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Highest Open / Lowest Open Trade

  • #13,661
  • Dec 11, 2018 12:28am Dec 11, 2018 12:28am
Quoting HappyMan
{quote} As for Higher Open, a part of the difficulty is when the lines move. When they move, like in the example above, one has to quickly figure out the new area of interest and wait for a valid signal. This is where the training of mind comes handy. Your advice from this post helps, https://www.forexfactory.com/showthr...75#post9007475 By the way, nice indicator to delineate pips by 5. Is it custom made and available for download?
Hey HappyMan,

Im a super noob to this, but I havent slept in 3 days back testing this and I think I might be able to help you out? So here goes.

Say the market is making a new high based on the hourly time frame. We have a nice wick area of interest. Look at how the hourly candle closes. Was it bullish or bearish?

If the hourly closes bearish, then we have our highest open, therefore as price pushes through the open we get our click finger ready. If price drops under the open, take the trade. If price pushes and makes a new high, move on. Kinda.

Did the hourly candle close bullish? Wait another hour for a bearish candle and proceed like the above statement.
(if price doesn't push through the open of the bear candle, take the trade on the break of the h1 low. #RiskyRicky lol)

I took a sell on USDJPY based on TS's post. If you look at the H1, you'll see the bear candle based on what I just explained. It dropped about 4-5 pips. I was taken out at BE+2. I drilled down to M5 and looked for the same setup as my above statements.

Hope this helps! (if im doing it wrong PLEASE correct me before its too late haha)
  • #13,662
  • Dec 11, 2018 2:02am Dec 11, 2018 2:02am
Quoting TheBLUEbeast
{quote} Hey HappyMan, Im a super noob to this, but I havent slept in 3 days back testing this and I think I might be able to help you out? So here goes. Say the market is making a new high based on the hourly time frame. We have a nice wick area of interest. Look at how the hourly candle closes. Was it bullish or bearish? If the hourly closes bearish, then we have our highest open, therefore as price pushes through the open we get our click finger ready. If price drops under the open, take the trade. If price pushes and makes a new high, move on....
could that 3 sleepless days would be better spend with some reading?

the beauty of this system is in its simplicity.
dont try to reinvent it by analyzing highly subjective bear/bull candle shapes. no need.
there is always, always another trade!!
  • #13,663
  • Dec 11, 2018 4:20am Dec 11, 2018 4:20am
Hi guys,

I am still doing HOLO at the moment, but during my trading, I meet a lot of cases like this:
Firstly, I have a very nice set up by market, in this case is Highest H1 Open, so I enter SELL trade, during next hour, the price did not break the highest of the day, but it created another Highest H1 open within the interested area. So it make my trade look I did enter wrong entry.
What should I do in this case? Keep follow the plan or exit trade as it is wrong trade. What is your advice? Looking forward to hearing from you guy soon. Thank you
  • #13,664
  • Dec 11, 2018 6:38am Dec 11, 2018 6:38am
Quoting TheBLUEbeast
{quote} Hey HappyMan, Im a super noob to this, but I havent slept in 3 days back testing this and I think I might be able to help you out? So here goes. Say the market is making a new high based on the hourly time frame. We have a nice wick area of interest. Look at how the hourly candle closes. Was it bullish or bearish? If the hourly closes bearish, then we have our highest open, therefore as price pushes through the open we get our click finger ready. If price drops under the open, take the trade. If price pushes and makes a new high, move on....
Hi TheBLUEbeast,

Welcome to the thread. Your idea has some sense. I think watching the candle color would make even more sense on indices (DAX, SP500). For now, I'll stick to the rules, which I recommend to you as well.

