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Highest Open / Lowest Open Trade

  • #15,761
  • May 27, 2021 2:59pm May 27, 2021 2:59pm
Could someone tell me on which page i can finde indicator to this strategy?
  • #15,762
  • May 27, 2021 8:01pm May 27, 2021 8:01pm
Quoting Hehehe
Could someone tell me on which page i can finde indicator to this strategy?
Download from the attachments. See the paperclip in upper right corner.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,763
  • May 29, 2021 4:10pm May 29, 2021 4:10pm
Who is taking the 10 trade challenge the week of MAY 30, 2021?

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!

PLEASE READ ALL OF POST #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,764
  • May 30, 2021 8:32am May 30, 2021 8:32am
Attached Image (click to enlarge)
Click to Enlarge Name: TOOSLOW.png Size: 70 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,765
  • May 31, 2021 12:13pm May 31, 2021 12:13pm
Hi, following the thread for some time. One question - has anyone managed to keep profitable trading only by the rules? From what I have seen there is A LOT of heuristic "bending the rules" which makes it feel more skill based than rule based. Cheers!
  • #15,766
  • May 31, 2021 11:27pm May 31, 2021 11:27pm
Long EU. Stoped at BE+1.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5.png Size: 74 KB
  • #15,767
  • Jun 1, 2021 11:03am Jun 1, 2021 11:03am
Quoting Wilczasty
Hi, following the thread for some time. One question - has anyone managed to keep profitable trading only by the rules? From what I have seen there is A LOT of heuristic "bending the rules" which makes it feel more skill based than rule based. Cheers!
Most are not willing to follow rules. Most are not willing to take the time to learn and practice the method. The few who do find their efforts are rewarded. Decide if you want to be one of the few. Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,768
  • Jun 2, 2021 4:40am Jun 2, 2021 4:40am
Long EU, -13 pips.
Did I miss something? Or just lose some win some.
Entry was exactly on LowestOpen at entry time.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5.png Size: 72 KB
  • #15,769
  • Jun 2, 2021 6:08am Jun 2, 2021 6:08am
Quoting skoras
Long EU, -13 pips. Did I miss something? Or just lose some win some. Entry was exactly on LowestOpen at entry time. {image}
Attached Image (click to enlarge)
Click to Enlarge Name: 86525159f8d61ee958bd608befb605cb.png Size: 37 KB
  • #15,770
  • Jun 2, 2021 7:15am Jun 2, 2021 7:15am
Quoting snail69
{quote} {image}
Hi snail69,
this is how I understand your explanation. Because price failed to pass trough orange horizontal line at once ( I mean there was pullback after touching this line) I should then drawn AB=CD and not enter this trade. Correct?
  • #15,771
  • Jun 2, 2021 8:00am Jun 2, 2021 8:00am
Quoting skoras
Long EU, -13 pips. Did I miss something? Or just lose some win some. Entry was exactly on LowestOpen at entry time. {image}
Forgot about some AB/CD non sense it is not part of this method , momentum was just too high and train need some time to stop in station remember?

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5.png Size: 48 KB
  • #15,772
  • Jun 2, 2021 8:35am Jun 2, 2021 8:35am
Quoting LooseMyMoney
{quote} momentum was just too high and train need some time to stop in station remember? {image}
Again smashed by fright train. FOMO won this tme.
  • #15,773
  • Jun 3, 2021 1:23am Jun 3, 2021 1:23am
Hey all,
fresh month start with +5 and +1 with pound.

Attached Image (click to enlarge)
Click to Enlarge Name: 01_03_06.png Size: 34 KB

Few minutes ago was also pretty nice setup but I was preparing my coffee at this time. Nevermind there is always another trade.

EUR/USD was not priority this morning due to high momentum downwards

Take care
  • #15,774
  • Jun 3, 2021 5:51am Jun 3, 2021 5:51am
Quoting LooseMyMoney
{quote}momentum was just too high and train need some time to stop in station remember? {image}
Can you advise if in this situation make any sense looking at other pair with lower momentum like GU, AU, UC, EurAud etc.. for potential trade?
  • #15,775
  • Jun 3, 2021 6:20am Jun 3, 2021 6:20am
Quoting skoras
{quote} Can you advise if in this situation make any sense looking at other pair with lower momentum like GU, AU, UC, EurAud etc.. for potential trade?
Well you have 2 possibilities, close MT4 and go away if your main pair trending like today or you could find a pair that is not correlated it with your main pair and look for opportunities there.

