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Highest Open / Lowest Open Trade

  • #12,761
  • Apr 20, 2018 9:00am Apr 20, 2018 9:00am
Quoting iamchico
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...
'' I am planning to buy an iPad for this.''

Can you run mt4 on an iPad? Or are you planning on using your broker's online platform? Just curious, as remember if you don't run mt4 (or mt5, thanks Hairi!), then you won't be able to use the indicator and template.
  • #12,762
  • Apr 20, 2018 9:04am Apr 20, 2018 9:04am
Quoting iamchico
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...
You are trading price, not candles. So you enter when price crosses the entry level and you manage stops / BE / tp etc as price, not candles.

Having said that, you will have noticed that traders can and do develop their own trade-management techniques, so in the long run, do what suits your trading style best.
  • #12,763
  • Apr 20, 2018 9:28am Apr 20, 2018 9:28am
what about today the 10am open hour candle is 2266 and the lowest low is 2267 just about less than 1 pip those occurrences are untrade-able

that sucks,

do you still trade these when the open price and the new high/low are only a few pips apart? very small area to trade a cross of the open price...
  • #12,764
  • Apr 20, 2018 11:19am Apr 20, 2018 11:19am
Quoting lemercenaire
{quote} '' I am planning to buy an iPad for this.'' Can you run mt4 on an iPad? Or are you planning on using your broker's online platform? Just curious, as remember if you don't run mt4 (or mt5, thanks Hairi!), then you won't be able to use the indicator and template.

I use Oanda platform (web + iOS) for now, so no templates or indicators. I know there's MT4 for iOS, I have to check if it's possible to load indicators or templates.

Unfortunately I spend a lot of time on the go so that would be ideal. Do you think indicators and the template help a lot? Currently I manually draw everything on the charts and spend a lot of time doing it, but I have to say it really helps to better analyse the charts.

Quoting lemercenaire
You are trading price, not candles. So you enter when price crosses the entry level and you manage stops / BE / tp etc as price, not candles.


You are right, thanks.
  • #12,765
  • Apr 20, 2018 11:56am Apr 20, 2018 11:56am
Quoting iamchico
I know there's MT4 for iOS, I have to check if it's possible to load indicators or templates.

  1. Yes, there is MT4 for mobile (iOs, Android).
  2. No, you can't use/apply any custom indicator or EA on MT4 for mobile.
  3. you also can't use/apply any custom indicator or EA on webterminal platform.

  • #12,766
  • Apr 20, 2018 12:11pm Apr 20, 2018 12:11pm
regarding today 10:00 candle opened at 2266 and the new low changed to 2265 10:30 candle did open and pass thru the area

is that a trade you guys would have taken or area between to small does this happen often

guessing to just skip these
  • #12,767
  • Apr 20, 2018 12:27pm Apr 20, 2018 12:27pm
Quoting bill1985
regarding today 10:00 candle opened at 2266 and the new low changed to 2265 10:30 candle did open and pass thru the area is that a trade you guys would have taken or area between to small does this happen often guessing to just skip these
As per the rules, price crossed over 1H open at 10:30am (or before), so yes, it's a valid entry. I think this is a simple answer, and a simple approach as other variables could be evaluated by expert traders (e.g. distance from previous day Highs and Lows).

My first HOLO trade of this morning for example was real close to last day Low, so probably I have been just lucky.
  • #12,768
  • Apr 20, 2018 12:30pm Apr 20, 2018 12:30pm
Quoting lemercenaire
if all other signs are looking good, most likely pa for instance, then you will find most experienced traders will take those trades.
I am downloading some free content on the internet to understand PA better, just out of curiosity, what kind of signs do you look for? just on 1H and 15M TFs?
  • #12,769
  • Apr 20, 2018 12:38pm Apr 20, 2018 12:38pm
ya area to small to trade considering the spread so i will be passing on those trades need some distance from the open and high/low
  • #12,770
  • Apr 20, 2018 12:52pm Apr 20, 2018 12:52pm
Sorry guys, out and about all day but will get on later and answer your questions, reply to comments.

