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Highest Open / Lowest Open Trade

  • #12,741
  • Apr 19, 2018 11:35am Apr 19, 2018 11:35am
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?
The day runs from the start of your broker's day. Midnight.
  • #12,742
  • Apr 19, 2018 11:39am Apr 19, 2018 11:39am
Quoting TommyLeeBone
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. {image}
Welcome, TLB (love the name by the way ).

Can I ask you why you were late to the party? As that is against the ''rules'', it would help the other newcomers to know your thought processes (you explained your other reasoning well).
  • #12,743
  • Apr 19, 2018 11:44am Apr 19, 2018 11:44am
Quoting bill1985
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
For the same reason no EA works with HOLO. The money is in how you manage the trade, including which pairs you use and when you enter. That comes from experience running the method forward - forget about what may or may not have happened in the past. It's the same reason why every trader will get slightly (or even greatly) different results. Forget about back-testing. Focus on what is in front of you right now.
  • #12,744
  • Apr 19, 2018 11:49am Apr 19, 2018 11:49am
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?
I honestly think that NO ONE knows the correct answer. The whole idea of GMT was to solve the issue of what time it is in different parts of the world at different times of the year (DST v Standard Time in the US for example ... Summertime v what? Winter time? in Europe) It seems like we can't even get our clocks straight ... that, to me, is the nightmare of trying to use breakouts and explaining to others what times they are supposed to use.
  • #12,745
  • Apr 19, 2018 11:50am Apr 19, 2018 11:50am
Quoting Yoshida
Anybody have HOLO indicator for MT5?
Quoting lemercenaire
{quote} I am pretty sure there is no official mt5 variant.
enjoy mt5 variant. :0
Attached Image (click to enlarge)
Click to Enlarge Name: HOLO_MT5.PNG Size: 129 KB
Attached File(s)
File Type: ex5 holo.ex5   26 KB | 676 downloads
  • #12,746
  • Apr 19, 2018 11:50am Apr 19, 2018 11:50am
I ran this via another method but it's equally valid as a HOLO entry (the second dip, not the first, as that is in an H1 breakout candle).

Attached Image (click to enlarge)
Click to Enlarge Name: .US500.M5alsoavailableasaHOLO19thApril18.png Size: 43 KB
  • #12,747
  • Apr 19, 2018 11:57am Apr 19, 2018 11:57am
Quoting tenthman
{quote} I honestly think that NO ONE knows the correct answer. The whole idea of GMT was to solve the issue of what time it is in different parts of the world at different times of the year (DST v Standard Time in the US for example ... Summertime v what? Winter time? in Europe) It seems like we can't even get our clocks straight ... that, to me, is the nightmare of trying to use breakouts and explaining to others what times they are supposed to use.
Jeez, I am not going to get into the time thing here, having spend an entertaining week with friends watching a whole thread disintegrate into chaos as they tried to figure out how to tell the time.

Listen.

It...doesn't...matter.

Load the indi and template onto your broker's charts and trade what you see. There are HOLO traders in Australia, Indonesia, Japan, Brazil, The US, Italy, Holland, Germany and UK (sorry if I missed out anyone's country, lol). That's what we do. It works.

If you want to tie up with TS or myself or whoever, then open your charting broker in the country / time-zone of that person and then you will see and trade exactly what they do.
  • #12,748
  • Apr 19, 2018 11:59am Apr 19, 2018 11:59am
Quoting Hairi
{quote} {quote} enjoy mt5 variant. :0 {image} {file}
Nice one, Hairi! You're a wee shining star!

I am sure you will find your skills in demand as we move towards an mt5 future
  • #12,749
  • Apr 19, 2018 12:06pm Apr 19, 2018 12:06pm
What time ya got? LOL
  • #12,750
  • Apr 19, 2018 12:33pm Apr 19, 2018 12:33pm
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?

This is correct as 5:00pm converts to 17:00 military time and 00:00 military time is equivalent to 12:00am (midnight).
  • #12,751
  • Apr 19, 2018 12:37pm Apr 19, 2018 12:37pm
Quoting 2dollardog
{quote} This is correct as 5:00pm converts to 17:00 military time and 00:00 military time is equivalent to 12:00am (midnight).
I would just trade your chart if I were you. Your not trading "times of the day" here. Your trading a proven and winning strategy. It doesn't need a "correct time" to win. If you just follow the rules and use good MM, you will come out ahead.
  • #12,752
  • Apr 19, 2018 12:42pm Apr 19, 2018 12:42pm
Quoting tenthman
What time ya got? LOL
Hammer Time!

