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Highest Open / Lowest Open Trade

  • #12,921
  • Jun 6, 2018 6:33am Jun 6, 2018 6:33am
Quoting felipe6
Hi guys, Could anyone tell me how to put my SL in BE when I get to 6 pips in my favor? My broker does not allow to move SL so close to the actual price. I think it has to be at least 10 or 15 pips away from the actual price.. So I can not cumply with the rules of your system because of that. I just am in an operation now. I had more than 7pips in my favor... so I want to move my SL to BE but I can only move it to máximum -8 pips... Sorry if this question might have been answered before.. I have read a lot of pages but more than 600 is a bit dificult...
change the broker!!!
ECN broker at least!
trading is like dancing, don't think and just listen to the music!
  • #12,922
  • Jun 6, 2018 8:45am Jun 6, 2018 8:45am
Quoting felipe6
Hi guys, Could anyone tell me how to put my SL in BE when I get to 6 pips in my favor? My broker does not allow to move SL so close to the actual price. I think it has to be at least 10 or 15 pips away from the actual price.. So I can not cumply with the rules of your system because of that. I just am in an operation now. I had more than 7pips in my favor... so I want to move my SL to BE but I can only move it to máximum -8 pips... Sorry if this question might have been answered before.. I have read a lot of pages but more than 600 is a bit dificult...
You need a new broker, buddy.

EDIT: Just saw Birdland's answer saying the same.
  • #12,923
  • Jun 10, 2018 9:40pm Jun 10, 2018 9:40pm
Who is taking the 10 trade challenge the week of JUNE 10, 2018?

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
  • #12,924
  • Jun 11, 2018 10:33am Jun 11, 2018 10:33am
NU may be setting something up.
  • #12,925
  • Jun 11, 2018 10:56am Jun 11, 2018 10:56am
Quoting lemercenaire
NU may be setting something up.
Gone into breakout. Ah well.

Wait.
  • #12,926
  • Jun 12, 2018 1:20am Jun 12, 2018 1:20am
Hi,
Im new to this strategy, great work! I have a question, since I live in Denmark, where time is right now 10:15 AM. What is the best time to trade this strategy, in my country?
  • #12,927
  • Jun 12, 2018 1:57am Jun 12, 2018 1:57am
Quoting Newt
Hi, Im new to this strategy, great work! I have a question, since I live in Denmark, where time is right now 10:15 AM. What is the best time to trade this strategy, in my country?
i would recommend to start with the bar at london open and trade through till the end of the london session.
or first three hours after london open and first three hours after new york open.
trading is like dancing, don't think and just listen to the music!
  • #12,928
  • Edited 3:32am Jun 12, 2018 2:12am | Edited 3:32am
Quoting birdland
{quote} i would recommend to start with the bar at london open and trade through till the end of the london session. or first three hours after london open and first three hours after new york open.
So in 45 min, start trading the strategy, correct? Or start trading when London opens 9.00 and the next 3 hours?

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  • #12,929
  • Jun 12, 2018 2:32am Jun 12, 2018 2:32am
Quoting birdland
{quote} i would recommend to start with the bar at london open and trade through till the end of the london session. or first three hours after london open and first three hours after new york open.

o my god, so there is a certaint time for trading usilng this indicator sir?

meaning we cannot trading on any time of the day ??
  • #12,930
  • Jun 12, 2018 3:45am Jun 12, 2018 3:45am
Quoting Tabary
{quote} o my god, so there is a certaint time for trading usilng this indicator sir? meaning we cannot trading on any time of the day ??
no, it was just my recommendation due to my experience. i like it when many markets are open, overlaping and volume is high.
but market is open 24 hours, so make your own experience.
trading is like dancing, don't think and just listen to the music!
  • #12,931
  • Jun 12, 2018 4:17am Jun 12, 2018 4:17am
Quoting Tabary
{quote} o my god, so there is a certaint time for trading usilng this indicator sir? meaning we cannot trading on any time of the day ??
Also for Newt.

