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Highest Open / Lowest Open Trade

  • #16,241
  • Apr 14, 2022 9:16am Apr 14, 2022 9:16am
Quoting snakecharmer
All advice welcomed, please take a look at attached. {image} {image}
the new H1 had a higher open and a higher high, look at the M15

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  • #16,242
  • Apr 14, 2022 9:55am Apr 14, 2022 9:55am
Quoting lbtrader
{quote} the new H1 had a higher open and a higher high, look at the M15 {image}{image}
Thanks for the input lb but I can't see the higher open only the higher high wick
Attached Image (click to enlarge)
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  • #16,243
  • Apr 14, 2022 11:07am Apr 14, 2022 11:07am
Quoting snakecharmer
{quote} Thanks for the input lb but I can't see the higher open only the higher high wick {image}
8:00 candle opens 14181.0
9:00 candle opens 14183.5
16:00 candle opens 14185.2
a new higher high means you have to wait for a valid candle
  • #16,244
  • Apr 14, 2022 9:37pm Apr 14, 2022 9:37pm
Quoting snakecharmer
All advice welcomed, please take a look at attached. {image} {image}


1. turn your white candles to black and use "the strategy" as a set of guide posts.
2. Use spikes/wicks (or what name you want) as a foundation for understanding where the informed trading begins. Most people have a "what you see is what you get" approach and have never seen a market active up close and personal, so they assume the chart is "true". This is no opinion it's based on years of real trading, both on the floor and with my own accounts.
3. Use rollover points to see activity. Strategy or not, the market you trade has no knowledge of your strategy (in the sense of being self aware) so it's your job to see what it does and how it does it.

Side note - Ichimoku is great for seeing references and is actually a lot of fun to use. But you still need to know the how and what for your market of choice. I have used IM many times when the situation calls for certain references. So maybe "strategies" are not absolute.

4. Use a practice account to deliberately try to trade both directions, ignoring profit and loss so choose a large balance to start. Use each rollover / reversal point as a stop, look then go reference area so you see each internal high low and extended reference spike/wick.

5. When spread is wide trade short. When it's narrow try to trade with momentum.

There's probably tens of 1000's of perceptions/points of view and opinions as to how one should setup their chart and view of the information that is required, but up. down and sideways never go out of style and fashion.

I hope this helps and (Too Slow) I hope this is not intruding on this thread.


Peter
Real Trading is not gambling.
  • #16,245
  • Apr 15, 2022 2:42am Apr 15, 2022 2:42am
Quoting PeterCaleb
{quote} 1. turn your white candles to black and use "the strategy" as a set of guide posts. 2. Use spikes/wicks (or what name you want) as a foundation for understanding where the informed trading begins. Most people have a "what you see is what you get" approach and have never seen a market active up close and personal, so they assume the chart is "true". This is no opinion it's based on years of real trading, both on the floor and with my own accounts. 3. Use rollover points to see activity. Strategy or not, the market you trade has no knowledge...
Thank you for your time and reply. I will try to take on board as much as possible from your advice. Much appreciate it.
  • #16,246
  • Apr 15, 2022 3:01am Apr 15, 2022 3:01am
Thought process and chart analysis for EUR/USD first hour of London open.

All advice welcomed.
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  • #16,247
  • Edited 9:06am Apr 15, 2022 6:45am | Edited 9:06am
UJ starts the play EJ and AJ follow suite lagging behind, tenner, fiver and fiver
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  • #16,248
  • Apr 15, 2022 7:36am Apr 15, 2022 7:36am
All of them actually, all the correlated JPY show the same, you can trade one or all of them, just pick one with a lower spread.
Quoting PeterCaleb
{quote}5. When spread is wide trade short. When it's narrow try to trade with momentum.
lock your profit quickly and promptly
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  • #16,249
  • Edited 9:07am Apr 15, 2022 8:20am | Edited 9:07am
EJ strike 2, terrible spread
Attached Image (click to enlarge)
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  • #16,250
  • Apr 15, 2022 8:45am Apr 15, 2022 8:45am
Quoting lbtrader
EJ strike 2, terrible spread {image}
The world is on holiday.
  • #16,251
  • Apr 15, 2022 9:15am Apr 15, 2022 9:15am
I missed the second one which could have made double the first before SL because I was watching the trade as it went into the red before it reversed and crossed the old H1 high again and turned to green
Attached Image (click to enlarge)
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  • #16,252
  • Apr 16, 2022 1:21am Apr 16, 2022 1:21am
Quoting PeterCaleb
I hope this helps and (Too Slow) I hope this is not intruding on this thread. Peter
No worries, Mate. Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,253
  • Apr 16, 2022 1:27am Apr 16, 2022 1:27am
Quoting mckeep
Today's trades so far AUDUSD -5, -5, +10 USDCHF +11 Missed a good trade after, good entry should have been on M1 TF USDJPY +14 {image}{image}{image}
Stopping out below the current daily high may be a bit premature. Set stop above current daily high. If the price is not going up to make new highs, then it is going down. That first -5, looks like it was a +5 winner had you taken profit. Breakeven +1 should have been the worst case.

Keep at it, Mate. Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,254
  • Apr 16, 2022 1:28am Apr 16, 2022 1:28am
Who is taking the 10 trade challenge the week of April 17, 2022?

