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Highest Open / Lowest Open Trade

  • #14,741
  • May 12, 2020 3:37pm May 12, 2020 3:37pm
Quoting JustJD
{quote} 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.
Those who want to learn, use the tools provided by the instructor.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14,742
  • May 13, 2020 7:32am May 13, 2020 7:32am
#10tradeschallenge #EURUSD GMT+1

I will accept the "subtle" advice from the instructor and start working and posting official charts. Today more time for practice, I moved from 15m to 5m timeframe for entries.

7th trade
Attached Image (click to enlarge)
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BUY Entry at: 1.08454 (ask price), 9.20 candle
TP at 1.0496 (+4 pips), 9.20 candle
5 min trade. Price near a descending trendline so I decided to TP around 5 pips. Good idea, cause price would've hit my BE+1 SL after a few mins.


8th trade
Attached Image (click to enlarge)
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BUY Entry at: 1.08381 (ask price), 10.10 candle
TP at 1.0428 (+4 pips), 10.20 candle
After hit the 5 pips the price seemed to reverse, so I preferred to secure the trade. Good idea again, cause I would have been stopped out at BE+1.


9th trade
Attached Image (click to enlarge)
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BUY Entry at: 1.08386 (ask price), 11.15 candle
TP at 1.0490 (+10 pips), 12.10 candle
I tried a different exit strategy, giving trade more breath. The new daily low and the following candle patterns made me confident that the price is going up so I leave SL at Low and set TP at 10. With a little more trust I could have gone all the way up to the daily High.


10th trade
Attached Image (click to enlarge)
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SELL Entry at: 1.08549 (bid price), 12.45 candle
SL at High 1.0580 (-3 pips), 12.50 candle
Freight traaain... hit! Crazy operation. New daily high, I moved to 15m chart and waited for a candle open inside the area of interest, avoiding an entry a few minutes before (5m chart). When I entered I immediately realized the error (also a very close SL). It would have been better stay out of the market.


Day 3: End of the "10 Trades Challenge"
Balance -1 pip. The more I look at the charts the more I think I understand something new. The challenge has been very helpful: thanks for the proposal, TooSlow, and for "moral support", lemercenaire. I'll continue practicing this week with EURUSD, next week I would like to test with another pair. Tips? I operate mainly during London.
  • #14,743
  • May 13, 2020 12:21pm May 13, 2020 12:21pm
Quoting JustJD
#10tradeschallenge #EURUSD GMT+1 I will accept the "subtle" advice from the instructor and start working and posting official charts. Today more time for practice, I moved from 15m to 5m timeframe for entries. 7th trade {image} BUY Entry at: 1.08454 (ask price), 9.20 candle TP at 1.0496 (+4 pips), 9.20 candle 5 min trade. Price near a descending trendline so I decided to TP around 5 pips. Good idea, cause price would've hit my BE+1 SL after a few mins. 8th trade {image} BUY Entry at: 1.08381 (ask price), 10.10 candle TP at 1.0428 (+4 pips), 10.20...
Nicely done. Lessons learned and stored in the memory vault!

You could look at UJ (beginning and end of UK sessions). UC (midday - US Open - thru UK arvo) is also good. Don't cast your net too wide though. Keep the pairs under control and keep using the analysis you are bring into things. It is obviously helping you.

You could also consider EG, however please check how that is doing just now, as it can be kind of streaky, performing well for a couple of months and then going off the boil, before coming good again.
  • #14,744
  • May 13, 2020 5:36pm May 13, 2020 5:36pm
Quoting JustJD
... The challenge has been very helpful: thanks for the proposal, TooSlow, and for "moral support", lemercenaire. I'll continue practicing this week with EURUSD, next week I would like to test with another pair. Tips? I operate mainly during London.
Stay with the same pair until you have mastered the method.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14,745
  • May 14, 2020 6:20am May 14, 2020 6:20am
Hi Just joined. I have read post#1 and studied the pdf.
Just for clarity. If price breaks yesterdays hi/lo but returns back below /above is it valid to continue or is it still classed as a breakout.
Thanks.
  • #14,746
  • May 14, 2020 6:41am May 14, 2020 6:41am
Quoting Spikehunter
Hi Just joined. I have read post#1 and studied the pdf. Just for clarity. If price breaks yesterdays hi/lo but returns back below /above is it valid to continue or is it still classed as a breakout. Thanks.
The breakout has been and gone and simply continue on, albeit bearing in mind where price is in relation to yesterday's H/L now.

