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Highest Open / Lowest Open Trade

  • #12,201
  • Jan 23, 2018 10:22am Jan 23, 2018 10:22am
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Click to Enlarge Name: TooSlow.png Size: 64 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #12,202
  • Jan 23, 2018 10:23am Jan 23, 2018 10:23am
My GPBUSD level I've been waiting on for a while (1.4) just worked out.. wanted a nice test through the 1.4 area and got my 123
  • #12,203
  • Jan 23, 2018 10:23am Jan 23, 2018 10:23am
So I am going to try the 10 trade challenge.
Looked at GBP/USD today. All times GMT.
9am was a new low, price crept above but then reverses breaking the low of the day= - 16 pip
10am new low, price went > +5, set stop to BE = 0 pips
12pm new low, finally this one didn't stop out, question is where to TP.

Did I trade this correctly?
  • #12,204
  • Edited 11:01am Jan 23, 2018 10:46am | Edited 11:01am
Quoting andys0506
So I am going to try the 10 trade challenge. Looked at GBP/USD today. All times GMT. 9am was a new low, price crept above but then reverses breaking the low of the day= - 16 pip 10am new low, price went > +5, set stop to BE = 0 pips 12pm new low, finally this one didn't stop out, question is where to TP. Did I trade this correctly?
It says to set stop to BE+1 when 5pips+.

Clearly says to add a trailing stop at 5pips when 10pips+.

Here are some thoughts, but yes you can trade the method naked. These are just some thoughts when choosing which pair to trade or which trade to take. But I tried this method, and even with the losses you might get when trading it naked, it works. You did the right thing by taking several trades the same day and not just calling it quit after your first loss. The day I started doing this, I became more successful. I also don't trade big lots from the get go, so that the first loss of the day is emotionally bearable. But I don't trade 0.01 lots neither. I've found a sweet spot where my heart is still beating, and fear is still there (and concentration with it as it is very important to feel some kind of pressure when taking the trade or you will be just taking any trade without caring much as your margin for error is too high). Also, it gives me the possibility to use some sort of martingale 2x to 4x lot size when wrong to regain my losses of the day. I also set a maximum amount to lose before calling it quit for the day.

The only thing, I would have done differently is closing at -5 to -10pips. Sometimes, I close it earlier when I realize I was completely wrong. But one thing I do more often is let my trades run and just take the BE+5, I don't trail it especially when I realize that I was able to pick a top or a bottom. But to do that, you need to follow a single pair like suggested in this thread. You get an edge by following a single pair. Your brain stores all the history of the pair and when you are trading in the morning your decisions are taken based on more information that just what you see in your charts.

Back to the screenshot shared, I always trade this method based on the asian session swing as I start around 8AM GMT, so at london open. In this case, as you can see the asian session swing was almost not there. It was a tight range and we've got a breakout rather than a reversal. I prefer to look for reversals with this method rather than breakouts. It works much better. If you see TooSlow trade USDJPY, the price went up aggressively making several pips so I would have traded the reversal in that case, as the breakout happened already. Don't get me wrong, sometimes price will keep going, and you lose, but this is the way I've found and that works for me.
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  • #12,205
  • Jan 23, 2018 10:54am Jan 23, 2018 10:54am
Quoting andys0506
So I am going to try the 10 trade challenge. Looked at GBP/USD today. All times GMT. 9am was a new low, price crept above but then reverses breaking the low of the day= - 16 pip 10am new low, price went > +5, set stop to BE = 0 pips 12pm new low, finally this one didn't stop out, question is where to TP. Did I trade this correctly?
Did you trade it profitably?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #12,206
  • Jan 23, 2018 1:47pm Jan 23, 2018 1:47pm
@ andys0506.

Thanks to Samuel for his excellent reply. I would add one more thing. After one quick look there, I think all of the candles you mention you have traded off this morning were H1 breakout candles. Rule #1.

I know you will see some of us taking trades off these candles' levels but as a beginner to the method, it is not recommended.

