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Highest Open / Lowest Open Trade

  • #13,621
  • Nov 28, 2018 11:42am Nov 28, 2018 11:42am
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I will pass on this long.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,622
  • Nov 29, 2018 4:27am Nov 29, 2018 4:27am
Quoting TooSlow
{image} I will pass on this long.
hi,
why pass?
because stoploss is too big?

I miss today entry on eurusd right on londonopen and it would be a winner of 12 pips
but since highest open was at london open do we consider it a valid signal?
is it better to wait one hour after london open first and then look for entries?
  • #13,623
  • Nov 29, 2018 4:57am Nov 29, 2018 4:57am
trade lost
trade number 5 or 6 in the chalenge depending if the one at london open counted or not
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  • #13,624
  • Nov 29, 2018 8:05am Nov 29, 2018 8:05am
Quoting forexdg
{quote} hi, why pass? because stoploss is too big? I miss today entry on eurusd right on londonopen and it would be a winner of 12 pips but since highest open was at london open do we consider it a valid signal? is it better to wait one hour after london open first and then look for entries?
Stoploss is never too big so long as your position size is adjusted to your risk. The decision to pass was based on the fact the pair looked like it would make a new lowest open.

Yes, that was a valid signal. The rules do not mention London open.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,625
  • Nov 29, 2018 10:33am Nov 29, 2018 10:33am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,626
  • Edited 11:04am Nov 29, 2018 10:52am | Edited 11:04am
Quoting TooSlow
{image}
If the last M15 candle of the previous H1 candle creates the new highest open, would you enter on the first M15 candle of the Next hour? Or is this still considered a breakout and we should be waiting for price to leave the area and then return and then enter on the next M15 candle to open in our area of interest?
  • #13,627
  • Nov 30, 2018 1:11pm Nov 30, 2018 1:11pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,628
  • Nov 30, 2018 1:12pm Nov 30, 2018 1:12pm
Quoting bojack34
{quote} If the last M15 candle of the previous H1 candle creates the new highest open, would you enter on the first M15 candle of the Next hour? Or is this still considered a breakout and we should be waiting for price to leave the area and then return and then enter on the next M15 candle to open in our area of interest?
See Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,629
  • Nov 30, 2018 2:12pm Nov 30, 2018 2:12pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,630
  • Nov 30, 2018 3:33pm Nov 30, 2018 3:33pm
After a long 1 year break, I'm coming back to try to master HOLO. Nice to see that this thread is still going. The reason I dropped it back then was because I had a really inconsistent schedule; I wasn't able to trade at the same hours (not even the same sessions) and I was missing a lot of trade opportunities in the pair I was trading back then, as I was sticking to only one pair. I mean, there were opportunities in other pairs but it was going to do more harm than good imho.

So, now that I have my schedule back on track, I'll be trading the UJ during the NY session.

I'll be taking the 10 trade challenge next week, and I'll be using the 5m chart for my entries with the suggested trade management from post #1.

I'll post charts to contribute to the thread.

Cheers!
  • #13,631
  • Nov 30, 2018 3:34pm Nov 30, 2018 3:34pm
Quoting TooSlow
{quote} See Rule #1
How did I know that was going to be your answer
  • #13,632
  • Dec 1, 2018 8:36pm Dec 1, 2018 8:36pm
Quoting bojack34
{quote} How did I know that was going to be your answer
The rules answer most questions.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,633
  • Dec 2, 2018 1:07pm Dec 2, 2018 1:07pm
Quoting bojack34
{quote} If the last M15 candle of the previous H1 candle creates the new highest open, would you enter on the first M15 candle of the Next hour? Or is this still considered a breakout and we should be waiting for price to leave the area and then return and then enter on the next M15 candle to open in our area of interest?
Hi Bojack
If you scroll down on page one there is a very good pdf, and a great visual explanation
Hope this is some help to you
Regards
Kev
  • #13,634
  • Dec 2, 2018 11:08pm Dec 2, 2018 11:08pm
Who is taking the 10 trade challenge the week of DECEMBER 2, 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
  • #13,635
  • Dec 3, 2018 7:11am Dec 3, 2018 7:11am
Quoting TooSlow
{quote} Stoploss is never too big so long as your position size is adjusted to your risk. The decision to pass was based on the fact the pair looked like it would make a new lowest open. Yes, that was a valid signal. The rules do not mention London open.
can you elaborate of why you think it want to make a new low?
at the moment I try to use the mechanic rules
  • #13,636
  • Dec 3, 2018 7:14am Dec 3, 2018 7:14am
Quoting TooSlow
Who is taking the 10 trade challenge the week of DECEMBER 2, 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!
trade 7 in chalenge is a win
stoploss touch after I moved to breakeven+5
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  • #13,637
  • Dec 3, 2018 11:13am Dec 3, 2018 11:13am
Quoting TooSlow
Who is taking the 10 trade challenge the week of DECEMBER 2, 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!
I am!

Unfortunately no trades for the UJ today @NY session.

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Looking forward to tomorrow.
  • #13,638
  • Dec 3, 2018 9:05pm Dec 3, 2018 9:05pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,639
  • Dec 3, 2018 9:06pm Dec 3, 2018 9:06pm
Quoting forexdg
{quote} can you elaborate of why you think it want to make a new low? at the moment I try to use the mechanic rules
Time and position of price.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,640
  • Dec 3, 2018 10:07pm Dec 3, 2018 10:07pm
Quoting TooSlow
{image}
Quick question. Rule #1 in the template states that we should not trade on H1, M5, or M15 breakout bars, but they don't say anything regarding breakout from previous daily lows / highs. Still, there's the warning to trade those with caution in the first post (the template states that as well with the "EXTREME CAUTION" message).

I guess my question is, if I'm doing the 10 trade challenge, would it be within the rules to trade if price is above yesterday's high / below yesterday's low? Or should I avoid those altogether at first?

Thanks in advance!
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