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Highest Open / Lowest Open Trade

  • #12,341
  • Feb 15, 2018 5:50am Feb 15, 2018 5:50am
Are you using a indictor to draw your support and resistance levels,lemercenaire? if so can you post a link to it? thank you in advance :]
  • #12,342
  • Feb 15, 2018 8:08am Feb 15, 2018 8:08am
Quoting nozzer
Are you using a indictor to draw your support and resistance levels,lemercenaire? if so can you post a link to it? thank you in advance :]
It's not Support and resistance, they are Supply and Demand Zones. Not the same thing. Kind of like comparing a horse to a zebra.

You may find these articles interesting (and simply Googling for the info will bring many more, including YT vids):

www (dot) fsnappy.blogspot (dot) co (dot) uk/2012/06/supply-and-demand-vs-support-and.html

I would suggest reading this (or a similar info page) and then working on identifying and drawing your own zones first. That way you will understand what you are looking at.

Once you can do this, then you can speed up the process by using an indicator.

www (dot) dailyfx (dot) com/forex/education/trading_tips/daily_trading_lesson/2012/08/22/Supply_and_Demand.html

The one I use is one of the two best ones out there but with (very) slight customisation. If you search for an ''S+D indicator for mt4'', you will find what you are looking for - but I would seriously suggest that you do your legwork and add to your knowledge-bank first. You won't regret it.
  • #12,343
  • Feb 15, 2018 10:26am Feb 15, 2018 10:26am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #12,344
  • Feb 16, 2018 11:12pm Feb 16, 2018 11:12pm
Hello All,

I tried this method about a year ago with mixed results, didn't really make a lot of sense to me at the time. I decided to give it another try this week. didn't follow the rule of only one pair, I watched for trades on about 8 different pair but the results haven been encouraging. I think it has really helped to use the shaded box feature for visualizing the trades. I placed about 23 trades this week and lost only 3 of them. Most of the wins were only +5 though with the 3 losers being -15 each. I'm excited to give it another go next week with some tweaked tp and sl settings. I noticed where I took profit at +5 almost all of those trades would have also went +10, and many even more than that. Thanks to the experts here on this thread that have kept things going and offering help.
  • #12,345
  • Feb 17, 2018 5:22am Feb 17, 2018 5:22am
Quoting feichkop
Hello All, I tried this method about a year ago with mixed results, didn't really make a lot of sense to me at the time. I decided to give it another try this week. didn't follow the rule of only one pair, I watched for trades on about 8 different pair but the results haven been encouraging. I think it has really helped to use the shaded box feature for visualizing the trades. I placed about 23 trades this week and lost only 3 of them. Most of the wins were only +5 though with the 3 losers being -15 each. I'm excited to give it another go next week...
the two most important parts in trading this approach are (beside patience&discipline):

i call it "trade management"

1. take only low risk setups

2. get rid off the "first part" of your trade (+5, +10 or whatever pips the market gives you)

then you can watch very relaxed what the remaining lots are doing
trading is like dancing, don't think and just listen to the music!
  • #12,346
  • Feb 17, 2018 6:10am Feb 17, 2018 6:10am
Quoting feichkop
Hello All, I tried this method about a year ago with mixed results, didn't really make a lot of sense to me at the time. I decided to give it another try this week. didn't follow the rule of only one pair, I watched for trades on about 8 different pair but the results haven been encouraging. I think it has really helped to use the shaded box feature for visualizing the trades. I placed about 23 trades this week and lost only 3 of them. Most of the wins were only +5 though with the 3 losers being -15 each. I'm excited to give it another go next week...
Welcome back.

At those strike-rates, as Birdland mentions, look at taking a large percentage off at your initial +5 and letting the rest run to catch any big runs. The usual percent bag is around 80 - 95 percent, depending on personal choice.

You can, with more experience, then even look at adding-in to any winning run (though this is advanced and beyond anything I want to get into on this thread).

There are also ways to control those negative turns by trading a counter trade against it but again, these are advanced techniques, as well as not being easily available to those traders in the US.

Stick with it - it's worth it!
  • #12,347
  • Feb 18, 2018 7:25pm Feb 18, 2018 7:25pm
Quoting lemercenaire
{quote} Welcome back. At those strike-rates, as Birdland mentions, look at taking a large percentage off at your initial +5 and letting the rest run to catch any big runs. The usual percent bag is around 80 - 95 percent, depending on personal choice. You can, with more experience, then even look at adding-in to any winning run (though this is advanced and beyond anything I want to get into on this thread). There are also ways to control those negative turns by trading a counter trade against it but again, these are advanced techniques, as well as...

Thanks, birdland, and lemercenaire I appreciate the pointers. Yes, I will be experimenting with multi part trades and trying to maximize pips on the trades that allow.
  • #12,348
  • Feb 18, 2018 9:49pm Feb 18, 2018 9:49pm
Quoting lemercenaire
{quote} Welcome back. At those strike-rates, as Birdland mentions, look at taking a large percentage off at your initial +5 and letting the rest run to catch any big runs. The usual percent bag is around 80 - 95 percent, depending on personal choice. You can, with more experience, then even look at adding-in to any winning run (though this is advanced and beyond anything I want to get into on this thread). There are also ways to control those negative turns by trading a counter trade against it but again, these are advanced techniques, as well as...
Lol 80-95%

Wow!
  • #12,349
  • Feb 19, 2018 1:14am Feb 19, 2018 1:14am
Quoting Ivanyo
{quote} Lol 80-95% Wow!
This mostly applies to 1-2-3 trades, which are typically a cleaner move, so experiment with what suits HOLO.
  • #12,350
  • Feb 19, 2018 1:17am Feb 19, 2018 1:17am
Chance of something available here later...

