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Highest Open / Lowest Open Trade

  • #13,021
  • Jun 22, 2018 10:46am Jun 22, 2018 10:46am
Quoting Hercs
Gentlemen, For some time now I have been battling with the following scenario which I attach here on EURUSD_H1 chart: BUY in Aqua-lines # 1 and # 2. Which is the correct entry, please? # 3 - in Yellow Triangle off the candle to be used for the SHORT. Is this correct? Be kind enough to help me with this request. Continued success to you. {image}
A template and indicator have been provided for FREE. Those who truly seek to learn, use the tools provided.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,022
  • Jun 22, 2018 7:08pm Jun 22, 2018 7:08pm
Who is taking the 10 trade challenge the week of JUNE 24, 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
  • #13,023
  • Jun 23, 2018 2:29am Jun 23, 2018 2:29am
Quoting TooSlow
{quote} A template and indicator have been provided for FREE. Those who truly seek to learn, use the tools provided.
Thank you for replying TooSlow, be assured that I use that same template with indicator every single day, but when I saw such pattern as the one I posted here, I thought it prudent to pull it out and get a better understanding of what is happening.

If you are happy with Lemercenaire's post, please say so. It takes the same time as re-posting your template. Your method of trading suits me down to the ground and it frustrates me that I am still missing the obvious.

Continued success to you all.
Hercs
  • #13,024
  • Jun 25, 2018 8:33am Jun 25, 2018 8:33am
Hi TooSlow / MichaelG

Just came across HOLO concept and thanks. 3 questions:

Looking at the chart to the left as we do not know the right. The lowest open is not necessarily the lowest H1 bar. Few bars later. the lowest H1 bar occurred with a higher open. Do you follow the rules with the lowest open only (drawing horizontal line) in the future (intraday) for entry which may/may not happen?

Or, do you disregard the lowest open and execute the H1 bar open with any other H1 bar? Of course, this comes with a higher stop loss risk.

The above 2 situations also apply for the highest open scenario.

Short - Using sell stop / sell stop limit at open price gives the execution at bid and not ask which is what you want.

Long - Using buy stop / but stop limit gives the execution at open price at bid and not ask which is what you do not want. Do you mean opening price plus one tick above for long?

Looking forward to your answer as it will help clarify.

Thx, Sam
  • #13,025
  • Jun 25, 2018 10:09am Jun 25, 2018 10:09am
Attached Image (click to enlarge)
Click to Enlarge Name: TOOSLOW.png Size: 55 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,026
  • Jun 25, 2018 10:10am Jun 25, 2018 10:10am
Quoting Hercs
{quote} Thank you for replying TooSlow, be assured that I use that same template with indicator every single day, but when I saw such pattern as the one I posted here, I thought it prudent to pull it out and get a better understanding of what is happening. If you are happy with Lemercenaire's post, please say so. It takes the same time as re-posting your template. Your method of trading suits me down to the ground and it frustrates me that I am still missing the obvious. Continued success to you all.
Are you happy with Lem's post?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,027
  • Jun 25, 2018 10:12am Jun 25, 2018 10:12am
Quoting sam_777
Hi TooSlow / MichaelG Just came across HOLO concept and thanks. 3 questions: Looking at the chart to the left as we do not know the right. The lowest open is not necessarily the lowest H1 bar. Few bars later. the lowest H1 bar occurred with a higher open. Do you follow the rules with the lowest open only (drawing horizontal line) in the future (intraday) for entry which may/may not happen? Or, do you disregard the lowest open and execute the H1 bar open with any other H1 bar? Of course, this comes with a higher...

Confused.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,028
  • Jun 25, 2018 10:12am Jun 25, 2018 10:12am
Attached Image (click to enlarge)
Click to Enlarge Name: TOOSLOW.png Size: 55 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,029
  • Jun 25, 2018 10:53am Jun 25, 2018 10:53am
TooSlow

"The lowest open is not necessarily the lowest H1 bar"

I have seen charts where (say 60 min Bar X) the lowest open of the day was not the low of the day ie the low of the day happened in some other H1 bar,(say bar Y) however, its open was higher than the lowest open. The HOLO didn't materialize in the bar X.

So how do you trade in such a scenario?
  • #13,030
  • Jun 25, 2018 12:54pm Jun 25, 2018 12:54pm
Quoting sam_777
TooSlow "The lowest open is not necessarily the lowest H1 bar" I have seen charts where (say 60 min Bar X) the lowest open of the day was not the low of the day ie the low of the day happened in some other H1 bar,(say bar Y) however, its open was higher than the lowest open. The HOLO didn't materialize in the bar X. So how do you trade in such a scenario?
You are WAY over-thinking this.

On the H1 chart, you are looking for the LOWEST OPEN IN AN H1 BAR.

That is, the lowest H1 Open.

Opposite for High.

As for the bid-ask question, MichaelG nails that one in his PDF, or a very early post, one or the other.
  • #13,031
  • Jun 25, 2018 1:35pm Jun 25, 2018 1:35pm
"Place a line at the highest H1 open and lowest H1 open for the current day." from the first post.

