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Highest Open / Lowest Open Trade

  • #14,721
  • May 9, 2020 11:30am May 9, 2020 11:30am
Who is taking the 10 trade challenge the week of MAY 10, 2020?

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
  • #14,722
  • May 9, 2020 1:22pm May 9, 2020 1:22pm
I am interested.
How do we go about it?
  • #14,723
  • May 10, 2020 12:38am May 10, 2020 12:38am
No entry on H1, M15 and M5 breakout bars. What does this mean?

Thank you.
  • #14,724
  • May 10, 2020 3:38am May 10, 2020 3:38am
Quoting Chroniclez
No entry on H1, M15 and M5 breakout bars. What does this mean? Thank you.
No entry on any bar that makes a new High or Low.
  • #14,725
  • May 10, 2020 11:02am May 10, 2020 11:02am
Quoting lemercenaire
{quote} No entry on any bar that makes a new High or Low.
Thanks for the reply.
So after I determine the interest zone using H1, if the first M5 bar within the interest zone break the High or Low, the H1 interest zone is invalidated and we wait for the next H1 bar to form to make new interest zone?
  • #14,726
  • May 10, 2020 1:37pm May 10, 2020 1:37pm
Quoting Chroniclez
{quote} Thanks for the reply. So after I determine the interest zone using H1, if the first M5 bar within the interest zone break the High or Low, the H1 interest zone is invalidated and we wait for the next H1 bar to form to make new interest zone?
Yes, that's it.

Of course if you are already in a trade and you have a shallow Area of Interest, then it is possible that you will have a break that you can do nothing about - and you just have to wait and see if price will again turn in your favour.
  • #14,727
  • Edited 7:37am May 11, 2020 6:26am | Edited 7:37am
Hello TooSlow and thank you for sharing.
I'm taking the 10 trades challenge this week. I'm trading from Rome (GMT +1) and chose EURUSD pair.

I stood in front of the pc at 9.30 (my time zone): just the time to setup today Open and Low lines and I noticed that an entry might have been set up a few minutes before. Waiting for the next chance I take this opportunity for a little "backtest" on this entry.

Attached Image


Area of Interest (between yellow lines): 1.08320 (open) -> 1.08243 (low)
BUY Entry at: 1.08327 (ask price), 9.15 candle
SL hit at Low (-8.7 pips), 10.15 candle
Unfortunately price didn't hit 5 pips from my ask price 1.08377 (it started retrace at 1.08376!) so I didn't move SL to BE+1. It would have been a bad SL for just 0.1 pips. Is my reasoning right?? Or did I have to count the 5 pips starting from the open level (in this case 1.08320) instead of my ask price? In this case, I would have reached 5 pips first and secured the trade.


Then I sat and watched breakouts (today and friday lows), set new low lines and carefully prepared for the first trade.


1st trade
Attached Image


Area of Interest (between yellow lines): 1.08173 (open) -> 1.08083 (low)
BUY Entry at: 1.08180 (ask price), 11.15 candle
SL hit at BE+1 (+1 pip), 12.15 candle
I follow the trade until it reached 5 pips so i moved SL to BE+1 (1.08190). Then I had to leave my station for a while and I haven't seen that price rose up till 10 pips... it could've been easily a BE+5 SL if I had monitored the full trade.


Now I'm waiting for the next setup. Thank you for attention.
Attached Image
  • #14,728
  • May 11, 2020 1:24pm May 11, 2020 1:24pm
Quoting lemercenaire
{quote} Yes, that's it. Of course if you are already in a trade and you have a shallow Area of Interest, then it is possible that you will have a break that you can do nothing about - and you just have to wait and see if price will again turn in your favour.
In a scenario where a short is triggered, and price went negative back into interest zone, and new H1 bar opens higher, we readjust the bottom line upwards making interest zone smaller, do we short again?
  • #14,729
  • May 11, 2020 1:28pm May 11, 2020 1:28pm
very nice concept. Earlier I traded with previous day high and low. Outcome was good. Seeing this thread wants to start again.
  • #14,730
  • May 11, 2020 1:39pm May 11, 2020 1:39pm
Quoting learnnearn
Outcome was good
...sounds like you had found something better? Or why did you let the good outcome behind... ;-)
  • #14,731
  • May 11, 2020 1:55pm May 11, 2020 1:55pm
Quoting ursinho4711
{quote} ...sounds like you had found something better? Or why did you let the good outcome behind... ;-)
I have a habit, may be bad habit to check different system /different strategy :-). This way when I leave that system cant remember. From my experience I can say this concept is good and it can bring very good result. Anyway thanks for noticing.
  • #14,732
  • May 11, 2020 2:22pm May 11, 2020 2:22pm
Quoting Chroniclez
{quote} In a scenario where a short is triggered, and price went negative back into interest zone, and new H1 bar opens higher, we readjust the bottom line upwards making interest zone smaller, do we short again?
That's a judgement call for each individual trader. Personally, yes, I would but others won't. I have no solid stats as to which strategy may be better than the other.
  • #14,733
  • May 11, 2020 3:30pm May 11, 2020 3:30pm
Quoting lemercenaire
{quote} That's a judgement call for each individual trader. Personally, yes, I would but others won't. I have no solid stats as to which strategy may be better than the other.
Thanks for the reply. Personally I would too if its near resistance.
  • #14,734
  • May 11, 2020 5:05pm May 11, 2020 5:05pm
#10tradeschallenge #EURUSD GMT+1

2nd trade
Attached Image



Area of Interest (between yellow lines): 1.08173 (open) -> 1.08084 (low)
BUY Entry at: 1.08182 (ask price), 13.45 candle (white circle)
SL hit at BE+1 (+1 pip), 14.00 candle
This could be a nice swing but price fast retraced to hit my advanced SL at BE+1.