Looks like you guys are getting right into it which is great to see.
  • #12,771
  • Apr 20, 2018 12:57pm Apr 20, 2018 12:57pm
Quoting iamchico
{quote} I am downloading some free content on the internet to understand PA better, just out of curiosity, what kind of signs do you look for? just on 1H and 15M TFs?
I'll do this one quickly.

Price is fractal, so PA is the same, no matter what timeframe you are using.

The most basic patterns to look for are pins and especially higher highs + higher lows / lower highs + lower lows etc.
  • #12,772
  • Edited 2:19pm Apr 20, 2018 1:55pm | Edited 2:19pm
A lot of questions on this thread. Thanks for the support lemercenaire. I have some personal rules and then I'll share a tip, but that tip needs to be qualified so don't blame me if you don't read all the way through.

Rules:

Re: Entry

1 - When in doubt, don't. Figure out why you don't know.
2 - WAIT FOR IT TO SAY, THIS IS A SURE DEAL
3 - If a reversal seems to happen after extreme prices and it looks weak, take a 1-2-3 setup on the next bar to be safe.
4 - Trade like a sniper, not a machine gun runner.
5 - KEEP YOUR HAND OFF THAT MOUSE AND DON'T CHANGE THE SCREEN.
6 - Take only the best trades (London Open and NY Open)
7 - You don't need to get them all.
8 - YOU DON'T NEED TO GET THEM ALL.
9 - If you use an indicator to shore up a decision, STOP. GO BACK TO STEP ONE. YOU FAILED.
10 - If you overtrade, you're grounded for 24 hours.
11 - You should be leaving money on the table.
12 - It's okay to leave money on the table, good traders always do.
13 - STAY FOCUSED.

Tip for Newbs:

Generally, the direction of the dollar is established at London Open and it will run in this general direction until about noon NY time before it reverses to dwindle the other way the rest of the day. You absolutely MUST see this on the charts, not go by what I write. Okay?

You absolutely MUST go and manually back test this on the dollar chart and also on your preferred pair, because it's not just the dollar moving things. Sometimes it is the GBP pushing the dollar and then the dollar pushes the EUR or the EUR pushing the dollar which pushes the GBP. Last night? The GBP was pushing the dollar up (mostly). In turn, EUR was going down, etc. It gets confusing, but you're looking to familiarize yourself the windows of time throughout the day that the dxy makes it's highs and lows. Understand that price is often manipulated throughout the day.

Remember last night when the dollar started going up? Yeah, I got out of my long EURJPY and right after that the dollar was up as well as the EUR. Why? Because the EUR needs to make a high of the day. Every candle must have a high and a low, even if it is small. Plus, EURJPY was on a bullish trend. Sometimes, it's just big investors or banks pushing its movement regardless of the dollar. So, don't ever blindly follow the dollar.

Every candle must make a high and low of the day. If you can get in tune with this movement, it might help you understand about when your highs and lows are going to happen on your pair.

Unless it's a runaway train, then all bets are off. ha

This is my perspective and it probably means little to anyone else, but I make it work somehow.
  • #12,773
  • Apr 20, 2018 2:12pm Apr 20, 2018 2:12pm
duplicate post
  • #12,774
  • Apr 20, 2018 2:32pm Apr 20, 2018 2:32pm
Quoting 2dollardog
A lot of questions on this thread. Thanks for the support lemercenaire. I have some personal rules and then I'll share a tip, but that tip needs to be qualified so don't blame me if you don't read all the way through. Rules: Re: Entry 1 - When in doubt, don't. Figure out why you don't know. 2 - WAIT FOR IT TO SAY, THIS IS A SURE DEAL 3 - If a reversal seems to happen after extreme prices and it looks weak, take a 1-2-3 setup on the next bar to be safe. 4 - Trade like a sniper, not a machine gun runner. 5 - KEEP YOUR HAND OFF THAT MOUSE AND DON'T...
Nicely done.

To the newcomers, this is from trader new to HOLO but not inexperienced. You may have figured that out .

As such he brings a nice perspective to the thread. He is humble enough to realise and admit that he doesn't know it all and more importantly that he is willing to unlearn a lot of what perhaps previously he had learned and used (and mow realises he doesn't need).