Also, make sure there is no confusion between HOLO and 1-2-3 individually, or the terminology used for both. There are no breakouts traded with either method, only reversals. (With 1-2-3 you are trading a bounce off a breakout but not a breakout itself for instance).
  • #12,207
  • Jan 23, 2018 6:57pm Jan 23, 2018 6:57pm
Quoting lemercenaire
@ andys0506. Thanks to Samuel for his excellent reply. I would add one more thing. After one quick look there, I think all of the candles you mention you have traded off this morning were H1 breakout candles. Rule #1. I know you will see some of us taking trades off these candles' levels but as a beginner to the method, it is not recommended. Also, make sure there is no confusion between HOLO and 1-2-3 individually, or the terminology used for both. There are no breakouts traded with either method, only reversals. (With 1-2-3 you are trading a bounce...

H1 shows yesterday's High at 1.23056 and Low at 1.22220.
Highest Open for today is 1.23079
Highest high of today is 1.23146
M15 candle denoted by red arrow opens inside area of interest. Price heads down.

Is this the bounce off a breakout u were talking about??
Do u recommend this as a safe trade for beginners? It seems like a reversal trade for me. Pls advise. Tq in advance.
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  • #12,208
  • Jan 23, 2018 7:31pm Jan 23, 2018 7:31pm
Quoting valerie2
{quote} H1 shows yesterday's High at 1.23056 and Low at 1.22220. Highest Open for today is 1.23079 Highest high of today is 1.23146 M15 candle denoted by red arrow opens inside area of interest. Price heads down. Is this the bounce off a breakout u were talking about?? Do u recommend this as a safe trade for beginners? It seems like a reversal trade for me. Pls advise. Tq in advance. {image} {image}
Hi valerie.

Rule #1
Attached Image


If your trade clears Rule #1 (and the others, of course), then it's a legit trade.

Yes, your trade is a reversal.

This is the possibility for confusion I was talking about, simply through the use of language. Yes we are trading a breakout as a 1-2-3 but we are trading off the breakout bar, as a reversal. Trading a breakout means to trade a break of a range in the same direction. Ergo, we trade reversals on 1-2-3 and HOLO, not breakouts but a bounce off of a breakout.

Anyway, enough of the semantics...

Here's an example of a set of clean set-ups. I have taken the time of day off these as it doesn't matter. For the purposes of the example, we will assume the high move on bar 'A' is the high of the day.

So, we have that move. It sets a new high on the day. This is a breakout. So now we are in 1-2-3 territory...
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We would have entered as price dropped back down past the open of the second bar.

Moving on, if we ignore the 1-2-3, as the second bar forms and doesn't make a new high, we have a new higher open. The area above this level and the high of the day is the Area of Interest. We now wait for an m15 or m5 bar to open in that area...
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These are then HOLO entries.
  • #12,209
  • Jan 23, 2018 7:34pm Jan 23, 2018 7:34pm
As an aside to that above, there is a possible set up happening on EU just now.

Price may just move back high enough to give an entry.
  • #12,210
  • Jan 23, 2018 8:32pm Jan 23, 2018 8:32pm
Lemercenaire,

Thank you for your explanations!

I have further questions though. Is it ok to totally ignore the 1-2-3 and trade solely on HOLO? HOLO setups are pretty solid on its own and can be traded as a stand alone right?

I love the HOLO setups as the entry rules are very specific. I was delighted by the comfort of minimal drawdowns too, and equally soothed by the presence of confidence in my trades due to the recommended Trade Management by TooSlow of moving trades to Breakeven + 1 pip once price hits +5pips. However, is it normal to hit a string of BE + 1 pip, for like whole day? So far, all my HOLO trades resulted in BE + 1 pip. I don't mind earning that though so long I don't get losses..

Right now I am trading solely using my mobile phone so I can't really post proper charts. Once I have access to my laptop I will post all my ten trades though, and hopefully many more! I hope you or the other forumers here wouldnt mind pointing out anything I am doing wrong though.

