https://www.forexfactory.com/attachm...1&d=1550600750
Where can i finde the same indicator with the "X" on it ? and what does they mean ?
Where can i finde the same indicator with the "X" on it ? and what does they mean ?
Highest Open / Lowest Open Trade
- #13,843
- Feb 19, 2019 2:28pm Feb 19, 2019 2:28pm
{image} Where can i finde the same indicator with the "X" on it ? and what does they mean ?
Btw, today I got stopped out on EURUSD before the swing up.
I hope i will find some good setups.
- #13,844
- Feb 19, 2019 4:16pm Feb 19, 2019 4:16pm
- Joined Mar 2012 | Status: Trader | 14,381 Posts
{image} Where can i finde the same indicator with the "X" on it ? and what does they mean ?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #13,845
- Feb 20, 2019 12:56pm Feb 20, 2019 12:56pm
- Joined Mar 2012 | Status: Trader | 14,381 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #13,857
- Edited Feb 22, 2019 10:37am Feb 21, 2019 2:54pm | Edited Feb 22, 2019 10:37am
- | Joined Jan 2010 | Status: Trader | 228 Posts
Thank you, TooSlow, for sharing your method.
I never quite "GOT" the rules, (I'm slow) so only ever gave this a cursory glance.
Have to give a special THANK YOU, to MichaelG, also, for the visual breakdown and walk-through. Admittedly, I'm visual so it helped me get what is being done here(a bit better). Still feel suspicious and weary; have so many "what if" questions, but slowly slowly... let me see if I got the basic idea, first.
#1 Gold Feb.21, 2019
Actually, Yesterdays LOW was taken out, so we had a BREAKOUT = caution. I don't know what 'caution' in this context means. How do we do this method cautiously??
Anyhow, Gold had a good run down and I marked the H1-Open
Next, dropped to the M15 and WAITED. It was close, but setup looked VALID with the M15 candle opening underneath the H1-Open (just), so I set my BUY STOP at H1-Open.
RESULT:
PRICE wooshed through. At +5 I put a 5-pip trailstop. It reached about +19 pips before retracing and stopping me out at +/-13pips.
EDIT:
Regarding the point of "caution": The momentum on Gold WAS very strong yesterday, even late in the day and merrily resumed on its way, so CAUTION means we trail aggressively or (maybe) don't even take the trade? Are there guidelines to filter out candidates we want to "dance" with or not?
One of my concerns with "simple" mechanical rule-based systems is that we do not READ the context, higher-time-frame (HTF) or otherwise that gives meaning to the story unfolding. I read that Support/Resistance (S/R); Supply/Demand (SD) etc.. are thrown out the window, are a hindrance even? ("empty cup") but if nothing else, for e.g. we do take yesterday's High/Low into consideration and that is already something. Otherwise, one could just program this as an EA, which, the OP, has advised against, because, actually, I agree, generally its been proven such mechanical systems fail against a living, breathing, changing Market. I wonder if anyone knows if that has been addressed in the several hundred pages of this thread; that they might point me to that topic.
Thank you.
I never quite "GOT" the rules, (I'm slow) so only ever gave this a cursory glance.
Have to give a special THANK YOU, to MichaelG, also, for the visual breakdown and walk-through. Admittedly, I'm visual so it helped me get what is being done here(a bit better). Still feel suspicious and weary; have so many "what if" questions, but slowly slowly... let me see if I got the basic idea, first.
#1 Gold Feb.21, 2019
Actually, Yesterdays LOW was taken out, so we had a BREAKOUT = caution. I don't know what 'caution' in this context means. How do we do this method cautiously??
Anyhow, Gold had a good run down and I marked the H1-Open
Next, dropped to the M15 and WAITED. It was close, but setup looked VALID with the M15 candle opening underneath the H1-Open (just), so I set my BUY STOP at H1-Open.
