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Highest Open / Lowest Open Trade

  • #15,901
  • Oct 8, 2021 10:33am Oct 8, 2021 10:33am
Quoting AhmadHassan6
{quote} Alright, Let us say that if there is no break of yesterday's low, Price just make the low of today. What should I do?
See rule #3.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,902
  • Oct 9, 2021 4:31pm Oct 9, 2021 4:31pm
Who is taking the 10 trade challenge the week of OCTOBER 10, 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, Hi
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,903
  • Oct 12, 2021 1:22pm Oct 12, 2021 1:22pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,904
  • Oct 13, 2021 4:29pm Oct 13, 2021 4:29pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,905
  • Oct 15, 2021 1:07pm Oct 15, 2021 1:07pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15,906
  • Oct 17, 2021 6:26pm Oct 17, 2021 6:26pm
Who is taking the 10 trade challenge the week of OCTOBER 17, 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
  • #15,907
  • Edited 12:51pm Oct 18, 2021 8:07am | Edited 12:51pm
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...
First, thanks very much TooSlow. I started testing your method today. It is simple in itself, but I voted not simple a buttoo soon.
But I just found out Aeson created a wonderful scanner and trade manager. Very clever tool that helps me a lot making a trade decision. One suggestion and one question about these EA's to Aeson.
Suggestion: is it possible to delete a pending order when a bar breaks the high or low of that day? As I watch the charts, it doesn't seem to delete them.
Question: can you make your EA's available for MT5?
I believe so I exist
  • #15,908
  • Oct 18, 2021 8:13am Oct 18, 2021 8:13am
Quoting Cologne
{quote} First, thanks very much TooSlow. I started testing your method today. It is easy in itself, but I voted hard. There is no such thing as easy in trading. I would say your method is simple. But I just found out Aeson created a wonderful scanner and trade manager. Very clever tool that helps me a lot making a trade decision. One suggestion and one question about these EA's to Aeson. Suggestion: is it possible to delete a pending order when a bar breaks the high or low of that day? As I watch the charts, it doesn't seem to delete them. Question:...
It seems as if Aeson took exception to something someone said - and I cannot see why or whom - and has never been seen here again. He does not reply to PMs either as I was curious why he decided to quit.
Success to you, it took me a long time to figure this out.
Hercs.
Hercs
  • #15,909
  • Oct 18, 2021 8:20am Oct 18, 2021 8:20am
Quoting Hercs
{quote} It seems as if Aeson took exception to something someone said - and I cannot see why or whom - and has never been seen here again. He does not reply to PMs either as I was curious why he decided to quit. Success to you, it took me a long time to figure this out. Hercs.
Ah thanks, will work with what I have.
I believe so I exist
  • #15,910
  • Oct 19, 2021 8:02am Oct 19, 2021 8:02am
Was it mentioned in the previous 796 pages that the method seems to work best during New York session? During London session today I had many losses because price retraced enough to trigger the pending order. After that it went through the highs and lows.
I believe so I exist
  • #15,911
  • Oct 19, 2021 8:41am Oct 19, 2021 8:41am
Quoting Cologne
Was it mentioned in the previous 796 pages that the method seems to work best during New York session? During London session today I had many losses because price retraced enough to trigger the pending order. After that it went through the highs and lows.
Hey Cologne, welcome.

It might have had more to do with the fact that price had broken the high/low of the previous day on most pairs, it is mentioned in the rules that one needs to be cautious when this happens. I overlooked this rule for a while ; )

I would also have noted the fact that the previous day was an inside/small bar on a lot of pairs, this is not part of the rules though.

