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Highest Open / Lowest Open Trade

  • #15,281
  • Sep 23, 2020 7:12am Sep 23, 2020 7:12am
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  • #15,282
  • Sep 23, 2020 8:42am Sep 23, 2020 8:42am
So I made a mistake and got into a trade in EURCAD that I shouldn't have for two reasons.

First, I was already long CADCHF and I was shorting EURCAD which meant I was long CAD in two positions which is something I try to avoid.
Second, the setup was not good! It had already moved short and retraced back into the area of interest so I should have waited for a new candle to see if there was another setup.

It went against me and I got stopped out.

This is good though
I'll happily take a losing trade that is caused by a mistake I made because those are the types of trades that we learn from.
This is my only loser in the last 2 days and it happened because I didn't think carefully about the trade I was entering.

An excellent lesson!

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  • #15,283
  • Sep 23, 2020 8:44am Sep 23, 2020 8:44am
CADCHF finally went somewhere after 4 hours!

+1

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  • #15,284
  • Sep 23, 2020 9:33am Sep 23, 2020 9:33am
+1 CHFJPY

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  • #15,285
  • Sep 23, 2020 3:23pm Sep 23, 2020 3:23pm
Quoting Aeson
CADCHF finally went somewhere after 4 hours! +1 {image}
Watch the news. You had the Crude Oil Inventories this afternoon, UK time. The Canadian Dollar is tied to Oil.

(As is the JPY, though to a lesser extent).
  • #15,286
  • Sep 23, 2020 4:51pm Sep 23, 2020 4:51pm
[quote = Aeson; 13180771] +1 CHFJPY {image} [/ quote]

Hello, a question, do you put +1 when the price reaches more than 5?
  • #15,287
  • Sep 23, 2020 8:58pm Sep 23, 2020 8:58pm
AUDUSD... + 9 pips

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  • #15,288
  • Sep 24, 2020 2:24am Sep 24, 2020 2:24am
Quoting lemercenaire
{quote} Watch the news. You had the Crude Oil Inventories this afternoon, UK time. The Canadian Dollar is tied to Oil. (As is the JPY, though to a lesser extent).
Thanks lemercenaire.

I still have a lot to learn about the impact of the news.
So you generally avoid trading around impactful news events?
  • #15,289
  • Sep 24, 2020 2:47am Sep 24, 2020 2:47am
Quoting luisfi
[quote = Aeson; 13180771] +1 CHFJPY {image} [/ quote] Hello, a question, do you put +1 when the price reaches more than 5?
Hi luisfi

I move my stop to +1 when price reaches +5.

What I do after that depends on whether I have time to monitor the trade closely
If I'm busy with work I will set a 5 pip trailing stop when prices reaches +6.

If I have time to monitor the trade more closely I will usually leave off the trailing stop until it reaches +10.

I would suggest going back and reading through the earlier pages of the thread.
TooSlow has explained the entire method in detail, including some approaches to scaling out.

Hope that helps.
  • #15,290
  • Sep 24, 2020 2:47am Sep 24, 2020 2:47am
Quoting hsav646
AUDUSD... + 9 pips {image}
Nice one
  • #15,291
  • Sep 24, 2020 3:20am Sep 24, 2020 3:20am
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...
Thanks great stuff. When I click to place an order it doesnt place it on the open (+spread) but it hovers @ spread distance from price.
  • #15,292
  • Sep 24, 2020 3:27am Sep 24, 2020 3:27am
Quoting Anusragger
{quote} Thanks great stuff. When I click to place an order it doesnt place it on the open (+spread) but it hovers @ spread distance from price.
Sorry Anusragger, I'm not sure I understand.
Would you mind clarifying that and maybe posting a screenshot to demonstrate the issue?

Thanks.
  • #15,293
  • Sep 24, 2020 3:45am Sep 24, 2020 3:45am
Quoting Aeson
{quote} Sorry Anusragger, I'm not sure I understand. Would you mind clarifying that and maybe posting a screenshot to demonstrate the issue? Thanks.
EA should place order at holo (+spread). It does not. Attached short should be at bid, if I'm not mistaking.
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  • #15,294
  • Sep 24, 2020 3:55am Sep 24, 2020 3:55am
Attached Image
Another short. Order not set @ H1 open bid CADCHF M15
  • #15,295
  • Sep 24, 2020 3:56am Sep 24, 2020 3:56am
Quoting Anusragger
{quote} EA should place order at holo (+spread). It does not. Attached short should be at bid, if I'm not mistaking. {image}
Agreed something doesn't look right there.

Would you mind including the entire screenshot please?
Or at least posting the symbol and timeframe you're looking at?

Very difficult for me to test based on the screenshot provided.

Thanks.
  • #15,296
  • Sep 24, 2020 4:02am Sep 24, 2020 4:02am
Quoting Aeson
{quote} Agreed something doesn't look right there. Would you mind including the entire screenshot please? Or at least posting the symbol and timeframe you're looking at? Very difficult for me to test based on the screenshot provided. Thanks.
First is GBPCAD M15
Second CADCHF M15
  • #15,297
  • Sep 24, 2020 4:19am Sep 24, 2020 4:19am
Quoting Anusragger
{quote} First is GBPCAD M15 Second CADCHF M15
Okay I think I understand what's happening.
So currently the entry for shorts is set at (Open High - Spread).
This means that the Ask needs to reach the Open High for an entry.

So should it be that a short entry is when the Bid reaches the Open High rather than the Ask?
  • #15,298
  • Sep 24, 2020 4:31am Sep 24, 2020 4:31am
Quoting Aeson
{quote} Okay I think I understand what's happening. So currently the entry for shorts is set at (Open High - Spread). This means that the Ask needs to reach the Open High for an entry. So should it be that a short entry is when the Bid reaches the Open High rather than the Ask?
If that would place the order at the open, yes. In my worthless opinion.
  • #15,299
  • Sep 24, 2020 4:35am Sep 24, 2020 4:35am
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCADM15.png Size: 51 KB

This also is strange.
  • #15,300
  • Sep 24, 2020 4:42am Sep 24, 2020 4:42am
Quoting Anusragger
{quote} If that would place the order at the open, yes. In my worthless opinion.
Nobodies opinion is worthless

And as it happens, you are absolutely right!
Went back and re-read the Holo.pdf from post #1 and it clearly states short entries at the bid so thanks for clearing that up for me and probably saving me many future pips!

Updated version attached and I'll also update the other post with the new version.

I've had a few messages regarding adding additional features however I'm not going to do that until I get it posted to GithHub.
I will address any high priority bugs like this though.

Thanks Anusragger!

Edit: seems I can't update the original post from yesterday, is there a 24hour limit on editing?
Attached File(s)
File Type: ex4 HOLO_Trade_Manager_1.01.ex4   50 KB | 1,135 downloads
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