Trade your own broker set-up.

If you wish the indicator and set-ups to look exactly like someone in the UK, open a demo acc with a UK broker and chart off that, while placing the trades on your own live broker.

There is no set start-end time to trade. There is common sense. You could avoid trading pairs where both the currencies' markets are closed for instance.

Other than that, you will find next-to-no difference. Trade what you see.
  • #12,932
  • Jun 12, 2018 5:05am Jun 12, 2018 5:05am
Quoting lemercenaire
{quote} Also for Newt. Trade your own broker set-up. If you wish the indicator and set-ups to look exactly like someone in the UK, open a demo acc with a UK broker and chart off that, while placing the trades on your own live broker. There is no set start-end time to trade. There is common sense. You could avoid trading pairs where both the currencies' markets are closed for instance. Other than that, you will find next-to-no difference. Trade what you see.
I understand what you write, however, yesterdays low and highs will be different from my chart compared to yours. Isn't it important for the strategy the yesterday lows and highs?

I know there is a ton of screenshots, however my learning is best done trying and drawing on a chart. Is the below screenshot correctly understood regarding the rules?
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  • #12,933
  • Jun 12, 2018 5:29am Jun 12, 2018 5:29am
Quoting Newt
{quote} I understand what you write, however, yesterdays low and highs will be different from my chart compared to yours. Isn't it important for the strategy the yesterday lows and highs? I know there is a ton of screenshots, however my learning is best done trying and drawing on a chart. Is the below screenshot correctly understood regarding the rules? {image}
Trust me, this has been dealt with many times in the past, usually in regards to traders in the Southern Hemisphere. Some have kept local time, others have used UK brokers.

In the long run, it made no difference. The Asian session will have smaller moves but the entries will still be there. In the end, however, most ended up switching to using a UK Broker to chart from. Not all - but most.

If you are only an hour different, the differences will be negligible.

If it still bugs you, while you are running your trial(s), why not do it both ways (UK and Local Time Zone brokers) and see what happens. Posting your results could help others.
  • #12,934
  • Jun 12, 2018 6:02am Jun 12, 2018 6:02am
Quoting lemercenaire
{quote} Trust me, this has been dealt with many times in the past, usually in regards to traders in the Southern Hemisphere. Some have kept local time, others have used UK brokers. In the long run, it made no difference. The Asian session will have smaller moves but the entries will still be there. In the end, however, most ended up switching to using a UK Broker to chart from. Not all - but most. If you are only an hour different, the differences will be negligible. If it still bugs you, while you are running your trial(s), why not do it both ways...
Good points and thanks.
Have you seen my screenshot, is it correct understood, regarding the rules?
  • #12,935
  • Jun 12, 2018 8:55am Jun 12, 2018 8:55am
Attached Image (click to enlarge)
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #12,936
  • Jun 12, 2018 10:16am Jun 12, 2018 10:16am
Quoting Newt
{quote} Good points and thanks. Have you seen my screenshot, is it correct understood, regarding the rules?
Always remember that the levels are fluid. They will be different at the beginning of the day as compared to the end. On your screenshot, you've mixed them all up. The London Open bar would technically have the first highest H1 open. The next bar would then have the first lowest H1 open. These two bars would also have (at the time) the High and Low of the day.

An hour later, it's different. Two hours on, it's different again.

It's impossible to mark up your chart as it is and have it make any sense.

Try thinking of it like this:

At the time we look at a chart...

1: Mark the High and Low of the day (ignore yesterday for now).
2: Wait for the Highest new H1 Open.
2a: Wait for the Lowest new H1 open.

Those two zones formed, one high, one low, give you your ''Areas-of-Interest''.

3: Switch to the m15 or m5 charts.
4: Wait for a candle to open in one of those zones.
5: Enter as price crosses over the H1 Open level (not a pip before...not a pip after...as it crosses). We do not need this candle to close.

You're in. Take it from there.

