed out 2 trades manually for +2 pips each because I want to close the shop for the day.

7 losers, average of -9 pips. 4 winners average of +10 pips.

Need to find way to sort out money management. My losses is usually bigger than my gains.

** Solution find and only enter set up with 5 - 6pips SL
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSDH1.png Size: 19 KB
Click to Enlarge Name: EURJPYH1.png Size: 19 KB
Click to Enlarge Name: EURUSDH1.png Size: 20 KB
Click to Enlarge Name: GBPUSDH1.png Size: 17 KB
Click to Enlarge Name: NZDUSDH1.png Size: 17 KB
Click to Enlarge Name: USDCADH1.png Size: 20 KB
When U allow your emotions to dictate your decisions, U make bad decision
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