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Opening range is small though. That and a small Demand Zone below on the m5 tf does give me a slight pause however. In-and-out quickly if anything at all, probably.

EDIT: In fact, it's just gone into an H1 Breakout, so that's that for now.
  • #12,351
  • Feb 19, 2018 3:00pm Feb 19, 2018 3:00pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #12,352
  • Feb 19, 2018 3:21pm Feb 19, 2018 3:21pm
Hi All,
This is my first post for several years. This strategy has gotten my interest.
I have a question? My broker FXCM starts their sessions on a Sunday at 22:00. London starts @ 08:00. This therefore gives me a 2 hour false daily period.
This has always caused me a problem with daily systems. I could probably ignore it and just use Friday for Hi/Lo values or should I use 08:00 for 24 hours. . Any comments?
Regards& Bets wishes to ALl
  • #12,353
  • Feb 19, 2018 3:26pm Feb 19, 2018 3:26pm
Quoting stevecartwright
Hi All, This is my first post for several years. This strategy has gotten my interest. I have a question? My broker FXCM starts their sessions on a Sunday at 22:00. London starts @ 08:00. This therefore gives me a 2 hour false daily period. This has always caused me a problem with daily systems. I could probably ignore it and just use Friday for Hi/Lo values or should I use 08:00 for 24 hours. . Any comments? Regards& Bets wishes to ALl
Hi Steve.

To be honest, you're going to tie yourself in knots for no real reason. I would say just trade what you see. That ''extra'' add-on to the beginning of the week will have very little effect.

If however, it's really bugging you, I'd suggest opening a separate charting broker who doesn't chart ''Sunday Candles''.

Welcome back!
  • #12,354
  • Feb 19, 2018 3:29pm Feb 19, 2018 3:29pm
Thanks for the swift reply. I am sure you are right. Worrying about nothing.
  • #12,355
  • Feb 19, 2018 5:26pm Feb 19, 2018 5:26pm
Hi,
I didn't know in which topic should I ask, so I will try here:

1. Why majority of your systems are based on reversals? Shouldn't trend following give better results?

2. What do you think about sticking to just one pair with statistically the best results instead of looking for signals everywhere. Everything is correlated so choosing an instrument with the higher volatility and the lowest transaction cost should be the most effective.

Thank you in advance for the answers
  • #12,356
  • Feb 19, 2018 6:05pm Feb 19, 2018 6:05pm
Who is taking the 10 trade challenge the week of February 18, 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!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #12,357
  • Feb 19, 2018 6:07pm Feb 19, 2018 6:07pm
Quoting John.Doe
Hi, I didn't know in which topic should I ask, so I will try here: 1. Why majority of your systems are based on reversals? Shouldn't trend following give better results? 2. What do you think about sticking to just one pair with statistically the best results instead of looking for signals everywhere. Everything is correlated so choosing an instrument with the higher volatility and the lowest transaction cost should be the most effective. Thank you in advance for the answers
1. They are not "my systems". Reversals happen every day.

2. That is exactly what I do. I trade one pair.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #12,358
  • Feb 19, 2018 6:26pm Feb 19, 2018 6:26pm
Quoting TooSlow
{quote} Usually, during the first 4 - 8 hours of the new trading day, trade away from the daily open. Price needs to range a tad. After price ranges for a while, the reversals off the daily high and daily low, trading toward the daily open, are more likely to be profitable.
It is very interesting.
I assume that new trading day for you is the end of NY session/start AU session?

If you have more such statistics please share.


I often check 1 hour volatility for each pair here:
https://www.mataf.net/en/forex/tools/volatility
  • #12,359
  • Edited 1:48am Feb 20, 2018 1:23am | Edited 1:48am
Quoting John.Doe
{quote} It is very interesting. I assume that new trading day for you is the end of NY session/start AU session? If you have more such statistics please share. I often check 1 hour volatility for each pair here: https://www.mataf.net/en/forex/tools/volatility
why not use more easy available indicators like average true range, ADR or average candle?
trading is like dancing, don't think and just listen to the music!
  • #12,360
  • Feb 20, 2018 1:35am Feb 20, 2018 1:35am
Quoting John.Doe
Hi, I didn't know in which topic should I ask, so I will try here: 1. Why majority of your systems are based on reversals? Shouldn't trend following give better results? 2. What do you think about sticking to just one pair with statistically the best results instead of looking for signals everywhere. Everything is correlated so choosing an instrument with the higher volatility and the lowest transaction cost should be the most effective. Thank you in advance for the answers
1: Horses for courses.
2: I think you will find that most traders will naturally narrow their focus once they have established the pairs they prefer.
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