If no trade triggers, adjust the levels as they move through the day.

Or - preferred option - use the indicator and it'll do all the grunt-work for you. Get rid of all the excess baggage, keeping just Today's High, Today's Low, New H1 High Open, New H1 Low Open. There's a variant in the paperclip that will colour the zones for you as well.

Once you have the basics down pat - and if you really feel the need - then you could add other stuff back in.
  • #12,937
  • Jun 12, 2018 10:24am Jun 12, 2018 10:24am
Quoting lemercenaire
{quote} Always remember that the levels are fluid. They will be different at the beginning of the day as compared to the end. On your screenshot, you've mixed them all up. The London Open bar would technically have the first highest H1 open. The next bar would then have the first lowest H1 open. These two bars would also have (at the time) the High and Low of the day. An hour later, it's different. Two hours on, it's different again. It's impossible to mark up your chart as it is and have it make any sense. Try thinking of it like this: At the time...
I actually have to say thanks for your question, as I went looking for an example and hey, ho, there ya' go, a perfect entry, lol...

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  • #12,938
  • Jun 12, 2018 10:46am Jun 12, 2018 10:46am
Quoting lemercenaire
{quote} Always remember that the levels are fluid. They will be different at the beginning of the day as compared to the end. On your screenshot, you've mixed them all up. The London Open bar would technically have the first highest H1 open. The next bar would then have the first lowest H1 open. These two bars would also have (at the time) the High and Low of the day. An hour later, it's different. Two hours on, it's different again. It's impossible to mark up your chart as it is and have it make any sense. Try thinking of it like this: At the time...
Im not sure i fully understand, can you make lines in this example (see screenshot). When I learn i'm ready for the 10 dollar challenge, already have money ready on account :-)
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  • #12,939
  • Jun 12, 2018 2:19pm Jun 12, 2018 2:19pm
Quoting Newt
{quote} Im not sure i fully understand, can you make lines in this example (see screenshot). When I learn i'm ready for the 10 dollar challenge, already have money ready on account :-) {image}
I'm not sure how much clearer I can make this - but seeing as you asked so nicely, I will give it one more go:

Set-Up 'A'
I have made this to include the second candle, as when there is only the first candle of the day, we have all the info in that one candle and it's a waste of time.
So, we see that we have our first Daily High, Daily Low and #1 is the Highest H1 Open, #2 the Lowest H1 Open.

It is possible that you could have had a long entry on the body and wick of the second candle.

Attached Image (click to enlarge)
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Set-Up 'B'
Moving on, this keeps the original Daily High and the Highest H1 Open but we now have a new Daily Low and once the green candle opens, we have a new Lowest H1 Open.

You would likely have an entry in the wick of the green candle.

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Unless there had been some kind of retrace on the large green candle to the right, there would be no more entry opportunities until the third set-up:

Set-Up 'C'
Here, I will ignore the entry options on the pin bar that makes the new high, as that is a breakout Candle and we do not enter on a Breakout Candle.

So, we now have the Daily Low and Lowest H1 Open from Set-Up 'B' and add the New Daily High and New H1 Highest Open.

We would have probable entry opportunities on the one or both of the last two candles.

Attached Image (click to enlarge)
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Right, that's yer whack. If you still can't get a grip on this for some reason, then I will have to hand it over to someone else, as I have done as much as I can do to make it clear.
  • #12,940
  • Jun 13, 2018 6:10am Jun 13, 2018 6:10am
Quoting TooSlow
{image}
TooSlow or anyone else, I find this method incredibly accurate and very easy to understand bar one and that is your latest post ( #12936 ) which seems to indicate that the Day's Low is the "day's low" and all trades are taken between the Day's High and Low.

My understanding from the very first posts - sorry Michael as you have done us a great service by explaining the method so succinctly - is that I have to look for those "moving - opens" as the day unfolds.

I interpret TooSlow's post above that my understanding is erroneous.

Kindly help me back on track.

Sincerest thanks.
Hercs
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