So answer is yes I added GBP/USD for these situations but you have to count with a little bit different behaviour and be carefull about it. So if you mastered method at EUR/USD find another suitable pair for you that is actively trading in your session

Take care
  • #15,776
  • Edited 7:33pm Jun 3, 2021 7:20pm | Edited 7:33pm
Quoting skoras
{quote} Hi snail69, this is how I understand your explanation. Because price failed to pass through the orange horizontal line at once (I mean there was pull back after touching this line) I should then draw AB=CD and not enter this trade. Correct?
@Skoras, sorry not to be more clear. Let me explain. Price moved back to a level, then finished AB=CD, what often indicates change of direction. On top of all there was a level D1 - low

What followed is shown on the attached picture.


@LooseMyMoney - no comment...
Attached Image (click to enlarge)
Click to Enlarge Name: 0afe413185b45bd267c997e3f1b514fb.png Size: 30 KB
  • #15,777
  • Jun 4, 2021 12:32pm Jun 4, 2021 12:32pm
Quoting skoras
Long EU. Stoped at BE+1. {image}
Isn't your SL fare below BE+1?
From your chart Entry= 1.22222 and SL= 1.22181
So if I'm not mistaken should be
BE= 1.22263 and BE+1= 1.22273

Isn't it?
  • #15,778
  • Jun 4, 2021 2:46pm Jun 4, 2021 2:46pm
Quoting Merka
{quote} Isn't your SL fare below BE+1?
Hi Merka,
first of all I am still rookie in FX and in this method, so I believe if I will mess up something other fellow traders will correct me.

BE = BreakEven = when you profit and loose is = 0 (zero)
BE+1 = BreakEven + 1 pip = when you profit is = 1pip

I have double check my chart and transaction statement and I actually won 1pip, so I quit at BE+1.

now going into details.
My entry point was Ask price at 1.22222 and initial SL below 1.22181. When BID price reached 1.22262 I moved my SL to 1.22232 which is BE+1pip, and that was hited.

What I can conclude from your post is that you difrently understand BE+1. It looks like for you it is Entry + 5 pips + 1 point (0,1pip). According the rules we should moved our SL 1 pip (10 points) above BE (entry price) once we are on 5 pips profit.
  • #15,779
  • Jun 4, 2021 3:02pm Jun 4, 2021 3:02pm
Quoting skoras
{quote} Hi Merka, first of all I am still rookie in FX and in this method, so I believe if I will mess up something other fellow traders will correct me. BE = BreakEven = when you profit and loose is = 0 (zero) BE+1 = BreakEven + 1 pip = when you profit is = 1pip I have double check my chart and transaction statement and I actually won 1pip, so I quit at BE+1. now going into details. My entry point was Ask price at 1.22222 and initial SL below 1.22181. When BID price reached 1.22262 I moved my SL to 1.22232 which is BE+1pip, and that was hited....
You are fully correct.
My bad
  • #15,780
  • Jun 5, 2021 6:07am Jun 5, 2021 6:07am
Quoting TooSlow
{image} {image} HIGHEST OPEN / LOWEST OPEN TRADE Place a line at the highest H1 open and lowest H1 open for the current day. Sell short at the highest H1 open after price goes up through it and comes back down. Buy at the lowest H1 open after price goes down through it and comes back up. Stop loss is the current daily high or current daily low. Adjust your position size accordingly. Take profit by moving stop. When trade is +5 or more, move stop to BE+1. When trade is +10 or more, move to to BE+5, or switch to trailing stop. Optional exit is to...

Thanks for this simple method. I was having some doubt on finding the highest H1 open and Lowest H1 open but after reading these rules 3-4 times, got some clarity. Will get back to you if any clarification is required. Looking for your support to clear doubts.
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