This is an advisory caution. Trading past the extremes is not forbidden, just be careful. Look at price action. If in doubt, stay out.

As for the breakout rule itself, then it oy stands so long as price remains inside the candle that did the actual break.
  • #14,747
  • May 15, 2020 12:26pm May 15, 2020 12:26pm
Hello there, im a new trader, just found out this thread, i would like to know about it. I have read post #1, i have questions. Probablly a noob question. Haha.

Can this be traded on other sessions? Or specifically for london and NY sessions only?

The BE for this system, is 5pips? Or more? Haha. Kinda confused about the 'BE+5', thinking that in my terms, BE = 5pips, so 'BE+5' is 5 + 5 pips?, Correct me if im wrong. Sorry again for the noob questions.

Cheers.
  • #14,748
  • Edited 4:10pm May 15, 2020 1:47pm | Edited 4:10pm
End of the first week with the system. I made a few more trades, after the reported challenge, closing the week with +7,5 pips (basically recovering the losses of the first half of the test week). As already observed, the system seems solid, an excellent tool in the hands of a wise trader. I will follow the advice of TooSlow and will insist with EU next week, until I gain more self-confidence, especially in trade management.

Over the weekend I will take the opportunity to practice with the simulator generously provided by Quantem in this thread.
I have already tested the system tpl and it works properly.

Have a nice weekend everyone.

P.S.

Quote
Can this be traded on other sessions? Or specifically for london and NY sessions only?

The BE for this system, is 5pips? Or more? Haha. Kinda confused about the 'BE+5', thinking that in my terms, BE = 5pips, so 'BE+5' is 5 + 5 pips?, Correct me if im wrong. Sorry again for the noob questions.

Yes, the system seems to be tradable in each session, obviously choosing the pair accordingly. BE is break even (=0). BE+5 is Break even plus 5 pips (0+5=5).
  • #14,749
  • May 16, 2020 1:04am May 16, 2020 1:04am
Some more questions, i forgot to include in the post yesterday. Sorry.

Just to make myself sure, while looking at the H1 chart, for example, for a sell trade,we MUST WAIT for a new candle to open ABOVE(which will make a new highest open,right?) the previous highest open 1hr candle right?

Also, for buy trade, we MUST WAIT for a new candle to open BELOW(which will make a new lowest open, right?)the previous lowest open 1hr candle right?

Or am i wrong?

after the 1hr candle made a NEWEST highest/lowest open on 1hr chart, only then we switch to smaller timeframe right?

correct me if im wrong, im here to learn in-depth about this system. again. sorry for the noob questions.
  • #14,750
  • May 16, 2020 10:09am May 16, 2020 10:09am
Quoting MichaelG
Hi All, I wanted to try to help explain the entry process in a "visual" fashion that may (or may not) be of assistance to some traders. This is a series of charts looking at each step in the process of identifying possible setups, identifying actual valid setups, and activating the trade. There are notations on each chart....starting with the H1....and ending at the M15. I am specifically looking at a SELL trade in this example. The EXACT REVERSE will be true for a BUY trade. I trust this will be of assistance. Regards Michael {image} In the above...
Hello areNorman, the quoted post was invaluable for me to really understand the method.
Wow! I've got some experience to gain.
  • #14,751
  • May 16, 2020 11:10am May 16, 2020 11:10am
Quoting arenNorman
Some more questions, i forgot to include in the post yesterday. Sorry. Just to make myself sure, while looking at the H1 chart, for example, for a sell trade,we MUST WAIT for a new candle to open ABOVE(which will make a new highest open,right?) the previous highest open 1hr candle right? Also, for buy trade, we MUST WAIT for a new candle to open BELOW(which will make a new lowest open, right?)the previous lowest open 1hr candle right? Or am i wrong? after the 1hr candle made a NEWEST highest/lowest open on 1hr chart, only then we switch to smaller...
Totally correct. I also second the suggestion that you should read Michael's pdf, it's all there written down in one place. Very handy.
  • #14,752
  • May 16, 2020 4:35pm May 16, 2020 4:35pm
Hi Everyone,

Special thanks to TooSlow and all the other contributions to this thread. I've been going through all the posting from the first and have loaded up Swingman's indicator and TooSlow's shared template. The attached chart is for last Fri, Jun 15 and I noticed that the HO and LO is not painted correctly. If I am wrong please point me in the right direction. If I am right, may I request one of the coders or Swingman to correct this?

