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Highest Open / Lowest Open Trade

  • #13,981
  • Apr 10, 2019 2:00am Apr 10, 2019 2:00am
Quoting lemercenaire
{quote} Bored waiting for other stuff to happen, so ended up going in, despite the idiotic spread. First entry was too early but I managed to get a second, much better second entry on top. I was using a fib overlay to help with these entries, so not exactly at the H1 level (don't tell TS ). AUDNZD In Double-Dip {image} {image} I bailed and bagged as price reached the 50-level. Out +2 +4 {image} Not too bad for a bit of a giggle.
Should have held it - or re-entered if I hadn't been posting here, lol. Hindsight is a wonderful thing - always 100% right...

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  • #13,982
  • Apr 10, 2019 11:13am Apr 10, 2019 11:13am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,983
  • Apr 11, 2019 7:46pm Apr 11, 2019 7:46pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,984
  • Apr 12, 2019 6:43pm Apr 12, 2019 6:43pm
Quoting Tylerz
{quote} Some post totaly opposite for the first opening post. And lots of english grammar problem. Which candle do you think for the the first candle? I think first h1 candle is 01:00 but the entrys in "too slow"s posts are about 8 am . Which candle is THE FIRST the on H1 ON CURRENT DAY ACCORDING your opinion and your rules?
Hi Tyler.
Forgive me if you know this. It may help others who don't.

The "official" 24 hour FX trading day/cycle ENDS at 5 pm New York time. On MT4, the last Hourly candle for the day will have a start time of 23:00.

The NEW 24 hour trading day/cycle begins a millisecond after New York Close. The first hourly candle for the new day will have a start time of 00:00 on MT4.

(Currently, the new trading day/cycle opens in New Zealand)

So that is it in a nutshell.....

I live in Australia.......Lem is in England.........TooSlow is in the US.

So it doesn't matter where you live.....that is the accepted start and finish of the trading day/cycle.

The template that TooSlow provides takes it's data from the Daily candle. That candle has an open and close as I have mentioned above.

When, what and how Lem, TooSlow and others trade this method is based on opportunity........not necessarily the time of day.

Although, I dare say that it might be the case that SOME times are better than others.....but I have yet to see any factual evidence of that being the case.
I'm not saying it's not true......just that I haven't looked into it....and I don't know if anyone else has either.

SO....The HIGH or LOW for the day can happen at anytime.....unfortunately, we don't know when.......and that is where Trade Management comes into play.

That's why TS has those suggested Trade Management rules in place....(example.... Move stop to BE+1 pip at.....+5 pips or whatever)

At the end of the day, you might end up with a lot of BE+1's....but it's a lot better that a bunch of losses. And there will always be the trade that gives you the reward for being patient.

I hope that helps.
Cheers
Michael
  • #13,985
  • Apr 14, 2019 11:18am Apr 14, 2019 11:18am
Very well put, MichaelG. Your contributions are always helpful. Cheers, Mate!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,986
  • Apr 15, 2019 12:54pm Apr 15, 2019 12:54pm
Who is taking the 10 trade challenge the week of APRIL 14, 2019?

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
  • #13,987
  • Apr 15, 2019 12:54pm Apr 15, 2019 12:54pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,988
  • Apr 16, 2019 10:35am Apr 16, 2019 10:35am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,989
  • Apr 17, 2019 8:21pm Apr 17, 2019 8:21pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,990
  • Apr 17, 2019 10:22pm Apr 17, 2019 10:22pm
Quoting TooSlow
{image}
Hi TooSlow!

Hey by any chance do you use the strength meter that is on your chart?
IF you do, what were the values (more or less) at the moment that those possible sell entries (I see like two shorts in that red zone in the last chart of previous post) may of happened LOL.

IF you don't use it no problem... take care and keep getting the GREEEENS
Our AWESOME IMAGINATION is the true holy grail!
  • #13,991
  • Apr 18, 2019 7:59am Apr 18, 2019 7:59am
Quoting xmess7
{quote} Hi TooSlow! Hey by any chance do you use the strength meter that is on your chart? IF you do, what were the values (more or less) at the moment that those possible sell entries (I see like two shorts in that red zone in the last chart of previous post) may of happened LOL. IF you don't use it no problem... take care and keep getting the GREEEENS
Use the sub window version which shows the lines for each currency to see the values for each bar. When USD or JPY is at top or bottom of the list, the reversal could payout big.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,992
  • Apr 18, 2019 9:36am Apr 18, 2019 9:36am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13,993
  • Apr 18, 2019 4:09pm Apr 18, 2019 4:09pm
Quoting TooSlow
{quote} Use the sub window version which shows the lines for each currency to see the values for each bar. When USD or JPY is at top or bottom of the list, the reversal could payout big.
Ok, thnx for the info.

PEACE
Jess
Our AWESOME IMAGINATION is the true holy grail!
  • #13,994
  • Apr 19, 2019 7:07pm Apr 19, 2019 7:07pm
Hi

I have been backtesting this for a while with success, now I do wonder what's the logic behind its effectiveness ?
Is it mentioned in any books or is it "basic price action" ?

Shay
  • #13,995
  • Edited 9:53pm Apr 20, 2019 4:30am | Edited 9:53pm
As mentioned in this pdf that we are safe if we are not in breakout situation, my question is if the PA starts in extreme zone or in previous Day high or low zone,should we pass that trade or take it ?
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  • #13,996
  • Apr 20, 2019 5:16am Apr 20, 2019 5:16am
sm hilo open lines indicator is really amazing,can someone change the label from D1(1) to previous day ,because it represent previous day.thanks1
  • #13,997
  • Apr 20, 2019 5:55am Apr 20, 2019 5:55am
Quoting shay14
Hi I have been backtesting this for a while with success, now I do wonder what's the logic behind its effectiveness ? Is it mentioned in any books or is it "basic price action" ? Shay
Price will always want to move away from the daily extremes, either as a breakout or as a reversal.

If you have reached the High level around the ADR and combine that with a lower high pattern, then you have increased the likelihood of a drop back into the daily range.
  • #13,998
  • Apr 20, 2019 6:42am Apr 20, 2019 6:42am
Once again, thank you so much for your assist. My daily bar starts on asian market open. what time should i start trading?
  • #13,999
  • Apr 20, 2019 3:12pm Apr 20, 2019 3:12pm
Quoting T4Trade
As mentioned in this pdf that we are safe if we are not in breakout situation, my question is if the PA is in previous Day high or low zone,should we pass that trade or take it ? {image}
I dont understand this picture.

Because this is not first today's candle this is the second today's candle? Why?
We r speaking about 1st candle today , is it?
  • #14,000
  • Apr 21, 2019 4:38pm Apr 21, 2019 4:38pm
Quoting T4Trade
As mentioned in this pdf that we are safe if we are not in breakout situation, my question is if the PA starts in extreme zone or in previous Day high or low zone,should we pass that trade or take it ? {image}
Hi T4Trade.

If you find price has opened the new trading day above or below the previous days High or Low....it may suggest that there is a strong trend in that direction, so it may be better to look for opportunities on other pairs.

That's a fairly "generic" answer. There may be a good reason to trade it, but from a "safety" perspective, you may not want to be involved in trying to trade against a strong trend.
I hope that helps.
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