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Trading is as simple as 1-2-3

  • #7,061
  • Sep 20, 2018 3:06am Sep 20, 2018 3:06am
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Long CF +5 locked
  • #7,062
  • Sep 20, 2018 3:14am Sep 20, 2018 3:14am
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Short EG +5 locked
  • #7,063
  • Sep 20, 2018 3:44am Sep 20, 2018 3:44am
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Short AU +5 locked classic definition of did the current bar fail to make a new high.
  • #7,064
  • Sep 20, 2018 3:55am Sep 20, 2018 3:55am
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Short EU +5 locked same bar
  • #7,065
  • Sep 20, 2018 3:56am Sep 20, 2018 3:56am
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Short EJ +5 locked same bar
  • #7,066
  • Sep 21, 2018 3:52am Sep 21, 2018 3:52am
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Long GJ +5 locked
  • #7,067
  • Sep 24, 2018 2:15am Sep 24, 2018 2:15am
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Long AU +5 locked
  • #7,068
  • Edited 2:58am Sep 25, 2018 2:36am | Edited 2:58am
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Long GU +5 locked same bar +28 switched to 10 trailer
  • #7,069
  • Sep 25, 2018 3:04am Sep 25, 2018 3:04am
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Short NZ +5 locked
  • #7,070
  • Sep 25, 2018 3:12am Sep 25, 2018 3:12am
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Short GJ +5 locked
  • #7,071
  • Sep 25, 2018 6:31am Sep 25, 2018 6:31am
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Short CF +5 locked
  • #7,072
  • Sep 25, 2018 11:02pm Sep 25, 2018 11:02pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,073
  • Sep 26, 2018 3:00am Sep 26, 2018 3:00am
Quoting TooSlow
{image}
Good Morning,
I am a wee bit confused after reading through this thread, it must be my age haha, can you please help?

1) Did a new daily high or daily low happen last bar [2] on the 1h chart? Is this bar [2]?
If YES/TRUE go to question 2 otherwise find another pair
2) Did this bar test the high or low of last bar? This sentence confuses me, sorry.
Does this mean - Has the next bar [1] tested the high or low of bar [2]?
If YES/TRUE go to question 3, otherwise find another pair.
3) Has price returned to the open price of the current bar? Is that bar [0]

Thank you
Scchplendid
  • #7,074
  • Sep 26, 2018 3:33am Sep 26, 2018 3:33am
Attached Image (click to enlarge)
Click to Enlarge Name: 92618gj.png Size: 18 KB

Long GJ +5 locked
  • #7,075
  • Edited 4:18am Sep 26, 2018 3:58am | Edited 4:18am
Quoting Scchplendid
{quote} Good Morning, I am a wee bit confused after reading through this thread, it must be my age haha, can you please help? 1) Did a new daily high or daily low happen last bar [2] on the 1h chart? Is this bar [2]? If YES/TRUE go to question 2 otherwise find another pair 2) Did this bar test the high or low of last bar? This sentence confuses me, sorry. Does this mean - Has the next bar [1] tested the high or low of bar [2]? If YES/TRUE go to question 3, otherwise find another pair. 3) Has price returned to the open price of the current bar? Is...
Hi Scchplendid, not sure where your confusion is coming in, but I will try to walk you through this step by step. Take a look at my GJ chart. That red arrow was last hour that is the bar I key off off. Did it make a new low last hour, sure did. Now look at this hour's bar. You can see where it opened and it started moving down toward that low.

It only moved about 3 pips toward that low but it did move toward it, and if failed to make a new low this hour.

Then it moved back through the open price of this hour at 148.449. That is where I took the trade. Long. Once you are in the trade long you then have to decide how you want to manage the trade. In my case when I reach +5 I take some profit percentage and let the rest ride.

My stop is 3 pips below that low from last hour. If I take a short trade I put my stop at 5 above the high from last hour.

After you are in profit you can move your stop to break even. I tend to leave mine where it is.

Most of these set ups will indicate to take a trade based on the rules. I don't. I try to look at a number of market conditions, time, price movement, etc., etc. I base it on many hours of observation. You have to be careful not to over analyze though. Just take some trades on a demo with the basic rules and you will be amazed how much you can learn.
  • #7,076
  • Sep 26, 2018 4:14am Sep 26, 2018 4:14am
Quoting Scchplendid
{quote} Good Morning, I am a wee bit confused after reading through this thread, it must be my age haha, can you please help? 1) Did a new daily high or daily low happen last bar [2] on the 1h chart? Is this bar [2]? If YES/TRUE go to question 2 otherwise find another pair 2) Did this bar test the high or low of last bar? This sentence confuses me, sorry. Does this mean - Has the next bar [1] tested the high or low of bar [2]? If YES/TRUE go to question 3, otherwise find another pair. 3) Has price returned to the open price[/highlight]...
Hal has explained this in relation to the trade he had just posted and hopefully that will be enough - however if it helps, here's TS' rules in plain English:

Short Entry Set-Up.
On H1 chart.
1: Bar #1 makes a new Daily High.
2: Bar #2 tries and fails to make a new Daily High.
3: Enter Short at level of Bar #2's Open, should price come back down through that level.

Caveat: Number 2: Bar #2 tries and fails to make a new Daily High. The word ''tries'' is open to individual trader discretion and interpretation. Sometimes price moves away a good bit before it comes back, sometimes it drops straight away. Demo it. Suck it and see.

Long Entry Set-Up.
Flip the above.
  • #7,077
  • Sep 26, 2018 5:14am Sep 26, 2018 5:14am
Attached Image (click to enlarge)
Click to Enlarge Name: 92618eu.png Size: 17 KB

Short EU +5 locked This one took quite a long time coming as I was in two hours ago. I liked the solid move toward that high. Things might chop around a bit as FOMC will be coming in about 8 hours.
  • #7,078
  • Sep 26, 2018 6:47am Sep 26, 2018 6:47am
Attached Image (click to enlarge)
Click to Enlarge Name: 92618eg.png Size: 21 KB

Short EG +5 locked Got in this trade nearly 3 hours ago.
  • #7,079
  • Sep 26, 2018 8:32am Sep 26, 2018 8:32am
Hi Hal,

can you share the indicators you are using ? i try to find in the list of attached indicators, i cant find the one which shows the Hi/LO and the open market price.
  • #7,080
  • Sep 26, 2018 8:33am Sep 26, 2018 8:33am
Quoting hal7
{quote} Hi Scchplendid, not sure where your confusion is coming in, but I will try to walk you through this step by step. Take a look at my GJ chart. That red arrow was last hour that is the bar I key off off. Did it make a new low last hour, sure did. Now look at this hour's bar. You can see where it opened and it started moving down toward that low. It only moved about 3 pips toward that low but it did move toward it, and if failed to make a new low this hour. Then it moved back through the open price of this hour at 148.449. That is where I took...
Perfect, thank you for the clarity and sorry for being a numpty! The diagram with the arrow and your explanation really helps.
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