Highest Open / Lowest Open Trade

Hi Tooslow,

I understood the H1 open High line as that bar (Bar 19) has the highest open at that point of time for the day. What I am not sure is about H1 Open Low. At bar 12 or 6 where lowest open at that point of time for the day. So at that point of time they were the H1 Open Low?

When the H1 bar 12 opened was that the H1 lowest open at the time? Ditto for bars 11 through 0? It is a simple question to answer.

Cheers, Mate.

Who is taking the 10 trade challenge the week of JUNE 6, 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

Thank you for reply. if we look from bar 28 to bar 12, bar 12 has the lowest open. When the day goes further, price made more lower opens. Bar 12 also satisfy the condition that price should go down below open and come back up again. SO if bar 12 was bar 0 at that point of time, it triggered a buy signal. Correct me if I am wrong.

I have marked Lowest open and Highest Open in the chart. As it is a 15 minutes charts we need to look at the set of 4 candles (15*4= 60 minutes) to mark Lowest Open and Highest Open. Price opened at low and keep moving up for 1st one hour so Lowest open has been marked. In 2nd 1 hour price kept moving up so highest open has been marked. IN 3rd 1 hour price went up but supply hits the price and price fallen below open so now we are ready to open short trade.

So you must be in Sell trade with the stoploss of day high according to the chart.

Is my observation correct?

Hi Ankja2007.
I hope you don't mind me answering, but I hope this will help you. Forgive me if you know all of this, but it may help others.

Firstly, you have the first 60 minutes of the new trading day incorrectly marked. The first candle of the day (00.00) is two candles before where you have marked.
It is the first candle AFTER New York Close. (the big red bearish candle).

And remember the setups and entry levels come from the HIGHEST (or lowest) H1 OPEN price. NOT from any other time frame.

Now....the first hour of the new day will give you the Highest and Lowest H1 open price at the same time, and you are not going to know which until the first hour has closed, and the second hour has started. Then you will have both.
But it will give you the "current" daily High and Low which is important.

If you have a look at this, I will go through it hour by hour to look for setups.
I have used your USDJPY M15 as a reference. Don't be concerned about the different candles compared to yours as our brokers will have different feeds (and prices) especially in the early part of the day.



It looks a bit messy, but if we take it hour by hour, it should be okay.

So, as mentioned, the first hour gave us our.....
Daily Open...Daily High (DH)...Highest H1 Open (HH1O)...Daily Low....as it was at the end of the first hour.
In fact, candle A in hour 1 gave us all that information.

When Hour 2 opened, it gave us the LOWEST H1 Open price, and as you can see (green line) that level held until Hour 13 when candle A of that hour made a NEW Lowest H1 open.
And also hour 2 gave us a new daily HIGH (candle D).
Hour 2 did not give us a setup to take a trade.

Hour 3.
When candle A opened, it gave us a NEW Highest H1 open price. (HH1O)
We know where our Daily High is (candle D in hour 2)......so we now know the AREA OF INTEREST (AOI)......so we are waiting for the next 15 minute candle to open.......to see if it opens in our Area of Interest (AOI).
Because candle A DID NOT make a new Daily High, the setup is valid.

So when candle B opens in our area of interest (AOI), we should either...
Place a SELL STOP order at the HIGHEST H1 OPEN price.....with a stop above the Daily High....or
Wait for price to come down, and across the Highest H1 Open price.....and place a Market Sell order... (whichever you like)

Unfortunately, candle B would have triggered the trade, but it only moved about a pip and a half in our favor before closing slightly higher than its open price.

Candle C also opened in our Ara of Interest (AOI) but would NOT have triggered a trade as it didn't drop to the Highest H1 Open price.
But unfortunately, candle C went on to take our stop out which would have been just above the Daily High.
Candle C then went on to make a new daily high and as you can see, candle D also went on to another new daily high.

HOUR 4.
When candle A opened, it printed a new Highest H1 Open level. (That level held for the remainder of the day)
It also printed a NEW Daily HIGH. This level also held for the remainder of the day.

Those two levels provided us with the AREA OF INTEREST (AOI) for any short trades.
As you can see, there were zero M15 candle that opened within THAT area that would have provided an entry (according to the rules)

Because price hovered between the highest and lowest open prices for the next few hours, there was not a chance for a trade.

In fact, there was no action until Hour 8 where we saw a NEW Daily Low made.
So we know our LOWEST H1 OPEN price was printed in Hour 2.....and we now have a NEW daily low.....so our AREA OF INTEREST (AOI) changes.

But, unfortunately, we don't see any M15 candle OPEN in that AOI in hours 9,10, or 11.......so NO trade.

Hour 12 opens and we see candle A make a NEW daily Low.....our Lowest H1 OPEN price level remains the same from hour 2......but our area of interest (AOI) widens slightly with the new daily low.
But candles B,C and D failed to open in our AOI.....so no trade.
We also see that candle D went on to bake a NEW daily low.

HOUR 13.
When candle A opens, it prints a NEW LOWEST H1 OPEN price. (LH1O)
We know we have a new daily low price from the previous candle, so our AREA OF INTEREST changes again.

But again, we do not see and M15 candles open in that AOI, so no trade.

I could go on and on for the rest of the day, but it's getting close to my dinner time here in Aussie land, so I will leave it at that.
I do hope it is clear, and I haven't confused you

Cheers
Michael

Hi MichaelG,
Thanks for reply. You have explained it very well and all of the doubts have been cleared. Thanks for giving your time.

Nice work, MichaelG. Cheers, Mate.

Getting back to trading... BE +1 ended up BE +0 due to broker slippage.. better than lost not one of good entry at all. I am happy that I got out

Better wait for good setup

Take care

And patience paid off as usual

end for today, green pips to all

Who is taking the 10 trade challenge the week of JUNE 13, 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

short EU. +5 pips locked

Who is taking the 10 trade challenge the week of JUNE 20, 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

long EU, +5 pips locked.

Who is taking the 10 trade challenge the week of JUNE 27, 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

Love the simplicity of this system, just started learning how to use it yesterday!

short EU. +5 pips locked.

Who is taking the 10 trade challenge the week of JULY 4, 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