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Highest Open / Lowest Open Trade

  • #14,501
  • Dec 5, 2019 3:12am Dec 5, 2019 3:12am
Quoting edwardko
No trade for my 10 Trade challenge today (yet). There was a very very brief setup (for 2 mins and needed M1 or M5 to pick this up) just after the hour opened and a new higher open was created at 05:00 server time. I hesitated and it broke down. UJ seems very sideways today (the range today so far has only been 16 or 17 pips on a ADR of 43 pips). Maybe a buy setup might show its hands later. {image} {image} {image}
Guys. Not saying this won't go on and do something but c'mon, you need to start realising what time of year we are in.

We are heading into the second week of December. Pretty soon you'll be trading with yourself!

Markets do not act normally over the next month or so.
  • #14,502
  • Dec 5, 2019 3:33am Dec 5, 2019 3:33am
Quoting lemercenaire
{quote} Guys. Not saying this won't go on and do something but c'mon, you need to start realising what time of year we are in. We are heading into the second week of December. Pretty soon you'll be trading with yourself! Markets do not act normally over the next month or so.

Hey Len, love your continual input here... just one issue that I ALSO find problematic over summer ( for Aus at least) is the differential with daylight saving between Aus and Jpy. It's like volume diffuses with the differential between the 2 currencies with Aus hitting summer ( and time zone changing for daylight saving ) and Jpy hitting autumn and a sudden time difference.. anyway for me trading UJ a lot, there's a definite difference seasonally with daylight savings. My experiences have not been noted in any scientific studies to my knowledge... . But I haven't checked. Its like the Asian session spreads and dissolves somewhat compared to winter. Hope this makes sense after 3 glasses of nice chilled chardy..
Cheers h..
  • #14,503
  • Dec 5, 2019 8:44am Dec 5, 2019 8:44am
Quoting hellsbells
{quote} Hey Len, love your continual input here... just one issue that I ALSO find problematic over summer ( for Aus at least) is the differential with daylight saving between Aus and Jpy. It's like volume diffuses with the differential between the 2 currencies with Aus hitting summer ( and time zone changing for daylight saving ) and Jpy hitting autumn and a sudden time difference.. anyway for me trading UJ a lot, there's a definite difference seasonally with daylight savings. My experiences have not been noted in any scientific studies to my knowledge......
Hi H, hope you are well.

You are absolutely right and if anything, I think the Southern Hemisphere changes you talk of are more pronounced for the market than the similar ones in UK and US.

Here, there is a day or so of fluidity in the edges of Daily Opens before it all simply adjusts to the new situation.

I know that the Golden Week also drops a load of nothingness into your market April through May, so it's all the more important and necessary to truly understand how your Southern Hemisphere markets tick for traders like yourself.

What's your method of poison these days?

Lem.
  • #14,504
  • Dec 5, 2019 2:12pm Dec 5, 2019 2:12pm
Quoting lemercenaire
{quote} Hi H, hope you are well. You are absolutely right and if anything, I think the Southern Hemisphere changes you talk of are more pronounced for the market than the similar ones in UK and US. Here, there is a day or so of fluidity in the edges of Daily Opens before it all simply adjusts to the new situation. I know that the Golden Week also drops a load of nothingness into your market April through May, so it's all the more important and necessary to truly understand how your Southern Hemisphere markets tick for traders like yourself. What's...

Hi Lem I don't want to pollute this good thread but I'll briefly say I like to try board the momentum train of peak volume Asian session- mostly UJ , but also AJ ,NU, NJ and, with mostly regrets, AN. I like to place 2 trades and scalp a minimum few pips on 1 and try get minimum 10 on other. When my head is right I trade well, when I am tired or stressed etc I trade poorly, like most traders I suppose. Still working on consistency. I have posted quite a few charts to various pair threads if you get really bored. Simple candlestick SR and a squiggly. Thanks for your contributions, and to Too slow too, appreciative of people putting effort in
Cheers h
  • #14,505
  • Dec 5, 2019 3:13pm Dec 5, 2019 3:13pm
Quoting hellsbells
{quote} Hi Lem I don't want to pollute this good thread but I'll briefly say I like to try board the momentum train of peak volume Asian session- mostly UJ , but also AJ ,NU, NJ and, with mostly regrets, AN. I like to place 2 trades and scalp a minimum few pips on 1 and try get minimum 10 on other. When my head is right I trade well, when I am tired or stressed etc I trade poorly, like most traders I suppose. Still working on consistency. I have posted quite a few charts to various pair threads if you get really bored. Simple candlestick SR and...
Good Morning H. Can I check from your experience when does the momentum train depart for the Asian session-particularly in our summer time?
  • #14,506
  • Edited 6:49pm Dec 5, 2019 5:34pm | Edited 6:49pm
Quoting edwardko
{quote} Good Morning H. Can I check from your experience when does the momentum train depart for the Asian session-particularly in our summer time?

