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Highest Open / Lowest Open Trade

  • #12,721
  • Apr 17, 2018 7:31am Apr 17, 2018 7:31am
Quoting tahquo
This is the ninth trade of the "Ten Trade Challenge". EusUsd stopped out for +1 pip. 7 of 9 trades are winners. https://gyazo.com/b273171af026be2f6b0ba89ce73b67e4
Well done.

There is one psychological aspect you should consider adopting. It's in the language you use (I have spoken about this before).

You say ''stopped out for +1 pip''. This is negative-bias thinking. In trading terminology, we get ''stopped out'' for a loss. You didn't...you ended up with +1.

We all know what you mean when you say it that way, however what I would suggest you do, is think of it instead as you were ''closed out for +1 pip''. See the difference?

These things may seem small. However losers become losers firstly in their mind. A winner never thinks negatively.

He can and should be able to analyse negative results but never embrace them in his methodology.

Keep up the good work!
  • #12,722
  • Apr 17, 2018 8:51am Apr 17, 2018 8:51am
Attached Image (click to enlarge)
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #12,723
  • Apr 17, 2018 8:52am Apr 17, 2018 8:52am
Quoting lemercenaire
{quote} Well done. There is one psychological aspect you should consider adopting. It's in the language you use (I have spoken about this before). You say ''stopped out for +1 pip''. This is negative-bias thinking. In trading terminology, we get ''stopped out'' for a loss. You didn't...you ended up with +1. We all know what you mean when you say it that way, however what I would suggest you do, is think of it instead as you were ''closed out for +1 pip''. See the difference? These things may seem small. However losers become losers firstly in their...
Good coaching, Lem!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #12,724
  • Apr 17, 2018 12:58pm Apr 17, 2018 12:58pm
TS' trade at the other end of the day...

Attached Image (click to enlarge)
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  • #12,725
  • Apr 18, 2018 3:50am Apr 18, 2018 3:50am
https://gyazo.com/b192846a7dc80f71cdc76cef027af793 This is the tenth trade of the "Ten Trade Challenge". EusUsd closed out for +1 pip. 8 of 10 trades are winners. Total for ten trades: +11.7 pips.
  • #12,726
  • Apr 18, 2018 6:48am Apr 18, 2018 6:48am
https://gyazo.com/6a2104fdd9db653db7c8020c1dc7ae99 First 1-2-3 trade. EurUsd. +14 pips.
  • #12,727
  • Apr 18, 2018 7:19am Apr 18, 2018 7:19am
Quoting tahquo
https://gyazo.com/b192846a7dc80f71cdc76cef027af793 This is the tenth trade of the "Ten Trade Challenge". EusUsd closed out for +1 pip. 8 of 10 trades are winners. Total for ten trades: +11.7 pips.
Attached Image
  • #12,728
  • Apr 18, 2018 7:20am Apr 18, 2018 7:20am
Quoting tahquo
https://gyazo.com/6a2104fdd9db653db7c8020c1dc7ae99 First 1-2-3 trade. EurUsd. +14 pips.
If you can, could you (also) stick the 1-2-3 trades over in that thread? Ta much...Oh and well done!
  • #12,729
  • Apr 18, 2018 8:40am Apr 18, 2018 8:40am
Over with my DAX, a quick-hitter. I missed the 1-2-3 and wouldn't have taken it anyway in such a small range but perfect hunting ground for HOLO set-ups...

Attached Image (click to enlarge)
Click to Enlarge Name: .DE30.M5asHOLO18thApril18.png Size: 34 KB


Overview...

Attached Image (click to enlarge)
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EDIT: The entry was the last dip.
  • #12,730
  • Apr 18, 2018 5:46pm Apr 18, 2018 5:46pm
Hi everyone, I'm new into forex and still learning and lurking this forum since few months now. I've finally decided to pull the trigger and start trading on a demo account to gain some experience. During these months I've found this system (thanks TooSlow for posting it!) and I've decided to master it. I work full time, so I don't have a lot of time to spend in front of charts and I can spend a couple of hours before heading to work or before coming back home.

I've read (almost) all the posts, but I still only have one question... I hope TooSlow or anyone else could help me to understand better.

On post #1 it says:

The first line: Place a line at the highest H1 open and lowest H1 open for the current day.
Current day means today according to your broker.

but HoLo pdf by MichaelG says:

This refers to the H1 Time frame’s Highest or Lowest candle OPEN price on any given 24 hour trading day. Remembering that the Official 24 Hour trading day CLOSES at 5PM New York time (24.00). Daylight saving or NOT. It is still 5PM in New York, so that is the CLOSE of the trading day. The VERY NEXT candle to open AFTER 5PM NY time, is deemed to be the start of the NEW trading day.

I am based in Italy so "current day" so my timezone is GMT+2. What should I consider as "current day"?

