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Highest Open / Lowest Open Trade

  • #14,121
  • May 21, 2019 8:09am May 21, 2019 8:09am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14,122
  • May 21, 2019 1:53pm May 21, 2019 1:53pm
Tracking UC today again.

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Detail on that H1.

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  • #14,123
  • May 21, 2019 3:43pm May 21, 2019 3:43pm
Quoting lemercenaire
Tracking UC today again. {image} Detail on that H1. {image} {image} {image}
Hi Lemercenaire,

I was looking at this one earlier, I missed the entry because the M5 trigger didn't close in the zone; M1 closed and quickly returned through the highest open. A bit of an odd day, 5 pips down on the EJ and missed this one - hey ho! When the zone of interest is tight (3-6 pips) I have tried to use M1 as the trigger on the basis that if it does overshoot the loss is relatively small, but got caught out on this occasion thinking the M5 would close. Looks like the CU is just about to drop through the 1.3400 level. Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #14,124
  • May 21, 2019 5:17pm May 21, 2019 5:17pm
[quote=Davidh061;12284523]{quote} Hi Lemercenaire, I was looking at this one earlier, I missed the entry because the M5 trigger didn't close in the zone; M1 closed and quickly returned through the highest open. A bit of an odd day, 5 pips down on the EJ and missed this one - hey ho! When the zone of interest is tight (3-6 pips) I have tried to use M1 as the trigger on the basis that if it does overshoot the loss is relatively small, but got caught out on this occasion thinking the M5 would close. Looks like the CU is just about to drop through the 1.3400 level. Cheers, Dave[/quote]

Always remember that if the nominal Area of Interest is particularly shallow but all things considered, it seems like a solid set-up, then there is nothing wrong with extending the distance to your stop artificially. Perhaps take a look up a time frame and see if there is any price structure to the left that gives you clues

You could use a fib-extension, or Supply+Demand Zones...you get the picture.
  • #14,125
  • May 22, 2019 12:57am May 22, 2019 12:57am
Quoting lemercenaire
{quote} Hi Lemercenaire, I was looking at this one earlier, I missed the entry because the M5 trigger didn't close in the zone; M1 closed and quickly returned through the highest open. A bit of an odd day, 5 pips down on the EJ and missed this one - hey ho! When the zone of interest is tight (3-6 pips) I have tried to use M1 as the trigger on the basis that if it does overshoot the loss is relatively small, but got caught out on this occasion thinking the M5 would close. Looks like the CU is just about to drop through the 1.3400 level. Cheers, Dave...
Many thanks, it did strike me that the CU was responding to a supply zone yesterday, base-drop-rally type structure, but outside the scope of this thread.
Everything should be made as simple as possible, but no simpler - Einstein
  • #14,126
  • May 22, 2019 4:16am May 22, 2019 4:16am
Quoting Davidh061
{quote} Many thanks, it did strike me that the CU was responding to a supply zone yesterday, base-drop-rally type structure, but outside the scope of this thread.
Of course - and as a courtesy to TS, I also don't go into a whole lot of detail about any ''outside influences'' my experience and style of trading away from HOLO lets me call on. Doesn't mean you can't use the info if it works for you.
  • #14,127
  • May 22, 2019 9:53am May 22, 2019 9:53am
Quoting lemercenaire
{quote} Of course - and as a courtesy to TS, I also don't go into a whole lot of detail about any ''outside influences'' my experience and style of trading away from HOLO lets me call on. Doesn't mean you can't use the info if it works for you.
One doesn't practice Judo in Karate class.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14,128
  • May 22, 2019 12:37pm May 22, 2019 12:37pm
Quoting TooSlow
{quote} One doesn't practice Judo in Karate class.
No but you can do both in an MMA cage