Hope this helps.
  • #15,912
  • Oct 19, 2021 8:45am Oct 19, 2021 8:45am
Quoting Wizzlebizzle
{quote} Hey Cologne, welcome. It might have had more to do with the fact that price had broken the high/low of the previous day on most pairs, it is mentioned in the rules that one needs to be cautious when this happens. I overlooked this rule for a while ; ) I would also have noted the fact that the previous day was an inside/small bar on a lot of pairs, this is not part of the rules though. Hope this helps.
Thanks, so this method is not that simple after all. I did check the previous day highs/lows with the trade manager I found here.
I believe so I exist
  • #15,913
  • Oct 19, 2021 10:49am Oct 19, 2021 10:49am
Quoting Cologne
{quote} Thanks, so this method is not that simple after all. I did check the previous day highs/lows with the trade manager I found here.
It still is simple. Forget the stuff that I had to say about inside bars etc, that is not part of the original rules.

Being cautious when the previous days high/low has been broken is part of the rules though.
  • #15,914
  • Oct 19, 2021 11:09am Oct 19, 2021 11:09am
Quoting Wizzlebizzle
{quote} It still is simple. Forget the stuff that I had to say about inside bars etc, that is not part of the original rules. Being cautious when the previous days high/low has been broken is part of the rules though.
I know that, but thanks for make me see why trades failed.
For now I will add my own rule that I only place the pending order when price is a few pips away from entry so it won’t trigger the trade early.
I believe so I exist
  • #15,915
  • Oct 19, 2021 11:36am Oct 19, 2021 11:36am
Quoting Cologne
{quote} I know that, but thanks for make me see why trades failed. For now I will add my own rule that I only place the pending order when price is a few pips away from entry so it won’t trigger the trade early.
Could you post some charts so we could check if you followed rulers properly? From your statement it is not clear which pair and what timedid you enter trade.
  • #15,916
  • Oct 19, 2021 11:45am Oct 19, 2021 11:45am
Quoting LooseMyMoney
{quote} Could you post some charts so we could check if you followed rulers properly? From your statement it is not clear which pair and what timedid you enter trade.
Thank you. I will do so tomorrow when i have time.
I believe so I exist
  • #15,917
  • Oct 20, 2021 12:36am Oct 20, 2021 12:36am
Quoting Cologne
{quote} I know that, but thanks for make me see why trades failed. For now I will add my own rule that I only place the pending order when price is a few pips away from entry so it won’t trigger the trade early.
Trades fail though, regardless of the best analysis in the world.
  • #15,918
  • Oct 20, 2021 2:18am Oct 20, 2021 2:18am
So I just took this trade at the opening of the bearish 5m candle. The candle before that did not create a new high. So to me, all rules are met. Price went down to trigger the trade and went up again hitting my sl. This happens a lot actually.
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I believe so I exist
  • #15,919
  • Oct 20, 2021 4:29am Oct 20, 2021 4:29am
Quoting Cologne
So I just took this trade at the opening of the bearish 5m candle. The candle before that did not create a new high. So to me, all rules are met. Price went down to trigger the trade and went up again hitting my sl. This happens a lot actually. {image}
1. I do not trade AUD/NZD and also it make not much sense to me why to trade it in London? Do you have any special reason for it? It was mention many times that we should trade most liquid pairs so during Londom session focus on EUR/GBP/CHF pairs. AUDNZD is good to trade in Tokyo at night.

2. All rulers are met here so you entered trade. As TooSlow mentioned many times this system has failures. I would personally not traded it due to high momentum that price reached H1 open. In this case I am usually waiting to some kind of PRICE compression and test open and them moved away from it but this is my modify and has nothing to do with original rulers.

Green pips to you.

Attached Image (click to enlarge)
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  • #15,920
  • Oct 20, 2021 4:33am Oct 20, 2021 4:33am
Quoting Cologne
So I just took this trade at the opening of the bearish 5m candle. The candle before that did not create a new high. So to me, all rules are met. Price went down to trigger the trade and went up again hitting my sl. This happens a lot actually. {image}
AN is rubbish as it trends too much and also - and perhaps even more important - you are trading a pair that are in 'market closed' mode.

The Southern Hemisphere currencies are generally best ignored - JPY being the exception.
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