Regards,
Buy low, sell high.
  • #13,665
  • Dec 11, 2018 7:07am Dec 11, 2018 7:07am
Quoting will.cyan259
Hi guys, I am still doing HOLO at the moment, but during my trading, I meet a lot of cases like this: Firstly, I have a very nice set up by market, in this case is Highest H1 Open, so I enter SELL trade, during next hour, the price did not break the highest of the day, but it created another Highest H1 open within the interested area. So it make my trade look I did enter wrong entry. What should I do in this case? Keep follow the plan or exit trade as it is wrong trade. What is your advice? Looking forward to hearing from you guy soon. Thank you...
Have you considered dropping down to a smaller timeframe (M30, M15 or M5)? A possible number of entries increases as well.
Buy low, sell high.
  • #13,666
  • Dec 11, 2018 7:40am Dec 11, 2018 7:40am
Quoting TooSlow
{quote} The rules don't say anything regarding.... is the answer. You decide whether or not to trade under those circumstances.
thks toslow its very simple for me
  • #13,667
  • Dec 11, 2018 9:08am Dec 11, 2018 9:08am
Quoting HappyMan
{quote} Have you considered dropping down to a smaller timeframe (M30, M15 or M5)? A possible number of entries increases as well.
Yes I did, after we enter trade, within next hour, price didnt break through highest price of the D1, but it did not drop as well, just sideway in the interested zone and when next H1 close, it make another better entry.
  • #13,668
  • Dec 11, 2018 10:15am Dec 11, 2018 10:15am
Today did not take Lower Open because the only entrance was at M5 and I trade M15. Took a trade on Higher Open, which was Prev Day Higher Open.
Attached Image (click to enlarge)
Click to Enlarge Name: Entrance 2nd day - [USDJPY,M15].png Size: 471 KB
Buy low, sell high.
  • #13,669
  • Dec 11, 2018 11:08am Dec 11, 2018 11:08am
Quoting will.cyan259
Hi guys, I am still doing HOLO at the moment, but during my trading, I meet a lot of cases like this: Firstly, I have a very nice set up by market, in this case is Highest H1 Open, so I enter SELL trade, during next hour, the price did not break the highest of the day, but it created another Highest H1 open within the interested area. So it make my trade look I did enter wrong entry. What should I do in this case? Keep follow the plan or exit trade as it is wrong trade. What is your advice? Looking forward to hearing from you guy soon. Thank you...
If you entered at an earlier HO, then you would have been stopped out if the market made a newer HO. So I would say just follow the plan set out and the rest will take care of itself. TooSlow has maintained this thread consistently and is to be commended for it. Just follow the rules.
If you are good at something, never do it for free--Joker
  • #13,670
  • Dec 11, 2018 12:15pm Dec 11, 2018 12:15pm
Attached Image (click to enlarge)
Click to Enlarge Name: TOOSLOW.png Size: 65 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,671
  • Dec 11, 2018 12:20pm Dec 11, 2018 12:20pm
Quoting jmn5611
{quote} If you entered at an earlier HO, then you would have been stopped out if the market made a newer HO. So I would say just follow the plan set out and the rest will take care of itself. TooSlow has maintained this thread consistently and is to be commended for it. Just follow the rules.
The human proclivity to tweak, tinker, modify, alter, change, add to, aka F**K WITH to has to be resisted until you have mastered the method. Then and only then can you make it your own.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,672
  • Dec 11, 2018 6:22pm Dec 11, 2018 6:22pm
Quoting will.cyan259
Hi guys, I am still doing HOLO at the moment, but during my trading, I meet a lot of cases like this: Firstly, I have a very nice set up by market, in this case is Highest H1 Open, so I enter SELL trade, during next hour, the price did not break the highest of the day, but it created another Highest H1 open within the interested area. So it make my trade look I did enter wrong entry. What should I do in this case? Keep follow the plan or exit trade as it is wrong trade. What is your advice? Looking forward to hearing from you guy soon. Thank you...
Hopefully Lemercenaire will return one day and confirm, but I think he will take another position when this happens and call it a double dip entry. I can't speak from personal experience on this as I usually just ride out the original trade.
Wow! I've got some experience to gain.
  • #13,673
  • Dec 11, 2018 9:49pm Dec 11, 2018 9:49pm
Quoting TooSlow
{image}
I see that breakouts require more caution but have higher r/r ratio.
Buy low, sell high.
  • #13,674
  • Edited 10:51pm Dec 11, 2018 10:41pm | Edited 10:51pm
Quoting will.cyan259
Hi guys, I am still doing HOLO at the moment, but during my trading, I meet a lot of cases like this: Firstly, I have a very nice set up by market, in this case is Highest H1 Open, so I enter SELL trade, during next hour, the price did not break the highest of the day, but it created another Highest H1 open within the interested area. So it make my trade look I did enter wrong entry. What should I do in this case? Keep follow the plan or exit trade as it is wrong trade. What is your advice? Looking forward to hearing from you guy soon. Thank you...

EDIT....Actually, this description is more like 1-2-3, but the "nuts and bolts" are there.
@ TooSlow...Please let me know if this is out of order and I will delete it.


Hi Will,
I hope this helps you.

In this chart, you see that when candle "A" OPENED, it had the HIGHEST OPEN of the current day. That's because it was the first candle of the new trading day.
(The NEW trading day "Officially" opens IMMEDIATELY after New York Closes.)

Candle "A" also closes as the NEW day HIGH.

Then, candle "B" opens. This candle now has the NEW HIGHEST OPEN.
Now IF candle "B" does NOT make a new daily high, then it is able to be traded IF/WHEN price returns to the OPEN price of candle "B".

In this case, candle "B" DID make a new HIGH, so no trade....WAIT.

Candle "C"opens. This candle now has the NEW HIGHEST OPEN.
Now IF candle "C" does NOT make a new daily high, then it is able to be traded IF/WHEN price returns to the OPEN price of candle "C".

In this case, candle "C" DID make a new HIGH, so no trade.....WAIT.

Candle "D" opens. This candle now has the NEW HIGHEST OPEN.
Now IF candle "D" does NOT make a new daily high, then it is able to be traded IF/WHEN price returns to the OPEN price of candle "D".