Pay attention to what he's saying, there's gold in them thar words!
  • #12,775
  • Apr 20, 2018 2:40pm Apr 20, 2018 2:40pm
Quoting bill1985
regarding today 10:00 candle opened at 2266 and the new low changed to 2265 10:30 candle did open and pass thru the area is that a trade you guys would have taken or area between to small does this happen often guessing to just skip these
As answered, you are right that you'd probably skip this kind of set-up due to the too-shallow Area-of-Interest. However, you can also set a custom SL distance if you have a figure in mind. You could also possibly use a level from ''farther left'' on the chart, or perhaps from the H4 chart.

Once again, though, this kind of thing comes from experience.

Remember, ''There will always be another trade.''
  • #12,776
  • Apr 20, 2018 2:48pm Apr 20, 2018 2:48pm
As for having no access to the indi and template on mobile platforms, when I first started running this variant of HOLO, I deliberately used nothing more than two horizontal lines, one for the new H1 High, one for the new H1 Low.

I then manually moved them as and when needed. So it can be done.

It does help if you limit the number of pairs - which you should be doing anyway - so you don't have to spend more time moving lines than actually looking for entries.
  • #12,777
  • Apr 20, 2018 3:02pm Apr 20, 2018 3:02pm
Quoting lemercenaire
As for having no access to the indi and template on mobile platforms, when I first started running this variant of HOLO, I deliberately used nothing more than two horizontal lines, one for the new H1 High, one for the new H1 Low. I then manually moved them as and when needed. So it can be done. It does help if you limit the number of pairs - which you should be doing anyway - so you don't have to spend more time moving lines than actually looking for entries.
Exactly, I decided to focus on EURUSD (between London open and NY open) and EURJPY for Sydney open. I will stick with no indicators/template as I find it useful for learning
  • #12,778
  • Apr 20, 2018 3:04pm Apr 20, 2018 3:04pm
Quoting 2dollardog
duplicate post
Major compliment coming from you, pardner. Thanks so much.

I absolutely abhorred this trade setup when I found it. That's why I knew it must be mastered. I had six newborn pups at the time and I was more than happy to abandon trading and tend to the pups because I didn't want to do this trade setup. ha

So far this setup has become the single most effective self-discovery trading adventure over the last four years. I now believe that if I cannot master this setup, I should probably stop trading.
  • #12,779
  • Apr 20, 2018 4:32pm Apr 20, 2018 4:32pm
Quoting 2dollardog
{quote} Major compliment coming from you, pardner. Thanks so much. I absolutely abhorred this trade setup when I found it. That's why I knew it must be mastered. I had six newborn pups at the time and I was more than happy to abandon trading and tend to the pups because I didn't want to do this trade setup. ha So far this setup has become the single most effective self-discovery trading adventure over the last four years. I now believe that if I cannot master this setup, I should probably stop trading.
The other part to this is that you will hopefully also see the power of the connection to the 1-2-3 set-up. Then you will truly be able to run a full day, needing nothing else, with either part being self-sustaining but also forming a perfect partnership with the other.
  • #12,780
  • Edited 3:38am Apr 23, 2018 3:26am | Edited 3:38am
New trades this morning at 8.30 am (GMT+2). I cannot paste screenshots right now... I try to explain clearly what I did.

First trade (EURUSD)
Spotted a valid setup on EURUSD at 8.30 am (GMT+2). I got stopped out (-16 pips) right after 9.00 am (GMT+2) after price set a new daily high (+0.5 pips of previous high), it has been a quick raise.

I think I have learned that the beginning of London session could be really unpredictable, I will (try to) wait AFTER London opens to avoid big swings. Is it common to see this kind of movements exactly when London opens?

Second trade (EURUSD)
At 9.15am (GMT+2) price started to retrace and I entered again at highest daily open at 9.30 am (GMT +2). Moved SL to BE+1 then BE+5, then I took profit at +15pips because I arrived at office.

I think I have learned that the beginning of London session could be really unpredictable, I will (try to) wait AFTER London opens to avoid big swings. Is it common to see this kind of movements exactly when London opens?
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