Attached Image (click to enlarge)
Click to Enlarge Name: HOLO EURUSDH1.png Size: 65 KB
  • #14,753
  • May 16, 2020 4:47pm May 16, 2020 4:47pm
Quoting fxtrader2k7
Hi Everyone, Special thanks to TooSlow and all the other contributions to this thread. I've been going through all the posting from the first and have loaded up Swingman's indicator and TooSlow's shared template. The attached chart is for last Fri, Jun 15 and I noticed that the HO and LO is not painted correctly. If I am wrong please point me in the right direction. If I am right, may I request one of the coders or Swingman to correct this? {image}
It is your understanding that is not correct. The code works correctly.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14,754
  • May 16, 2020 4:58pm May 16, 2020 4:58pm
Who is taking the 10 trade challenge the week of MAY 17, 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
  • #14,755
  • May 16, 2020 5:57pm May 16, 2020 5:57pm
Quoting fxtrader2k7
Hi Everyone, Special thanks to TooSlow and all the other contributions to this thread. I've been going through all the posting from the first and have loaded up Swingman's indicator and TooSlow's shared template. The attached chart is for last Fri, Jun 15 and I noticed that the HO and LO is not painted correctly. If I am wrong please point me in the right direction. If I am right, may I request one of the coders or Swingman to correct this? {image}
Nope, sorry. The indi is correct, you're reading it wrong.

For instance. You claim the H1 Highest Open is wrong. Well, what about the big red candle to the right? See it?

Also, the Lowest H1 Open you claim is wrong. Again, no it's not. Look left at the previous big green candle. That is the Lowest H1 Open and is indeed marked as such.
  • #14,756
  • May 17, 2020 5:27am May 17, 2020 5:27am
Quoting lemercenaire
{quote} Nope, sorry. The indi is correct, you're reading it wrong. For instance. You claim the H1 Highest Open is wrong. Well, what about the big red candle to the right? See it? Also, the Lowest H1 Open you claim is wrong. Again, no it's not. Look left at the previous big green candle. That is the Lowest H1 Open and is indeed marked as such.
Thanks for clearing this up for me. I was reading the rules as the open of the highest or lowest candle when it should be the candle with the highest or lowest open. I was looking for the highest or lowest candle when I should be looking for the highest or lowest opening price of the 1 hour candle.
  • #14,757
  • May 17, 2020 7:25am May 17, 2020 7:25am
Quoting arenNorman
Some more questions, i forgot to include in the post yesterday. Sorry. Just to make myself sure, while looking at the H1 chart, for example, for a sell trade,we MUST WAIT for a new candle to open ABOVE(which will make a new highest open,right?) the previous highest open 1hr candle right? Also, for buy trade, we MUST WAIT for a new candle to open BELOW(which will make a new lowest open, right?)the previous lowest open 1hr candle right? Or am i wrong? after the 1hr candle made a NEWEST highest/lowest open on 1hr chart, only then we switch to smaller...

This point is not totally clear for me. Have I to wait that a new highest/lowest open is set before i can switch to my trigger timeframe?
Until now I just waited that a candle open inside the area of interest using my trigger timeframe.
  • #14,758
  • May 17, 2020 7:31am May 17, 2020 7:31am
Quoting JustJD
{quote} This point is not totally clear for me. Have I to wait that a new highest/lowest open is set before i can switch to my trigger timeframe? Until now I just waited that a candle open inside the area of interest using my trigger timeframe.
Once a new (whenever it was formed) H1 H/L Open is formed, you have your Area of Interest. As soon as that happens, you drop to the 15-min (or 5-min) chart and wait for your entry candle to open.
  • #14,759
  • Edited 8:11am May 17, 2020 7:51am | Edited 8:11am
Quoting lemercenaire
{quote} Once a new (whenever it was formed) H1 H/L Open is formed, you have your Area of Interest. As soon as that happens, you drop to the 15-min (or 5-min) chart and wait for your entry candle to open.
Ok, but this area remains valid until a new area is formed (new hi/lo open or breakout) or is there a time limit?
  • #14,760
  • May 17, 2020 8:22am May 17, 2020 8:22am
Quoting JustJD
{quote} Ok, but this area remains valid until a new area is formed (new hi/lo open or breakout) or is there a time limit?
It remains valid until a new one is formed.
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