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Highest Open / Lowest Open Trade

  • #15,261
  • Sep 21, 2020 8:15am Sep 21, 2020 8:15am
Another nice trade just now on GBPAUD.
Spread is pretty crazy on this pair but it's pretty volatile and seems to make big moves throughout the day.

There was a strong rejection off the daily high and it made a quick move down towards the open so I got in.

My trailing stop got taken out when the spread widened to over 5 pips!

Came away with +10


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  • #15,262
  • Sep 21, 2020 10:03am Sep 21, 2020 10:03am
BE trade here on CADJPY.

It made a decent push long at the open of of the M15 so I got in.
However it then went against me almost immediately and went almost -0.5R.

It recovered and started to climb again but I got anxious and moved stop to BE at +3pips out of fear it would go the other way again.

Ended up reaching about +7 before falling back again so would have been a +1 if I'd stayed in.

Not sure if I made the correct decision or not.
I shouldn't let fear dictate my actions in a trade, but at the same time if I don't feel comfortable in the trade maybe it's better to get out at BE and move on to the next one

What do you guys think?

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  • #15,263
  • Sep 21, 2020 11:37am Sep 21, 2020 11:37am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,264
  • Sep 22, 2020 3:36am Sep 22, 2020 3:36am
First trade today on USDCHF.

Got a bit antsy and moved by stop to +1 at +3 and ended up getting taken out.
If I'd waited and given it some more breathing room I'd still be in now with a trailing stop deployed.
Need to get my psychology under control, I'm sure that's something that comes with more experience!

For the rest of today I'm going to try and stick to plan for scaling out and not let my emotions get in the way!

+1 pip and +1 experience

Edit: Trailing stop would have been hit at +14... a more experienced trader would have banked those pips.. live and learn

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  • #15,265
  • Sep 22, 2020 5:35am Sep 22, 2020 5:35am
Quoting Aeson
First trade today on USDCHF. Got a bit antsy and moved by stop to +1 at +3 and ended up getting taken out. If I'd waited and given it some more breathing room I'd still be in now with a trailing stop deployed. Need to get my psychology under control, I'm sure that's something that comes with more experience! For the rest of today I'm going to try and stick to plan for scaling out and not let my emotions get in the way! +1 pip and +1 experience Edit: Trailing stop would have been hit at +14... a more experienced trader would have banked...
Johnny Hindsight is always right! Look at it this way, you came out with a positive result. That's all that matters. Experience is a hard won prize.
  • #15,266
  • Sep 22, 2020 5:38am Sep 22, 2020 5:38am
Quoting Aeson
First trade today on USDCHF. Got a bit antsy and moved by stop to +1 at +3 and ended up getting taken out. If I'd waited and given it some more breathing room I'd still be in now with a trailing stop deployed. Need to get my psychology under control, I'm sure that's something that comes with more experience! For the rest of today I'm going to try and stick to plan for scaling out and not let my emotions get in the way! +1 pip and +1 experience Edit: Trailing stop would have been hit at +14... a more experienced trader would have banked...
Breakout of yesterday high?
  • #15,267
  • Sep 22, 2020 7:22am Sep 22, 2020 7:22am
AUDUSD... + 10 pips

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  • #15,268
  • Sep 22, 2020 7:24am Sep 22, 2020 7:24am
Quoting lemercenaire
{quote} Johnny Hindsight is always right! Look at it this way, you came out with a positive result. That's all that matters. Experience is a hard won prize.
Absolutely!
  • #15,269
  • Sep 22, 2020 7:29am Sep 22, 2020 7:29am
Quoting hsav646
AUDUSD... + 10 pips {image}
Nice one!

I was considering getting in there too but I was already in NZDJPY.
The movement of the two pairs seemed closely correlated so I opted not to enter in AUDUSD too as it felt like I would be overexposing myself.

Came out with +7

Edit: added a little note to myself on the charts

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  • #15,270
  • Sep 22, 2020 7:38am Sep 22, 2020 7:38am
Quoting Anusragger
{quote} Breakout of yesterday high?
Previous hour was a breakout of D1 high yes.
  • #15,271
  • Sep 22, 2020 7:57am Sep 22, 2020 7:57am
Quoting Aeson
{quote} Previous hour was a breakout of D1 high yes.
Also current hour if I'm not mistaking.
  • #15,272
  • Sep 22, 2020 8:05am Sep 22, 2020 8:05am
Quoting Aeson
{quote} Nice one! I was considering getting in there too but I was already in NZDJPY. The movement of the two pairs seemed closely correlated so I opted not to enter in AUDUSD too as it felt like I would be overexposing myself. Came out with +7 Edit: added a little note to myself on the charts {image}
I missed a USDCAD trade in the opposite direction...

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  • #15,273
  • Sep 22, 2020 8:10am Sep 22, 2020 8:10am
Quoting Anusragger
{quote} Also current hour if I'm not mistaking.
Well the price does go above the D1 high yes but I would not consider that a breakout as the breakout already happened.
The new Daily High is now the next breakout level.