Say, it is noon (est). I understand the lowest or the highest in H1 up to that point in time. Let's say the lowest occurred at 9 am H1 bar and the HOLO didn't materialize at the 9 am H1 bar. We are now at 12 noon H1 bar. Do we then use the 12 noon open for HOLO trade?

So what happens to the 9 am open H1 bar where the lowest open was made? Is it irrelevant?

If not, are we still looking at the 9 am lowest open for HOLO?

Hope, this is specific to what needs to be clarified. Thanks, Sam
  • #13,032
  • Jun 25, 2018 2:34pm Jun 25, 2018 2:34pm
In other words, in my example are we looking at the absolute low open (9am H1 open horizontal line) at noon H1 bar or any thereafter for holo trade and not any H1 bar open in between? I think that is what it is.

So, we wait until it the 15 min opens below the 9 am open (as the 9am H1 bar open didn't materialize for a holo trade) during the rest of the day. It may/ may not happen. It is also possible that later in the day may have a lower open than 9am open in which case it now becomes the lowest open for HOLO trade assuming yesterday's low is not violated.

That is what I am thinking it is ie absolute low/high open intraday for the current day for trade. Other H1 bars open in between are irrelevant.
  • #13,033
  • Jun 25, 2018 2:46pm Jun 25, 2018 2:46pm
Quoting sam_777
"Place a line at the highest H1 open and lowest H1 open for the current day." from the first post. Say, it is noon (est). I understand the lowest or the highest in H1 up to that point in time. Let's say the lowest occurred at 9 am H1 bar and the HOLO didn't materialize at the 9 am H1 bar. We are now at 12 noon H1 bar. Do we then use the 12 noon open for HOLO trade? So what happens to the 9 am open H1 bar where the lowest open was made? Is it irrelevant? If not, are we still looking at the 9 am lowest open...
No. You always only use the Highest H1 Open and the Lowest H1 Open.

So, so long as the 12 noon H1 Open is not Higher or Lower than the last Highest or Lowest H1 Open, you still use the earlier one.
  • #13,034
  • Jun 25, 2018 2:50pm Jun 25, 2018 2:50pm
did anyone get a piece of this move?
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM5.png Size: 46 KB
  • #13,035
  • Jun 25, 2018 2:52pm Jun 25, 2018 2:52pm
i missed this one too
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYM5.png Size: 48 KB
  • #13,036
  • Jun 25, 2018 2:54pm Jun 25, 2018 2:54pm
Quoting dogdays713
did anyone get a piece of this move? {image}
Nope. I'm watching the idiocy of the Portugal - Iran game.
  • #13,037
  • Jun 25, 2018 3:02pm Jun 25, 2018 3:02pm
No. You always only use the Highest H1 Open and the Lowest H1 Open.

So, so long as the 12 noon H1 Open is not Higher or Lower than the last Highest or Lowest H1 Open, you still use the earlier one.

Got it and that's what I thought. Thanks.

Do the highest/lowest opens of the previous day matter even though the high and low of the previous day do (breakout)? Thx.
  • #13,038
  • Jun 25, 2018 3:04pm Jun 25, 2018 3:04pm
Quoting lemercenaire
{quote} No. You always only use the Highest H1 Open and the Lowest H1 Open. So, so long as the 12 noon H1 Open is not Higher or Lower than the last Highest or Lowest H1 Open, you still use the earlier one.
Got it and that's what I thought. Thanks.

Do the highest/lowest opens of the previous day matter even though the high and low of the previous day do (breakout)? Thx.
  • #13,039
  • Jun 25, 2018 3:15pm Jun 25, 2018 3:15pm
Glad you got it.

As one last addition, here it is as a visual aid:

The Highest H1 Open of the day.
Attached Image (click to enlarge)
Click to Enlarge Name: InkedNZDJPY.cH1asHighH!-LowH1example25thJune18_LI-HighestH1Open.jpg Size: 358 KB


This will stay as the day's Highest H1 Open unless a new H1 bar opens in the marked area.
(Oh and ok, the High of the Day is very close because of that small wick...just go with it, eh?...Just pretend it was a long wick to give a decent Area of Interest!)
Attached Image (click to enlarge)
Click to Enlarge Name: InkedNZDJPY.cH1asHighH!-LowH1example25thJune18_LI-UntilOneInHere.jpg Size: 361 KB


The Lowest H1 Open of the day.
Attached Image (click to enlarge)
Click to Enlarge Name: InkedNZDJPY.cH1asHighH!-LowH1example25thJune18_LI-Lowest.jpg Size: 358 KB


This will stay as the day's Lowest H1 Open unless a new H1 bar opens in the marked area.
Attached Image (click to enlarge)
Click to Enlarge Name: InkedNZDJPY.cH1asHighH!-LowH1example25thJune18_LI-UntilLowerHere.jpg Size: 361 KB
  • #13,040
  • Jun 25, 2018 3:16pm Jun 25, 2018 3:16pm
Quoting sam_777
{quote} Got it and that's what I thought. Thanks. Do the highest/lowest opens of the previous day matter even though the high and low of the previous day do (breakout)? Thx.
No, you only work with the present day's opens.
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