Also I would ask for a suggestion: I'm looking for a pair to master and I was looking at EURUSD charts since months now, the problem is I can only trade early morning (1 hour before London open) or late evening for a couple of hours, between NY close and SYD open. Considering this situation probably AUD or JPY pairs would be better? My concern is that trading right after NY close could be sub-optimal in terms of number of opportunities if "current day" has the definition highlighted by MichaelG in the PDF. Am I right?

I will post some charts during the next days hoping to improve and learn more.

Thanks
  • #12,731
  • Apr 18, 2018 6:38pm Apr 18, 2018 6:38pm
Quoting iamchico
Hi everyone, I'm new into forex and still learning and lurking this forum since few months now. I've finally decided to pull the trigger and start trading on a demo account to gain some experience. During these months I've found this system (thanks TooSlow for posting it!) and I've decided to master it. I work full time, so I don't have a lot of time to spend in front of charts and I can spend a couple of hours before heading to work or before coming back home. I've read (almost) all the posts, but I still only have one question... I hope TooSlow...
Hi iamchico and welcome to HOLO!

The easiest and simplest thing is to use the day as shown by your broker. If you want to tie in to the UK time, then open a demo account with a UK broker and chart off that and you can place your trades (when you go live) with whoever you want. Really, it will make little-to-no difference.

As for your trading pair needs, I would agree that a JPY pair would be a fit. EJ would be my own choice if you forced me to make a choice (possibly GJ). Other options to consider could be AU or EG.
  • #12,732
  • Apr 18, 2018 6:49pm Apr 18, 2018 6:49pm
Quoting lemercenaire
{quote} Hi iamchico and welcome to HOLO! The easiest and simplest thing is to use the day as shown by your broker. If you want to tie in to the UK time, then open a demo account with a UK broker and chart off that and you can place your trades (when you go live) with whoever you want. Really, it will make little-to-no difference. As for your trading pair needs, I would agree that a JPY pair would be a fit. EJ would be my own choice if you forced me to make a choice (possibly GJ). Other options to consider could be AU or EG.
Thanks lemercenaire. For now I have opened a EUR account with Oanda. I am not foreced to choose one, but I prefer to put all my energies on one or two pairs as it's the first time into forex for me and probably I would be more comfortable (also lot of people suggest to start with one pair).

I will post some charts next days!
  • #12,733
  • Apr 19, 2018 2:07am Apr 19, 2018 2:07am
Hello, I am trying the 10 trade challenge. I was a bit late on the entry - None the less, I was okay with the stop location so I took it. Trade #1 EUR/USD London Session. Trade management stop loss to break even at +5 and deploy a 5 point trail.

**EDIT** Trail took position out. +18 pips in the bank. Original stop loss -12 pips take profit +22 pips. Finishing pips = +18. Risk reward better than 1:1.
Attached Image (click to enlarge)
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  • #12,734
  • Edited 9:16am Apr 19, 2018 9:04am | Edited 9:16am
i'm confused at the open of the 5pm ny close candle do you start from the open and close of that candle and disregard the previous hours open prices??

ifI'm correct at 5pm EST there is only one candle in play that's the NY close candle OPEN PRICE But the high and low of the day is still charted...?



Right?
  • #12,735
  • Apr 19, 2018 10:08am Apr 19, 2018 10:08am
Quoting bill1985
i'm confused at the open of the 5pm ny close candle do you start from the open and close of that candle and disregard the previous hours open prices?? ifI'm correct at 5pm EST there is only one candle in play that's the NY close candle OPEN PRICE But the high and low of the day is still charted...? Right?
Waiting for someone more experienced than me, but - as per the rules - you should wait the first 1H candle of current day to be closed. At least this is what I understand from the rules.
  • #12,736
  • Apr 19, 2018 11:27am Apr 19, 2018 11:27am
Quoting bill1985
i'm confused at the open of the 5pm ny close candle do you start from the open and close of that candle and disregard the previous hours open prices?? ifI'm correct at 5pm EST there is only one candle in play that's the NY close candle OPEN PRICE But the high and low of the day is still charted...? Right?
On the 1h time frame the start of the day will be 0:00. If you load up the indicator and template it will do it for you
  • #12,737
  • Apr 19, 2018 11:43am Apr 19, 2018 11:43am
Trade Number Two - US Session - USD/CAD Short from 1.26440. Was having trouble breaking the 40 - I left it for someone else to wait on - +1.3 pips in the bank! Stop was only 6 pips. Let the stop get it out as this is not the best time to be entering. Cumulative pips +19.2
  • #12,738
  • Edited 1:19pm Apr 19, 2018 12:43pm | Edited 1:19pm
Here's what is confusing me my oanda charts have 5pm as 17.00 hours 00.00 is midnight


which is correct to use?
  • #12,739
  • Apr 19, 2018 1:30pm Apr 19, 2018 1:30pm
Quoting bill1985
Here's what is confusing me my oanda charts have 5pm as 17.00 hours 00.00 is midnight which is correct to use?
The indicator should show you, cheers
  • #12,740
  • Apr 19, 2018 1:31pm Apr 19, 2018 1:31pm
why are the back test results from the indicator projecting a gross loss am i missing something i thought this was a high probability setup
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