3rd trade
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 13 KB


Area of Interest (between yellow lines): 1.08144 (open) -> 1.08023 (low)
BUY Entry at: 1.08152 (ask price), 17.45 candle (white circle)
SL hit at Low (-12 pips), 22.45 candle
Price didn't hit 5 pips so I let the trade open without moving SL. Price came to BE several times (giving me signs of trend change) but I intentionally didn't close the order because I wanted to strictly follow the exit rules. Bad idea.


4th trade
Attached Image


Area of Interest (between yellow lines): 1.08076 (open) -> 1.08023 (low)
BUY Entry at: 1.08081 (ask price), 20.45 candle (white circle)
SL hit at BE+1 (+1 pip), 22.30 candle
Almost hit 10 pips but price retraced to SL BE+1.


End of 1st challenge trading day
Balance: - 9 pips. System seems pretty solid, at least as long as rule 0 ("use common sense") is kept in mind... see my bad fault in 3rd trade. The trade management strategy seems a bit conservative: the result is that most trades seem to end with a BE +1. I will continue to practice tomorrow.
  • #14,735
  • May 11, 2020 8:39pm May 11, 2020 8:39pm
Quoting JustJD
... End of 1st challenge trading day Balance: - 9 pips. System seems pretty solid, at least as long as rule 0 ("use common sense") is kept in mind... see my bad fault in 3rd trade. The trade management strategy seems a bit conservative: the result is that most trades seem to end with a BE +1. I will continue to practice tomorrow.
What is the reason you are not using the tools provided?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14,736
  • Edited 9:35am May 12, 2020 3:14am | Edited 9:35am
Quoting TooSlow
{quote} What is the reason you are not using the tools provided?
Do you mean tpl? I am training to read the levels independently, but I have another open graph with the tpl in which I do periodic checks of area of interest.
Also I take screenshots and analyze the trade only after a few hours (during a break from work), so in the meantime the levels of the tpl could have changed and make the trade illegible.
  • #14,737
  • Edited 10:35am May 12, 2020 8:16am | Edited 10:35am
#10tradeschallenge #EURUSD GMT+1

Some nice missed trades early morning, unfortunately I was not working.

5th trade
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 44 KB


Area of Interest (between yellow lines): 1.08201 (open) -> 1.08273 (high)
SELL Entry at: 1.08199 (bid price), 10.15 candle (white circle)
SL hit at BE+1 (+1 pip), 10.45 candle (orange circle)
Simple as 1-2-3.


6th trade
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 47 KB


Area of Interest (between yellow lines): 1.08201 (open) -> 1.08273 (high)
SELL Entry at: 1.08198 (bid price), 11.45 candle (white circle)
SL hit at High (-7.7 pips), 12.15 candle (orange circle)
Price never reached +5 pips so i couldn't secure the trade. The price was close to a showy upward trendline so it was a risky trade that probably, out of the challenge, I would not have taken. As per the rules, however, I avoided adding further reasoning to the system and I strictly followed the rules. The price unfortunately has touched the trendline and has risen to the top breaking various levels and hitting the SL at high. The context of the trade remains important, I do not think it is possible to apply the rules literally and a degree of elasticity must be maintained to avoid these situations. This brings me to rule 5: "There is always another chance or trade".
  • #14,738
  • May 12, 2020 1:15pm May 12, 2020 1:15pm
#10tradeschallenge #EURUSD GMT+1

Several breakouts during the noon made me away from trade for the rest of the day: no possible setups except for a single 5min candle around 16.00 which has opened just inside the area for a few seconds. It was too close to the High Open and I didn't trust it... but it would have turned into a good trade.

End of 2nd challenge trading day
Balance: - 16 pips. System is not about "entry signal", it's all about context and trade management. I begin to understand it and I'm fascinated by both the simplicity and the depth of the system. Signals are almost always clear and easy to read: the trader have to avoid freight trains and be wise when it's time to take profit. Need more practice.
  • #14,739
  • May 12, 2020 1:23pm May 12, 2020 1:23pm
Quoting JustJD
#10tradeschallenge #EURUSD GMT+1 Several breakouts during the noon made me away from trade for the rest of the day: no possible setups except for a single 5min candle around 16.00 which has opened just inside the area for a few seconds. It was too close to the High Open and I didn't trust it... but it would have turned into a good trade. End of 2nd challenge trading day Balance: - 16 pips. System is not about "entry signal", it's all about context and trade management. I begin to understand it and I'm fascinated by both the simplicity and the depth...
Stick with it, I have a feeling you'll get there.
  • #14,740
  • May 12, 2020 3:36pm May 12, 2020 3:36pm
Attached Image (click to enlarge)
Click to Enlarge Name: TOOSLOW.png Size: 68 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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