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As complicated as necessary: Highest Open / Lowest Open Trade 858 replies

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Highest Open / Lowest Open Trade

Quoting Cm7
{quote} Hi Kev, I already Short from 1,29664 Target 1,28601 SL 50 pips Best regards
Hi cm7
Hope you are well, and thanks for your reply.
I am trying to get my head around TooSlow's method which is trading from the lower open, or higher open.
Their is 2 very good walkthrough's of his method on page 1, and the rest of the thread has some very good advice.
Regards
Kev
6.00 am uk time.
Cable has made a new higher open.
The high is 1.2959.
Price is within yesterday's daily range.
Is the 4 point range good enough to trade in or do we sit and wait for the area of interest to get larger ?
Regards
Kev
6.47am
Price closed in the area of interest at 6.15 am on the 15 min bar
Sold on the higher open 1.2955
Regards
Kev
Quoting Cm7
{quote} Good morning fellow traders, I've closed this position as I trade in daily chart. + 24 pips is good enough. I am going to sell it again from 1.29655 with target 150 pips and stop 30 pips. Happy trafding
I used to run a variant of HOLO / 1-2-3 on the higher time-frames back in a former life but the rules were obviously adjusted to fit those charts.

Would you mind explaining how you run your variant? It isn't very clear from your charts.
Quoting lemercenaire
{quote} I used to run a variant of HOLO / 1-2-3 on the higher time-frames back in a former life but the rules were obviously adjusted to fit those charts. Would you mind explaining how you run your variant? It isn't very clear from your charts.
Hello,

Sorry I have a bad connection here.

Actually my method is very easy, that is to follow a trend that is running in a larger time frame like H4 or D1. Why? because the trend in D1 is strong enough. For Stop loss, just limit 30 pips above the previous candle.

Earlier I just wanted to post my chart on GJ D1 but suddenly the connection had a problem.
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Quoting kevin1959
6.47am Price closed in the area of interest at 6.15 am on the 15 min bar Sold on the higher open 1.2955 Regards Kev
Very good decision bro, good luck
Cable is still dropping at 9.11am.
I closed the trade at 20 points due to work commitments, and don't have time to monitor it.
Mon - 20
The + 8
Wed +20
I'll monitor when I can
Regards
Kev
Hi,

I am looking for the indicator for this strategy. Where can I find it?
Looking for attachment icon of this thread but no luck.

Thanks.
USDJPY 20 august.

Do you guys like it?
Attached Image
The last post the entry is close to last days close. (not lowest low, tho.)

Maybe this is an better example? (USDJPY 3 july)
Attached Image
Guys, the method indicator and template are in the paperclip at the top right of the page. Makes things so much easier for everyone concerned.
Quoting lemercenaire
Guys, the method indicator and template are in the paperclip at the top right of the page. Makes things so much easier for everyone concerned.
Agree. I do however use cTrader, I don't think the template and indicator works with that
Quoting Newt
{quote} Agree. I do however use cTrader, I don't think the template and indicator works with that
No, you're right, it doesn't.
Quoting lemercenaire
{quote} No, you're right, it doesn't.
If you look at USDJPY 3 july, on your chart, do you see a possible trade?
Quoting Newt
{quote} If you look at USDJPY 3 july, on your chart, do you see a possible trade?
I am trading just now but will check later if I have time. Be careful of looking back - it can be deceptive.
Quoting lemercenaire
{quote} I am trading just now but will check later if I have time. Be careful of looking back - it can be deceptive.
Thanks Lemercenaire, i'll sent some love and good luck your way.
And thanks for all the contribution to this thread, I know it must be tiresome with all the noob questions. I'm currently trading a momentum strategy (Commitment of traders + price + time). Would be perfect to also have a strategy that isn't so long term.
Quoting Newt
{quote} Thanks Lemercenaire, i'll sent some love and good luck your way. And thanks for all the contribution to this thread, I know it must be tiresome with all the noob questions. I'm currently trading a momentum strategy (Commitment of traders + price + time). Would be perfect to also have a strategy that isn't so long term.
Thanks and absolutely no problem. I'll try and check that out tonight.

It's always a good idea to have a basket of methods that you can run alongside or around one another and HOLO is certainly a good choice along with 1-2-3.
Quoting Newt
{quote} Thanks Lemercenaire, i'll sent some love and good luck your way. And thanks for all the contribution to this thread, I know it must be tiresome with all the noob questions. I'm currently trading a momentum strategy (Commitment of traders + price + time). Would be perfect to also have a strategy that isn't so long term.
Hi again, Newt.

Here's the 3rd of July UJ. Can you mark up which candle(s) you are asking about?

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Quoting lemercenaire
{quote} Hi again, Newt. Here's the 3rd of July UJ. Can you mark up which candle(s) you are asking about? {image} {image}
The area of interest are correctly on the 1h?
When I look at the 15m, I can't find the same entry?
I'm right now trying to setup a demo account for metatrader 5.. Does the indicator works in metatrader 5 or only in metatrader 4? (can't find a metatrader 4 installation.)

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Quoting Newt
{quote} The area of interest are correctly on the 1h? When I look at the 15m, I can't find the same entry? I'm right now trying to setup a demo account for metatrader 5.. Does the indicator works in metatrader 5 or only in metatrader 4? (can't find a metatrader 4 installation.) {image}
This is why it is difficult to check back and be sure of what you're seeing.

However, as best I can see, the level I have marked is the original entry level.

Candle 'A' then breaks the level. If an m15 / m5 candle opens above this, then we get ready for an entry.

However, the next candle, 'B' then gives us a new Higher Open and following that, the candle 'C' takes over.

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When and if you had been in when these new levels were formed, you will tell by the other charts.

So...
You could not have entered on any candle inside the H1 that formed the original open as that was a breakout candle, so the entry candles would first be looked for in the 05:00 - 06:00 slot (on this broker), which is candle 'A'.

As such, in this m15 chart...

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...we do in fact get a qualifying candle (the entry level is marked by the horizontal, dotted, line) at Candle 'D'.

Price dips below the entry level on the next candle and the one after that, without going on any distance. We get a negative move that doesn't hit our hard stop at the Day's High and then price drops again. We then get another break at Candle 'E'.

In Candle 'F' we would have hit our +5 mark. From there, it'd be down to your own trade management, what you did next. I'd like to think everyone would have still been in the trade in some shape or form all the way at the bottom of the move.

Now, bearing all that in mind, we would in fact have had the next two Higher Opens available as well, here marked by the two levels...

Candle 'B' as coloured red and Candle 'C' as coloured black...

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On our m15 chart, the red dot candle shows the second level entry...

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...followed by the third level, in black...

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I hope that all makes some kind of sense. I won't go down onto the m5 for the options there, I think the m15 illustrates it well enough.

Advanced traders could obviously look to take all three entries and stack away to their heart's content (ESMA allowing).
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