In this case, candle "D" did NOT make a new Daily high, so could be traded IF/WHEN price returns to this candles open price.
Unfortunately, price did NOT return, so no trade.....WAIT.

Candle "E" opens. This candle now has the NEW HIGHEST OPEN.
Now IF candle "E" does NOT make a new daily high, then it is able to be traded IF/WHEN price returns to the OPEN price of candle "E".

In this case, candle "E" did NOT make a new Daily high......and as you can see, price DID come back through this candles OPEN price.....so it is a valid setup/trade.

I hope that helps.
Let me know if you have any questions.
Cheers
EDIT...In breif, if you have a "pending trade" set up, and that trade does NOT trigger, then the setup is no longer valid. You will have to wait to see what will happen during the following candle. If the setup is not valid, then NO ENTRY.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD H1.jpg Size: 163 KB
  • #13,675
  • Dec 11, 2018 11:12pm Dec 11, 2018 11:12pm
Quoting MichaelG
{quote} EDIT....Actually, this description is more like 1-2-3, but the "nuts and bolts" are there. @ TooSlow...Please let me know if this is out of order and I will delete it. Hi Will, I hope this helps you. In this chart, you see that when candle "A" OPENED, it had the HIGHEST OPEN of the current day. That's because it was the first candle of the new trading day. (The NEW trading day "Officially" opens IMMEDIATELY after New York Closes.) Candle "A" also closes as the NEW day HIGH. Then, candle "B" opens. This candle now has the NEW HIGHEST OPEN....
Hi MichaelG,

Great explanations! Always reread carefully your posts. Very helpful.

Let me reiterate, using M15 example. There are four candles. The first one indicates the open of H1. Waiting for another one to open within the interest area - between the highest high and HO. Once one of the three candles open there, place an order at the open and wait for the price to get there. So far so good?

A question. What if the price goes to the Open, initiates a trade, and then makes a new high? Obviously, it is a failed trade. Any thoughts on how to avoid or mitigate it? Or, just bite the bullet and wait for next setup?
Buy low, sell high.
  • #13,676
  • Dec 11, 2018 11:38pm Dec 11, 2018 11:38pm
Quoting HappyMan
{quote} Hi MichaelG, Great explanations! Always reread carefully your posts. Very helpful. Let me reiterate, using M15 example. There are four candles. The first one indicates the open of H1. Waiting for another one to open within the interest area - between the highest high and HO. Once one of the three candles open there, place an order at the open and wait for the price to get there. So far so good? A question. What if the price goes to the Open, initiates a trade, and then makes a new high? Obviously, it is a failed trade. Any thoughts on how...

Hi HappyMan (I certainly hope you are )

Yes mate.....unfortunately there is not much you can do about those situations. If you have followed the rules, then you have done all you can do.

If only they were ALL winners
Good luck mate
  • #13,677
  • Dec 12, 2018 12:25am Dec 12, 2018 12:25am
Quoting MichaelG
{quote} Hi HappyMan (I certainly hope you are ) Yes mate.....unfortunately there is not much you can do about those situations. If you have followed the rules, then you have done all you can do. If only they were ALL winners Good luck mate
Hi mate,

Yes, I am a very happy man! And hope that this gives a reason to others to think about their happiness. ;-)

Thanks for confirming my thought process. Of course, they cannot all be winners. Yet, HoLo and 1-2-3 are among the best ones to identify a reversal. Will continue to master HoLo.
Buy low, sell high.
  • #13,678
  • Dec 12, 2018 11:46am Dec 12, 2018 11:46am
Today, the first crossing of the interest area of HO was on M5, the second was M15, which I missed due to a meeting.
Attached Image (click to enlarge)
Click to Enlarge Name: Entrance 3rd day - [USDJPY,M15].png Size: 402 KB
Buy low, sell high.
  • #13,679
  • Dec 12, 2018 12:29pm Dec 12, 2018 12:29pm
Quoting HappyMan
{quote} Hi MichaelG, Great explanations! Always reread carefully your posts. Very helpful. Let me reiterate, using M15 example. There are four candles. The first one indicates the open of H1. Waiting for another one to open within the interest area - between the highest high and HO. Once one of the three candles open there, place an order at the open and wait for the price to get there. So far so good? A question. What if the price goes to the Open, initiates a trade, and then makes a new high? Obviously, it is a failed trade. Any thoughts on how...
hi Michael
great efforts thx man
do you wait until candle E close or trade directly once it reach its open?
  • #13,680
  • Dec 12, 2018 12:50pm Dec 12, 2018 12:50pm
Quoting MichaelG
{quote} EDIT....Actually, this description is more like 1-2-3, but the "nuts and bolts" are there. @ TooSlow...Please let me know if this is out of order and I will delete it.
Not out of order at all, Mate. Carry on. Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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