Hi Edwarko, for AEST in winter the market starts 7am and I can hunt for trades 9am- 1pm , and definitely not open a trade after 1pm as i consider 1-3.30 late Asian range wash. Pre London can offer increase in volume and direction possibly as early as 3.30pm but mostly from 5pm.

In summer market once daylight savings in effect the market opens 9am, and I start hunting trades from 10.30 am with care , and no later than 2pm, but I take even more care with hour change overs... I've only been trading 4 years but I definitely find summer more challenging- JPY and AUS just aren't in sync with peak business time zones and it just seems messy. This is only my thoughts and experience.

Cheers H
  • #14,507
  • Dec 5, 2019 5:50pm Dec 5, 2019 5:50pm
Quoting hellsbells
{quote} Hi Edwarko, for AEST in winter the market starts 7am and I can hunt for trades after 9am- 1pm , and definitely not open a trade after 1pm as i consider 1-3.30 late Asian range wash. Pre London can offer increase in volume and direction possibly as early as 3.30pm but mostly from 5pm. In summer market once daylight savings in effect the market opens 9am, and I start hunting trades from 10.30 am with care , and no later than 2pm, but I take even more care with hour change overs... I've only been trading 4 years but I definitely find summer...
Thanks Helene. With HOLO I am only focussing on UJ (at least until my 10 Trade challenge is completed). As I have just started, this is just my observation this week, I find that I am only finding HOLO levels to trade after 2pm AEDT (5am server time or 12:00 pm Tokyo time). Are you also using HOLO as one of your scalping strategies?
  • #14,508
  • Dec 5, 2019 6:10pm Dec 5, 2019 6:10pm
UJ M15 10 Trade Challenge - Trades 4 and Trade 5. HOLO boxes recreated for illustration purposes.
Both trades were was taken as a Sell Stops. Trade 4 had a trigger price of last Highest Open. It dipped just below the trigger level by 0.6 pips and then went on to create new high. 1R Loss.
Trade 5 had Stop Price set at 1 pip below last Highest Open. 50% of trade was closed at 1R and the remaining trailled SL at 5 pip per HOLO methodology. CLosed in profit 1.6R. Net 0.6R for Day 4.
Attached Image (click to enlarge)
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  • #14,509
  • Dec 6, 2019 1:37am Dec 6, 2019 1:37am
UJ M15 10 Trade Challenge Trade 6. Price tested the support zone near yesterday's low a number of times and appears to be holding. Lower Open box was tight and stop order was placed 1 pip above box high. Prices spiked up and close to 1.8R profit taken
Attached Image (click to enlarge)
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  • #14,510
  • Dec 6, 2019 1:38am Dec 6, 2019 1:38am
Quoting edwardko
UJ M15 10 Trade Challenge Trade 6. Price tested the support zone near yesterday's low a number of times and appears to be holding. Lower Open box was tight and stop order was placed 1 pip above box high. Prices spiked up and close to 1.8R profit taken {image}
Perfectly done
  • #14,511
  • Dec 6, 2019 2:32am Dec 6, 2019 2:32am
Quoting lemercenaire
{quote} Perfectly done
Thank you Lem. Still working with play money until I finish my 10 trade challenge. Enough for this week. Just need another 4 trades next week. Have a good weekend all.
  • #14,512
  • Dec 6, 2019 2:55am Dec 6, 2019 2:55am
Quoting edwardko
{quote} Thank you Lem. Still working with play money until I finish my 10 trade challenge. Enough for this week. Just need another 4 trades next week. Have a good weekend all.
Yep. Don't mess around on NFP day and have a good weekend yourself.
  • #14,513
  • Dec 6, 2019 3:57pm Dec 6, 2019 3:57pm
Who is taking the 10 trade challenge the week of DECEMBER 8, 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
  • #14,514
  • Dec 8, 2019 6:47pm Dec 8, 2019 6:47pm
Quoting TooSlow
{image}
Hi, i am reading from post #1, post by post, at this moment i am on page 75, i like to ask if there is any chance that you publish your screenshots with the entry and SL line when it is present? i mean for the charts where you have indicate that have entered or that you have moved SL, etc, or if it is closed then see the past trade (entry and exit ) on the chart, it will much much useful for learning purposes, i find my self waiting for charts of other users that have the trades lines on the chart and then waiting for your confirmation that the entry was correct per by the rules.
Thanks in advanced
  • #14,515
  • Dec 9, 2019 2:37pm Dec 9, 2019 2:37pm
UJ M15 - 10 Trade Challenge Trade #7 - Typical Monday Asian session - stayed within a narrow 10-15 pip range throughout the Asian session. Moved down after Frankfurt opened to create a largish 6.6 pip lower open box - not ideal. Buy Stop put in after new Daily low was established and rebounded to create two long wicked candle suggesting ejection of lower prices. (Lower Open blue box recreated for easy reference)