RESULT:
PRICE wooshed through. At +5 I put a 5-pip trailstop. It reached about +19 pips before retracing and stopping me out at +/-13pips.
EDIT:
Regarding the point of "caution": The momentum on Gold WAS very strong yesterday, even late in the day and merrily resumed on its way, so CAUTION means we trail aggressively or (maybe) don't even take the trade? Are there guidelines to filter out candidates we want to "dance" with or not?
One of my concerns with "simple" mechanical rule-based systems is that we do not READ the context, higher-time-frame (HTF) or otherwise that gives meaning to the story unfolding. I read that Support/Resistance (S/R); Supply/Demand (SD) etc.. are thrown out the window, are a hindrance even? ("empty cup") but if nothing else, for e.g. we do take yesterday's High/Low into consideration and that is already something. Otherwise, one could just program this as an EA, which, the OP, has advised against, because, actually, I agree, generally its been proven such mechanical systems fail against a living, breathing, changing Market. I wonder if anyone knows if that has been addressed in the several hundred pages of this thread; that they might point me to that topic.
Thank you.
- #13,858
- Feb 22, 2019 10:44am Feb 22, 2019 10:44am
- Joined Mar 2012 | Status: Trader | 14,381 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #13,859
- Feb 22, 2019 10:50am Feb 22, 2019 10:50am
- Joined Mar 2012 | Status: Trader | 14,381 Posts
{quote} Trading this early in the day, while strictly ok, needs to be handled very carefully. Almost by definition, the ranges will be very small. Look at the right of your chart - the ground you have to work with is for all intents and purposes the range of one single H1 candle.
]. Using the previous day's highest and lowest open may work better for those trading during the first 8 hours of the day.
Cheers, Mate!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
#2 GBPUSD Feb.22, 2019
Very similar to Gold, yesterday. Didn't trade this one, but it seems my eye is picking up this kind of setup - Price after a long run, and again High/Low breakout occurred; ergo, caution.
Will try to spot setups when Price is between Yesterdays High/Low. Seems more daunting when Price is ranging and H1 candles are making new Highs and Lows with no setup validated.
Validation:
2nd M15 candle opens between OPEN and EXTREME = we have a setup.
Result:
Didn't trade it so, hard to say exactly. Depends on MoneyManagement (MM). Had I trailed with 5pip SL, esp. given call for caution, I would have got stopped out at +5 or so (it seems). Another, way to play it would have been to take partial profit and/or move SL to +1. Price retraced but would have missed the +1 setting - the reward would have been a tremendous run to the upside.
Question:
My concern is the R:R on these setups and getting stopped out early with +5 or even +1. Doesn't Price love to retrace and test weak hands, lapping up the quick SL movers, before resuming on its merry way?
Would it be true to say that this method is about getting many +1's and +5's with the occasional runner to mitigate the relative poor R:R? (this trade was less than 1:1).
Thank you
Very similar to Gold, yesterday. Didn't trade this one, but it seems my eye is picking up this kind of setup - Price after a long run, and again High/Low breakout occurred; ergo, caution.
Will try to spot setups when Price is between Yesterdays High/Low. Seems more daunting when Price is ranging and H1 candles are making new Highs and Lows with no setup validated.
Validation:
2nd M15 candle opens between OPEN and EXTREME = we have a setup.
Result:
Didn't trade it so, hard to say exactly. Depends on MoneyManagement (MM). Had I trailed with 5pip SL, esp. given call for caution, I would have got stopped out at +5 or so (it seems). Another, way to play it would have been to take partial profit and/or move SL to +1. Price retraced but would have missed the +1 setting - the reward would have been a tremendous run to the upside.
Question:
My concern is the R:R on these setups and getting stopped out early with +5 or even +1. Doesn't Price love to retrace and test weak hands, lapping up the quick SL movers, before resuming on its merry way?
Would it be true to say that this method is about getting many +1's and +5's with the occasional runner to mitigate the relative poor R:R? (this trade was less than 1:1).
Thank you