Thank you so much to you all for your inputs and this great trading method. I will try to post as many charts as I can..haha

Cheers!
  • #12,211
  • Jan 23, 2018 10:02pm Jan 23, 2018 10:02pm
Quoting valerie2
Lemercenaire, Thank you for your explanations! I have further questions though. Is it ok to totally ignore the 1-2-3 and trade solely on HOLO? HOLO setups are pretty solid on its own and can be traded as a stand alone right? I love the HOLO setups as the entry rules are very specific. I was delighted by the comfort of minimal drawdowns too, and equally soothed by the presence of confidence in my trades due to the recommended Trade Management by TooSlow of moving trades to Breakeven + 1 pip once price hits +5pips. However, is it normal to hit a string...
Hi Valerie2,
if I might jump in here. Lem is probably in bed
The 2 methods are "separate".....in that you can trade either....or both.....depending on your level of experience.
Lem (and others) will see EITHER potential setup "automatically".....because of that level of experience.
If I could suggest that you get used to trading just one method, and get a good grip on that first....before looking into the 1-2-3 method.

And if I could touch on you BE+1 trades.....Don't be concerned that you are not getting trades to run on for many pips gain. They will come. Be happy that you are getting those small wins, as they will accumulate over time.
TooSlow has put those rules together for newcomers to the method. Once you have done the 10 trade challenge, (and a lot more than that), your experience will grow.
TooSlow has always said that the rules are there to keep you on track. Once you have the experience, then you can "make it your own".
That is for example, you may like to let your trade move more than 5 pips before moving to BE+1. That might depend on whether or not it is a volatile pair. I have found that pairs with large ADR's will tend to be more volatile when you have your stop only a few pips away from price. Experience may suggest that you refrain from moving your stop to BE+1 ...UNTIL price has moved away MORE than X pips (more that 5 pips).

Hal has his own "ritual" (which he adjusts from time to time). That has included taking a large chunk of the trade off at 5 pips....and then letting the remainder "run".
He will then apply a trailing stop, and let that puppy go.

Again, experience (and your personal trading style and risk appetite) will eventually show you the way.

Hope that helps, and good luck.
Cheers. Michael
  • #12,212
  • Jan 24, 2018 12:59am Jan 24, 2018 12:59am
Hi MichaelG!

Thank you for the guidance! And yes, I intend to master the HOLO setups first before doing anything else. I had just reached home, and found that I missed two good entries on EU but that's okay, there is always another setup later right?

I so love your explanation with illustration. I was referring to that post u made with the charts and step-by-step explanation included in TooSlow's pdf file. It helps tremendously. Actually, I came across this thread quite some time ago, and I remember I voted No to trading this method because back then, I didn't understand anything, even after going through a good number of pages. But I did come back from time to time, hoping that maybe with my gradual increased knowledge in charting, maybe I can eventually understand what you guys have been talking about.

Your illustrations opened my eyes. Now that I have basic understanding on what the setup is, topped with great Trade Management guidance and Rules TooSlow provides, I believe I found what I have been looking for. The rules are Saviors! I love having a set of rules to follow. All that is left to do, is practice practice practice!

You guys are GEMS!!! I luv you all. Pls continue doing what you all are doing and have a Pippastic day!

Happy trading and Green Pips all the way!

Val
  • #12,213
  • Jan 24, 2018 1:53am Jan 24, 2018 1:53am
Quoting valerie2
Hi MichaelG! Thank you for the guidance! And yes, I intend to master the HOLO setups first before doing anything else. I had just reached home, and found that I missed two good entries on EU but that's okay, there is always another setup later right? I so love your explanation with illustration. I was referring to that post u made with the charts and step-by-step explanation included in TooSlow's pdf file. It helps tremendously. Actually, I came across this thread quite some time ago, and I remember I voted No to trading this method because back...
Hi Val.