Getting late in my trading day and so decided to let Trade Manager manage the position. 50% close at 1R and the balance closed this morning to give a 1.3R overall profit.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 98 KB
  • #14,516
  • Dec 10, 2019 3:44am Dec 10, 2019 3:44am
UJ M15 10 Trade Challenge Trade #8. Collected 0.75R from closing 1/2 trade at 1R and the balance at BE+1 pip from a 4 pip risk. As per other trades, entry by way of Sell Stop order at 1 pip below Highest Open.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 103 KB
  • #14,517
  • Dec 10, 2019 7:12am Dec 10, 2019 7:12am
Quoting edwardko
UJ M15 10 Trade Challenge Trade #8. Collected 0.75R from closing 1/2 trade at 1R and the balance at BE+1 pip from a 4 pip risk. As per other trades, entry by way of Sell Stop order at 1 pip below Highest Open. {image}
Read Rule #2 on your chart.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14,518
  • Dec 10, 2019 8:20am Dec 10, 2019 8:20am
Quoting TooSlow
{quote} Read Rule #2 on your chart.
I know TS that you had commented on this same point previously, but I guess it is a personal preference to perhaps reduce the probability of a false breakout.
  • #14,519
  • Dec 10, 2019 1:55pm Dec 10, 2019 1:55pm
I entered long AU when the LO made the dark blue area in the morning (have not saved screenshot then) and vertical green marked candle crossed it (+spread).
What have I done wrong?
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDM15.png Size: 55 KB
Just an opinion. Based on research
  • #14,520
  • Dec 10, 2019 3:57pm Dec 10, 2019 3:57pm
Quoting since80808
I entered long AU when the LO made the dark blue area in the morning (have not saved screenshot then) and vertical green marked candle crossed it (+spread). What have I done wrong? {image}
Hi S80808, Please accept my apologies if I am talking rubbish as I have only started using this methodology no more than 10 days ago and so my observations may not be technically correct.

From what I can see and according to my broker, the Lowest Open was established 12:00 @0.68140. At 13:00, a marginally higher open @ 0.68142 was printed and so the lowest open was still 0.68140.

I am not sure whether you have used a stop order or a market order, but I would have placed a buy stop based on the 0.68140 lowest open as adjusted by your spread. This may or may not trigger as the subsequent high at the 13:45 candle was 0.68142 and if it did, then this would be a losing trade and one that you would put to statistics.

As you can see from my own posts, I like to add 1 pip + spread to the lowest open for my buy stop price. This is in breach of rule 2 and have already been picked up twice by Too Slow, but had I traded this entry, I would have had a deleted Buy Stop order instead of a small loss. Ultimately, there is no such thing as a free lunch because the extra pip I add in would have resulted in a reduced lot size (I use % risk) and generated less profit if it went my way. I guess from TS' experience, rule 2 would probably be optimal and having stop losses taken is just statistical and a fact of trading.

On the other side of the equation, you can also see that it has broken thru yesterday's low to create a new low for the day in one strong 6 red bar downward move before stabilising in a narrow 5 pip range. With hindsight it is easy, but at the time of your entry, would this be seen as "jumping in front of a freight train"? I don't know the answer to this one and would defer to the more experienced members of this community.
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