Inserted Video
  • #12,753
  • Apr 19, 2018 1:25pm Apr 19, 2018 1:25pm
looking at the eur/usd right now 2336 is the lowest open ''12.00'' hoping to give this a shot today

i was trying to see what trades would have been but working this backwards making a mess on my charts

were there any good trades out there today on the eur/usd cross?
  • #12,754
  • Apr 19, 2018 5:02pm Apr 19, 2018 5:02pm
Quoting lemercenaire
{quote} Welcome, TLB (love the name by the way ). Can I ask you why you were late to the party? As that is against the ''rules'', it would help the other newcomers to know your thought processes (you explained your other reasoning well).
I didn't test close enough to get in at the right price, so I waited for 5 min price action to decide the fate
  • #12,755
  • Apr 20, 2018 12:28am Apr 20, 2018 12:28am
Trail is on let's boogie stu! +9.2 pips ! Good work Ol' TOMMY LEE!!
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Trade 2 - Ten Trade.png Size: 35 KB
  • #12,756
  • Apr 20, 2018 3:30am Apr 20, 2018 3:30am
HI All,

I think i got the rules to this system. Just one tiny question regarding the intra-day breakout rule. SO lets say Im using m15 for trigger. the first m15 bar opens in area of interest and makes a new day low, therefore we done trade that bar even if it crosses back up over the day H1 lowest open. Right thats crystal clear. My question then is, assuming the NEXT m15 bar within that hour opens in the area of interest, does not form a new day low made by the previous m15, and crosses back up the day H1 Lowest open, do we then take an entry? Or must we forgo all trades for that whole entire 1 hour candle period as one of the m15 bars had made a new day low?


Same goes for a short setup. Thanks in advance!
  • #12,757
  • Apr 20, 2018 3:40am Apr 20, 2018 3:40am
Quoting benjamintoh8
HI All, I think i got the rules to this system. Just one tiny question regarding the intra-day breakout rule. SO lets say Im using m15 for trigger. the first m15 bar opens in area of interest and makes a new day low, therefore we done trade that bar even if it crosses back up over the day H1 lowest open. Right thats crystal clear. My question then is, assuming the NEXT m15 bar within that hour opens in the area of interest, does not form a new day low made by the previous m15, and crosses back up the day H1 Lowest open, do we then take an entry?...
Hi, I'm new too to this is system but I wanna try to see if I understood correctly.

In the same 1H you have 2 valid setups in 15M chart. The second setup creates a new daily low (breakout).

I think that would be a valid entry, because in your example the second valid setup on M15 it's still in the same hour of the first setup. The new low increases area of interest, but if the price pull back to daily highest open it's valid (but must be traded with caution because that is a breakout candle).
  • #12,758
  • Apr 20, 2018 3:50am Apr 20, 2018 3:50am
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?
Depends on where your broker's server is located. If you are using the Meta Trader 4 platform, enable "Market Watch" on the "VIEW" menu, and look at the upper left corner. Displayed there you will find your broker's server time. Even a USA broker's server time might differ significantly from your local time. My USA broker's server time is five hours later than my local time in Central time zone, USA; so the server handling my account could be in Scotland, Ireland, or Isle of Man (for example).

However, all of this confusion doesn't really matter. Just display a "daily" chart on your platform. The "open" for the current bar/candle will be the daily open. Place a horizontal line "exactly" at the level of the open for the current daily bar/candle. Now change the chart to display "hourly" bars/candles, and find the one that opened the same as the daily open. A vertical line on that bar/candle will show the SERVER time of the daily open.
  • #12,759
  • Apr 20, 2018 3:59am Apr 20, 2018 3:59am
First trade this morning (on demo account)! EURUSD closed at +9 pips.

Unfortunately I did it on my phone while commuting to my workplace and I had to close the transactions at +9 pips because I couldn't have had free time to follow the trade.

Not focus on position size for now please as I put random units and my demo account is huge, because I wanna focus on mastering entry and exit methods first.

Sorry for the screenshots, taken from my phone, not ideal I know. I am planning to buy an iPad for this.

EURUSD 1H
pink lines are previous day HIGH and LOW
Yellow lines are current day 1H HO and HH

Attachment G

EURUSD 15M (entry)
went short when price reached 1H HO. Stop loss setup at current day HIGH
Purple line is first profit target (+5)

Attachment G

EURUSD 15M (SL moved to BE)
when price reached profit target, I moved SL to BE+1+spread
moved next profit target to (+10)
I was planning to move SL to BE+5+spread, but I had to close the trade because I reached my office

Attached Image


One question: should I move SL to BE+1 right after the price touches the first profit target or when the candle closes at (or lower) the profit target?
  • #12,760
  • Apr 20, 2018 6:54am Apr 20, 2018 6:54am
Quoting benjamintoh8
HI All, I think i got the rules to this system. Just one tiny question regarding the intra-day breakout rule. SO lets say Im using m15 for trigger. the first m15 bar opens in area of interest and makes a new day low, therefore we done trade that bar even if it crosses back up over the day H1 lowest open. Right thats crystal clear. My question then is, assuming the NEXT m15 bar within that hour opens in the area of interest, does not form a new day low made by the previous m15, and crosses back up the day H1 Lowest open, do we then take an entry?...
Sorry, been out all day so only now got to your question.

Technically speaking you'd still be in an H1 breakout candle, so there would be no trade.

However, as you get more experienced, then as that bar moves on in time - as in your example - if all other signs are looking good, most likely pa for instance, then you will find most experienced traders will take those trades.
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