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Highest Open / Lowest Open Trade

  • #13,041
  • Jun 26, 2018 9:40am Jun 26, 2018 9:40am
Hello everyone,

this will be my first post here and first of all I would like to thank TooSlow and everyone else active for this thread!

I really like the simplicity of this system as well as the frequency of trades it provides.
I somewhat struggled with overtrading in the past, which is another reason why this system caught my attention.

Going up to the 1h timeframe (coming from m5 to m15) already helped, as well as not trading breakout bars (freight train).

I would like to share some charts to see if I got the hang on this system before going live in the next weeks to come.

I will combine this method with supply and demand, as this is where I am coming from, but will post the setups on there own.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot6.png Size: 109 KB

Thank you very much
  • #13,042
  • Jun 26, 2018 10:27am Jun 26, 2018 10:27am
Quoting NightRain
Hello everyone, this will be my first post here and first of all I would like to thank TooSlow and everyone else active for this thread! I really like the simplicity of this system as well as the frequency of trades it provides. I somewhat struggled with overtrading in the past, which is another reason why this system caught my attention. Going up to the 1h timeframe (coming from m5 to m15) already helped, as well as not trading breakout bars (freight train). I would like to share some charts to see if I got the hang on this system before going...
Welcome aboard, NightRain. Glad you found us.

I too use Supply and Demand to filter out trades, or perhaps that should be to add weight to some over others, as all set ups have the potential for success. Maybe just some are more equal than others
  • #13,043
  • Jun 26, 2018 10:44am Jun 26, 2018 10:44am
Quoting lemercenaire
{quote} No, you only work with the present day's opens.

Do you use a 5M or 15M candle close before looking to initiate trades?

I thought we look to trade within yesterdays range... if a breakout occurs we done enter a trades. Or is that just with 1, 2 ,3s?
  • #13,044
  • Jun 26, 2018 11:25am Jun 26, 2018 11:25am
Quoting stefan416
{quote} Do you use a 5M or 15M candle close before looking to initiate trades? I thought we look to trade within yesterdays range... if a breakout occurs we done enter a trades. Or is that just with 1, 2 ,3s?
You need an m5 or an m15 candle to OPEN in the Area of Interest. We do not need to have it close.

Going strictly by the rules, then no, we don't look to enter if price is above or below yesterday's High or Low. Keeps you safe from being run over by freight trains.

As you gain experience, you may look to bend those rules.
  • #13,045
  • Jun 26, 2018 11:49am Jun 26, 2018 11:49am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,046
  • Jun 26, 2018 11:51am Jun 26, 2018 11:51am
Quoting NightRain
...I will combine this method with supply and demand, as this is where I am coming from, but will post the setups on there own....
One does not come to learn Kung Fu by using jiu jitsu.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,047
  • Jun 26, 2018 12:15pm Jun 26, 2018 12:15pm
Quoting TooSlow
{quote} One does not come to learn Kung Fu by using jiu jitsu.
Master, please call me grasshopper
  • #13,048
  • Jun 26, 2018 12:43pm Jun 26, 2018 12:43pm
Quoting dogdays713
{quote} Master, please call me grasshopper
I'm saying nothing - I'm off to the pool with my tail between my legs

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  • #13,049
  • Jun 26, 2018 2:50pm Jun 26, 2018 2:50pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,050
  • Jun 26, 2018 3:40pm Jun 26, 2018 3:40pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,051
  • Jun 26, 2018 8:33pm Jun 26, 2018 8:33pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,052
  • Jun 26, 2018 9:27pm Jun 26, 2018 9:27pm
Quoting TooSlow
{image}
This one is a loser no?

It went back into the extreme area after it came out of it.
  • #13,053
  • Jun 27, 2018 4:58am Jun 27, 2018 4:58am
Hi TooSlow,

Wondering if you can answer a couple of questions please. What made you pick highest open/lowest open instead of placing your lines at daily high/daily low? And in your experience, approximately what percentage of trades turn into losers? Thanks.
  • #13,054
  • Jun 27, 2018 5:27am Jun 27, 2018 5:27am
Hi again TooSlow,

Please have a look at this chart. I believe I have highlighted the highest open and lowest open correctly. I also believe that we take our entries based on a 15 minute chart. Is that correct or has that changed? Thanks.
Attached Image (click to enlarge)
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  • #13,055
  • Jun 27, 2018 7:46am Jun 27, 2018 7:46am
Quoting lemercenaire
{quote} Welcome aboard, NightRain. Glad you found us. I too use Supply and Demand...
Thank you lemercenaire

I noticed you also look into supply and demand while reading through the thread.

Quoting TooSlow
{quote} One does not come to learn Kung Fu by using jiu jitsu.
No worries, I can differentiate between the two

Nice setup in AUDUSD right before "Core Durable Goods".

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  • #13,056
  • Jun 27, 2018 8:04am Jun 27, 2018 8:04am
Quoting ia1979
Hi TooSlow, Wondering if you can answer a couple of questions please. What made you pick highest open/lowest open instead of placing your lines at daily high/daily low? And in your experience, approximately what percentage of trades turn into losers? Thanks.
Statistically, price will turn away from the direction of the High or Low inside a zone of around 20 pips. This is a generalisation though no less true.

Even without knowing the exact figures off the top of my head, it is only common sense. How many pairs do you see during the day that continue to drive to new High after High or Low after Low? Very, very, few.

This means we have a good hunch in knowing that if we have a new High or Low set at any given time, then if the next bar doesn't make that extreme, then it is more likely to drop back than it is to push on. This covers both HOLO and 1-2-3 set-ups.

If you had placed the lines at H and L, then you are immediately, by definition, running a trade from a breakout candle.

As for percentage of trades turning into losers - well, you are a glass-half-empty kind of guy, aren't you, lol?

This is a pointless question, as every trader is different. This is why TS has newcomers run the 10-Trade Challenge. Learn by doing.

Welcome to the thread, I hope you stick around.
  • #13,057
  • Jun 27, 2018 8:35am Jun 27, 2018 8:35am
Quoting lemercenaire
{quote} You need an m5 or an m15 candle to OPEN in the Area of Interest. We do not need to have it close. Going strictly by the rules, then no, we don't look to enter if price is above or below yesterday's High or Low. Keeps you safe from being run over by freight trains. As you gain experience, you may look to bend those rules.

Sorry yes, that's what I had meant. Is there condenses on using one over the other?
  • #13,058
  • Jun 27, 2018 8:52am Jun 27, 2018 8:52am
Quoting stefan416
{quote} Sorry yes, that's what I had meant. Is there condenses on using one over the other?
I know TS advises using the m15 to begin with and I wouldn't argue with that.

You can drop down later as you get a feel for things.
  • #13,059
  • Jun 27, 2018 9:28am Jun 27, 2018 9:28am
Quoting lemercenaire
{quote} I know TS advises using the m15 to begin with and I wouldn't argue with that. You can drop down later as you get a feel for things.
Awesome, thank you
  • #13,060
  • Jun 27, 2018 9:42am Jun 27, 2018 9:42am
Quoting lemercenaire
{quote} Statistically, price will turn away from the direction of the High or Low inside a zone of around 20 pips. This is a generalisation though no less true. Even without knowing the exact figures off the top of my head, it is only common sense. How many pairs do you see during the day that continue to drive to new High after High or Low after Low? Very, very, few. This means we have a good hunch in knowing that if we have a new High or Low set at any given time, then if the next bar doesn't make that extreme, then it is more likely to drop back...
Hey,

Many thanks for replying. I will give the 10 trade challenge a go. I believe it is meant to be on one pair only. Let's see how it goes. Thanks.
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