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
  • #16,255
  • Apr 16, 2022 3:16am Apr 16, 2022 3:16am
Quoting TooSlow
Who is taking the 10 trade challenge the week of April 17, 2022? 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
Hi Too Slow,

I will take the challenge, I will trade EUR/USD and post my charts starting with the London open.
  • #16,256
  • Apr 16, 2022 2:14pm Apr 16, 2022 2:14pm
Quoting TooSlow
{quote} Stopping out below the current daily high may be a bit premature. Set stop above current daily high. If the price is not going up to make new highs, then it is going down. That first -5, looks like it was a +5 winner had you taken profit. Breakeven +1 should have been the worst case. Keep at it, Mate. Cheers!
Thank you,
i had set my stop loss at 5 pips without considering the highest of the day as a way of minimizing losses, however as you say, the small losses have added up as to 10pips. Had i set my stop loss at 10pips probably the SL would not have been hit. Learning continues
  • #16,257
  • Apr 16, 2022 3:04pm Apr 16, 2022 3:04pm
Quoting TooSlow
{image} Chart showing the last 24 open prices. Does this help you understand this method?
Hi TooSlow,

I have a couple of questions regarding the chart in the above post. Would there have been a sell entry at 123.983 level with the SL at the HH after the 16:00 candle opened? ( we can clearly see once the 16:00 candle opened a move to the up in the wick and then a strong rejection in the red candle which broke the highest open/entry for short sell)

And also could you have taken that sell entry without looking at any lower timeframes or you need a confirmation looking on the 15M or 5M timeframes for another reverse and then a close and open in the area of interest( which is highest open of the day and highest high of the day) and then prepare for execution once the highest open level is broken?

Thank you (sorry if it has been asked in the past and I hope I am very clear about the question, just trying to make my thought process and rules very clear)
  • #16,258
  • Apr 16, 2022 11:16pm Apr 16, 2022 11:16pm
Let me take a crack at it .....

Snakecharmer .... What makes sense to your way of thinking as you look back at that situation playing out? Can you see other situations that look similar or same? SL's are a way to gauge/examine your max level of knowledge.

Eg -


Attached Image (click to enlarge)
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Big green and big red are doing what, in line with back left? What's going on back there? --- Way to think IF you want in early?
Or, SEE big green and red and then "expect" the small 2 period move back up --- Way to get in WITH momentum.

Is this move looking better for reversal or bigger up move? ---- A 'what IF' thought as if you are the market mover and you are wanting to decide where it goes next.

Better to understand these 3 options than try and memorize fixed rules. Your brain can take it, it's designed for it.

In this pic eg, the peak move up and roll out is basically equal so some are cashing out and some are getting in.

But if you want hard fixed rules, check behind it for last known movement - Big medium small. See HOW it finishes up the move. This shows how its forming so you can start eg wide then adjust as it moves around or limit your contracts by starting with small SL. I have to write it like this because it's a personal choice.


Peter
Real Trading is not gambling.
  • #16,259
  • Apr 17, 2022 7:50am Apr 17, 2022 7:50am
Quoting snakecharmer
{quote} And also could you have taken that sell entry without looking at any lower timeframes or you need a confirmation looking on the 15M or 5M timeframes for another reverse and then a close and open in the area of interest( which is highest open of the day and highest high of the day) and then prepare for execution once the highest open level is broken? Thank you (sorry if it has been asked in the past and I hope I am very clear about the question, just trying to make my thought process and rules very clear)
normally you would like to look in lower TF to get a better entry not to look for confirmation.

Quote
Snakecharmer .... What makes sense to your way of thinking as you look back at that situation playing out? Can you see other situations that look similar or same? SL's are a way to gauge/examine your max level of knowledge.
I wouldn't try to put too much thought into it like Peter is, I mean the reasons could be there and he could be right, but that's why this strategy works (most of the time), it's so mechanical and elegant, just follow the simple rules. Sure you will be stopped out occasionally, however it should be rare once you become experienced with it and added some filters when the setup doesn't feel right (time of the day, impact announcements, spread....) and so you stay away and avoid that trade. most of the time you will be profitable and a few times BE+1. coming back to the reasons, people can sometimes be cryptic and mysterious, maybe on purpose, or maybe they're trying to stimulate your grey cells to reach the correct conclusion on your own which is better on the long run. But here take a look at the two inside bar setups, the one on the top and the one three candles down, you would think they're similar, so why did they no result in the same price action? instead one continued uptrend and the other fell like a stone. You could try to rationalize and say in the first one the bears were kicked by the bulls evidenced by the rejection tail of the red bar and the bulls continued hoarding until they felt sick on the top and gave up to the bears hence the downward price move after the second IB, but who knows
Attached Image (click to enlarge)
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btw, that was a Friday, I don't know what happened that day.
  • #16,260
  • Apr 17, 2022 10:14am Apr 17, 2022 10:14am
Quoting lbtrader
{quote} normally you would like to look in lower TF to get a better entry not to look for confirmation. {quote} I wouldn't try to put too much thought into it like Peter is, I mean the reasons could be there and he could be right, but that's why this strategy works (most of the time), it's so mechanical and elegant, just follow the simple rules. Sure you will be stopped out occasionally, however it should be rare once you become experienced with it and added some filters when the setup doesn't feel right (time of the day, impact announcements, spread....)...
Thank you for your input LB much appreciated.
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