Sorry I missed your post last night - Michael was correct in that I had eventually dragged myself off to my pit, lol.

Thanks for the reply, Michael. Excellent as always.

I will for sure echo what he said in that you can (and probably should) trade either method as a stand-alone.

As for those BE+1 trades, well all those +1's sure add up! It's all about chipping away and not becoming frustrated.

As you've discovered, trade-management is key. I also use Hal's take-90%-off-at-plus-5-and-let-the-rest-run technique most of the time. I will also use fib-maps to get an idea of profit targets and potential pull-back zones.

Good to have you (and the other recent newcomers) on the thread.
  • #12,214
  • Jan 24, 2018 6:41am Jan 24, 2018 6:41am
Hi Lem,

Thanks for the warm welcome ^_^

I am gonna make myself feel very very hommie now.. *laughs* not that such word exists but hmmm..

I have a new question now.. ;P

In EU, H1, I noticed the candle shown by the blue arrow has the exact same Highest Open as the candle denoted by the red arrow at 1.23394. Highest High of the day is at 1.23551. Is the blue arrow candle a valid HOLO setup? Since it has the same Highest Open as the red arrow candle. Can I trade it (if M15 gives me a candle opening inside the area of interest) or ignore?
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  • #12,215
  • Jan 24, 2018 6:53am Jan 24, 2018 6:53am
Quoting valerie2
Hi Lem, Thanks for the warm welcome ^_^ I am gonna make myself feel very very hommie now.. *laughs* not that such word exists but hmmm.. I have a new question now.. ;P In EU, H1, I noticed the candle shown by the blue arrow has the exact same Highest Open as the candle denoted by the red arrow at 1.23394. Highest High of the day is at 1.23551. Is the blue arrow candle a valid HOLO setup? Since it has the same Highest Open as the red arrow candle. Can I trade it (if M15 gives me a candle opening inside the area of interest) or ignore? {image}
Hi Val.

Yep, you can trade that. The zone established by the red-arrowed bar is still valid. You would of course have been dropped to the m15 / m5 and looking for entries on the two green bars already. The blue-arrowed bar is simply a continuation of the original set-up.
  • #12,216
  • Jan 24, 2018 7:00am Jan 24, 2018 7:00am
Quoting valerie2
Hi Lem, Thanks for the warm welcome ^_^ I am gonna make myself feel very very hommie now.. *laughs* not that such word exists but hmmm.. I have a new question now.. ;P In EU, H1, I noticed the candle shown by the blue arrow has the exact same Highest Open as the candle denoted by the red arrow at 1.23394. Highest High of the day is at 1.23551. Is the blue arrow candle a valid HOLO setup? Since it has the same Highest Open as the red arrow candle. Can I trade it (if M15 gives me a candle opening inside the area of interest) or ignore? {image}
EU as it played out...

A couple of good entries on m15...
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Even more so on m5...
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Overview...
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  • #12,217
  • Jan 24, 2018 7:04am Jan 24, 2018 7:04am
Quoting lemercenaire
{quote} EU as it played out... A couple of good entries on m15... {image} Even more so on m5... {image} Overview... {image}
Something that would colour my decisions on those moves, would be a quick check of the H4, which at the moment is showing a sustained upwards push. If the open bar closes with a lower high, then I'd be more inclined to hang on to any lower tf shorts for longer. Till then - bish-bash-bosh...in-and-out for me.

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  • #12,218
  • Jan 24, 2018 7:26am Jan 24, 2018 7:26am
Breakout...
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  • #12,219
  • Jan 24, 2018 7:28am Jan 24, 2018 7:28am
Could be something HOLO this way comes...

Attached Image (click to enlarge)
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  • #12,220
  • Jan 24, 2018 7:33am Jan 24, 2018 7:33am
Quoting lemercenaire
Could be something HOLO this way comes... {image}
Again, looking at the H4 gives us clues - and this time, it would seem we're more likely to be onto something...maybe, possibly, could be ...

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