I did, however, run HOLO as naked as a Jay Bird successfully for many, many, months. No bells, no whistles.
  • #14,129
  • May 23, 2019 12:53am May 23, 2019 12:53am
Leaders TS and Lem,

can we ask any questions regarding trade management and EA to exit the trades?
  • #14,130
  • May 23, 2019 7:58am May 23, 2019 7:58am
Quoting T4Trade
Leaders TS and Lem, can we ask any questions regarding trade management and EA to exit the trades?
READ POST #1 all the way to the end and follow the instructions.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14,131
  • May 24, 2019 7:42am May 24, 2019 7:42am
Remember it is a Bank Holiday in both the UK and the USA on Monday. If the weather's nice, hit the beach!
  • #14,132
  • May 26, 2019 12:59am May 26, 2019 12:59am
Quoting MichaelG
Hi, me again..... I just want to touch on the BREAKOUTS. There are TWO types of breakouts. One is where YESTERDAYS HIGH or LOW price is taken out. As TooSlow says, trade reversals from breakouts with caution. {image} The second type is the breakouts we regularly see when trading this strategy. That is, where consecutive H1 candles, make new daily highs(TODAYS HIGH). As soon as price takes out the previous daily high, it is considered a breakout, and a reversal trade should be traded with caution. (The example below also demonstrates why we use rules)...
2 years old, I know. In the second image it states that candle E was the 'new Highest H1 Open'. But clearly, it is candle C (bearish candles open from the top). So everything written after that is defunct. The example does not work and the trade is never triggered in that diagram. Am I seeing this correctly? Or are you picking the highest 15M candle for every 4 candles (hour chunks)?
  • #14,133
  • May 26, 2019 2:33pm May 26, 2019 2:33pm
Quoting aurifelix
{quote} 2 years old, I know. In the second image it states that candle E was the 'new Highest H1 Open'. But clearly, it is candle C (bearish candles open from the top). So everything written after that is defunct. The example does not work and the trade is never triggered in that diagram. Am I seeing this correctly? Or are you picking the highest 15M candle for every 4 candles (hour chunks)?
Hey all, been away for a few. I'm just getting caught up.

To answer the above,
Candle A opens the first hour H1, candle C opens the 3rd M15 candle of the first hour. Candle E is the open of the second hour, making the new H1 highest open. Highest open is H1, use the M15 opening within the area of interest to trigger the trade.
Wow! I've got some experience to gain.
  • #14,134
  • May 26, 2019 2:56pm May 26, 2019 2:56pm
Quoting Lawnman
{quote} Hey all, been away for a few. I'm just getting caught up. To answer the above, Candle A opens the first hour H1, candle C opens the 3rd M15 candle of the first hour. Candle E is the open of the second hour, making the new H1 highest open. Highest open is H1, use the M15 opening within the area of interest to trigger the trade.
Welcome back, buddy. Hope all's been well.
  • #14,135
  • May 26, 2019 5:12pm May 26, 2019 5:12pm
Quoting Lawnman
{quote} Hey all, been away for a few. I'm just getting caught up. To answer the above, Candle A opens the first hour H1, candle C opens the 3rd M15 candle of the first hour. Candle E is the open of the second hour, making the new H1 highest open. Highest open is H1, use the M15 opening within the area of interest to trigger the trade.

Ah, I was wondering if this was the case. Thank you for clearing this up
  • #14,136
  • May 26, 2019 10:34pm May 26, 2019 10:34pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14,137
  • May 28, 2019 10:18am May 28, 2019 10:18am
Another BE+1 - tomorrow will be better!
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Everything should be made as simple as possible, but no simpler - Einstein
  • #14,138
  • May 28, 2019 10:54am May 28, 2019 10:54am
Quoting Davidh061
Another BE+1 - tomorrow will be better! {image}
How far did it go into profit, David? Sorry, I am on my phone and can't get the detail easily.
  • #14,139
  • May 28, 2019 10:59am May 28, 2019 10:59am
Quoting lemercenaire
{quote} How far did it go into profit, David? Sorry, I am on my phone and can't get the detail easily.
No problem - 8 or 9 pips - I had a TP set at just over 10pips which it just missed.
Everything should be made as simple as possible, but no simpler - Einstein
  • #14,140
  • May 28, 2019 11:02am May 28, 2019 11:02am
Quoting Davidh061
{quote} No problem - 8 or 9 pips - I had a TP set at just over 10pips which it just missed.
Ooo...that's a bad beat right enough to miss by 1 pip.

Still you cleared green and didn't hold it "just in case", so no loss. It's all good.

There's always another trade.
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