That's my understanding of the HOLO rules anyway.
Maybe I've misinterpreted this along the way, if so please feel free to correct me
  • #15,274
  • Sep 22, 2020 8:16am Sep 22, 2020 8:16am
Quoting hsav646
{quote} I missed a USDCAD trade in the opposite direction... {image}
There's no such thing as a missed trade, there's only the next trade

Just out of NZDCAD for +4


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  • #15,275
  • Sep 23, 2020 2:36am Sep 23, 2020 2:36am
Morning/Afternoon/Evening all, wherever you may be!

Quick +1 on GPDUSD

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  • #15,276
  • Sep 23, 2020 3:29am Sep 23, 2020 3:29am
I've had a few people express interest in using the EA I created to help manage my HOLO trades.
So I've decided to make it available for others to use.

I'm also posting another EA that alerts when HOLO setups appear across a customisable list of pairs.

Naturally, I take no responsibility for any trades placed using either of the EAs provided in this post.
These were created for my personal use and suited to my personal approach to this method.
I'm releasing only on request from some members of the community.
Please test these on DEMO ONLY until you are satisfied they are suitable for your needs.

Okay, now that's out of the way


HOLO Scanner
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Click to Enlarge Name: HOLO_Scanner.png Size: 20 KB


The HOLO Scanner will check for entries in the configured list of currency pairs and displays buttons that will open a chart on that pair when clicked.
You can choose to scan for M5 or M15 entries.
The button will go green if there is a potential setup and there are optional alerts too.

You can also specify a template to be loaded into the newly opened chart windows.
I have my template set up with the HOLO Trade Manager so it's loaded automatically when a new chart window is opened.

HOLO Trade Manager
The trade manager is designed to provide a quick and easy method to set up your orders and adjust on the fly as the trade progresses.
Here is a quick explanation of the buttons:

Buy Stop/Sell Stop
Places a pending Buy Stop or Sell Stop order. For a long trade, the entry price is placed at the Low Open + Current Spread.
This means the buy in happens when the Bid crosses the Low Open as per HOLO rules.
The stop loss is placed at the Daily Low - Spread, which means that the Ask must cross the Daily Low to stop you out.

Short orders follow the same principal.

Move Stop to BE +1
Fairly self explanatory. This will move your stop loss to BE +1 pips.
You can use the +/- buttons to adjust the number of pips the stop will be moved to.
(Clicking +/- buttons will not move the stop itself, they only adjust the affect of the 'Move' button)

Set Trailing Stop
This will set your stop loss trailing based on it's current distance from the price.
So if your stop is at +1 and the price is at +5, clicking this will set your stop trailing at 4 pips.

Close Open/Pending Orders
Again pretty self explanatory. This will close any order currently open for the current pair.
Pending orders will be deleted.
Open orders will be closed at the current market level.

There are several options to turn off different features too.
E.g. you can turn off the built in HOLO levels and symbol info and display only the trade buttons.
This will allow it to be used in conjunction with the existing HOLO indicator or any other set up.

If anyone has any issues, finds any bugs or has any other requests/suggestions for improvements please let me know.

Once I clean up the code a bit and make it a bit more... presentable (to be the point I won't mind other people seeing it ) I'm going to post the source to GitHub so other's can collaborate and submit features/improvements/bug fixes etc. or they can simply fork it and modify as they see fit.

Hope some people find these useful

Big thanks to TooSlow for teaching us all this amazing and simple approach to trading.
Attached File(s)
File Type: ex4 HOLO_Scanner.ex4   25 KB | 1,257 downloads
File Type: ex4 HOLO_Trade_Manager.ex4   50 KB | 918 downloads
  • #15,277
  • Sep 23, 2020 4:50am Sep 23, 2020 4:50am
Quoting Aeson
I've had a few people express interest in using the EA I created to help manage my HOLO trades. So I've decided to make it available for others to use. I'm also posting another EA that alerts when HOLO setups appear across a customisable list of pairs. Naturally, I take no responsibility for any trades placed using either of the EAs provided in this post. These were created for my personal use and suited to my personal approach to this method. I'm releasing only on request from some members of the community. Please test these on DEMO ONLY until...
Nice work and thanks for your generosity in sharing. Also, unlike most frivolous "helpful" additions ie redundant indicators, these add value to the method.

Thanks again.
  • #15,278
  • Sep 23, 2020 5:03am Sep 23, 2020 5:03am
Quoting lemercenaire
{quote} Nice work and thanks for your generosity in sharing. Also, unlike most frivolous "helpful" additions ie redundant indicators, these add value to the method. Thanks again.
Thanks lemercenaire!
Really appreciate the feedback
  • #15,279
  • Sep 23, 2020 5:57am Sep 23, 2020 5:57am
+2 EURAUD

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  • #15,280
  • Sep 23, 2020 6:37am Sep 23, 2020 6:37am
CADCHF ranging for 2hours now...

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