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Highest Open / Lowest Open Trade

  • #16,261
  • Apr 17, 2022 10:28am Apr 17, 2022 10:28am
Quoting lbtrader
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{image}...
How does a "fake" work? You move one way to deceive and then you move the other way.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,262
  • Apr 17, 2022 12:02pm Apr 17, 2022 12:02pm
Quoting TooSlow
{quote} How does a "fake" work? You move one way to deceive and then you move the other way.
How does an amateur detect accurately a professional fake move?
  • #16,263
  • Apr 17, 2022 12:10pm Apr 17, 2022 12:10pm
by waiting before taking the next trade.
  • #16,264
  • Apr 17, 2022 12:46pm Apr 17, 2022 12:46pm
Quoting Emma1
by waiting before taking the next trade.
wise...but by that time it's already a done deal
no need for any detecting
  • #16,265
  • Apr 17, 2022 6:29pm Apr 17, 2022 6:29pm
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....)...



And this is where I start to have a problem. If you use some of your time to observe and represent this industry in your mind as it is, not as it should be, then you will appreciate it is about buying and selling, giving and taking. Mechanicals are good to 'speed up the process' but they do not teach you anything that will help in situations you do not recognize. This has been a recurring theme throughout the world of trading and its history. Something done manually will always trump anything mechanical or automated.

The first blue highlight is a position dump mixed with a push being confirmed. Take a look at the build up prior to its strong move up. It did not oscillate back and forth as if 'in a range' of consolidation as people love to perceive it. Laziness should never replace good observation. It's a good way to lose money and to keep doing the same thing that leads to bigger mistakes.

Also, on that chart, there are two basic types of momentum - short time horizon and longer time. This is seen on a higher TF as a more distinct and general move up and down as it goes along. These are basic things that need to be added to every trader's knowledge base, so you can naturally optimize what you can do, without any artificial force applied to your position that may ad to your stress.

So what I have said is very true and real. Rigid and stiff will get you hurt. Risk assessment needs to be the first thing you look at in trading and the last thing you check before you place your order into the market. But this needs to happen naturally and you cannot do this if you all you see is Step 1,2,3,4 and so on. Learn to observe first and understand the animal you're wanting to play with.

I say this only to help not to criticize but each to their own in this world.

I hope this helps.


Peter
Real Trading is not gambling.
  • #16,266
  • Apr 17, 2022 8:52pm Apr 17, 2022 8:52pm
Quoting lbtrader
{quote} How does an amateur detect accurately a professional fake move?
Is there a fake move that is not professional?

Why does HOLO work? Price makes a high and retraces and price makes a low and retraces. The actual daily high and low isn't known until the end of the day. All you know is the current daily high and low. You enter the trade and take your chances. On occasion you win otherwise you lose.

When price make a new high, does it remain above the previous high? When it falls below that previous high, is that a clue to what could be "fake"?

NO GUARANTEES.

CHEERS!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,267
  • Apr 17, 2022 9:00pm Apr 17, 2022 9:00pm
Quoting snakecharmer
{quote} And 3also 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)
Use one time frame. If price is 1.3100 on H1, it is 1.3100 on M30, M15, M5, and M1. Also 1.3100 on H4, D1, W1 and MN1. Sometimes the obvious isn't apparent.

CHEERS!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,268
  • Edited 1:22am Apr 18, 2022 12:56am | Edited 1:22am
Quoting PeterCaleb
{quote} And this is where I start to have a problem. If you use some of your time to observe and represent this industry in your mind as it is, not as it should be, then you will appreciate it is about buying and selling, giving and taking. Mechanicals are good to 'speed up the process' but they do not teach you anything that will help in situations you do not recognize. This has been a recurring theme throughout the world of trading and its history. Something done manually will always trump anything mechanical or automated. The first blue highlight...
Well noted and no offense taken, but we're just amateurs here unlike you the experienced trader with countless hours of screen time, and for the purpose of learning this strategy and using it successfully I think 1,2,3,4 will have to do for now. Later and once that becomes automatic, the rest of what you said will kick in and weed out all sorts of clutter that might cloud the view and provide better decisions in situation that we don't recognize.
  • #16,269
  • Apr 18, 2022 12:58am Apr 18, 2022 12:58am
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  • #16,270
  • Apr 18, 2022 2:03am Apr 18, 2022 2:03am
Waiting
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  • #16,271
  • Apr 18, 2022 2:09am Apr 18, 2022 2:09am
Quoting TooSlow
{quote} Use one time frame. If price is 1.3100 on H1, it is 1.3100 on M30, M15, M5, and M1. Also 1.3100 on H4, D1, W1 and MN1. Sometimes the obvious isn't apparent. CHEERS!
Thanks for your reply
  • #16,272
  • Edited 3:11am Apr 18, 2022 2:38am | Edited 3:11am
Order filled
Update loss -1%
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2nd entry same hour
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2nd loss of the day -1%
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  • #16,273
  • Apr 18, 2022 3:13am Apr 18, 2022 3:13am
Chart update, waiting
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  • #16,274
  • Edited 5:26am Apr 18, 2022 3:43am | Edited 5:26am
3rd entry of the day
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Update
SL moved to BE +1
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Update
SL BE+1 hit
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4th Entry
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SL moved to BE+1
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Update
SL BE+1 hit
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  • #16,275
  • Apr 18, 2022 5:26am Apr 18, 2022 5:26am
Quoting snakecharmer
3rd entry of the day{image} Update SL moved to BE +1 {image} Update SL BE+1 hit {image} 4th Entry {image} SL moved to BE+1 {image}
See a pattern of behavior in what you're doing yet?
Real Trading is not gambling.
  • #16,276
  • Apr 18, 2022 5:31am Apr 18, 2022 5:31am
Quoting PeterCaleb
{quote} See a pattern of behavior in what you're doing yet?
Unfortunately not yet Peter. I am always open to suggestions.
  • #16,277
  • Edited 6:06am Apr 18, 2022 5:52am | Edited 6:06am
EU today, entries by the rules I think
I did not trade but my analysis of the possible entries.
* not sure what's happening, I can't attach the picture.
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*now it's ok
SO 7:00 new H1 low, red candle valid, next candle entry, but it's a dud, makes a new low but not SL because remember it should be a bit lower than the low, carried to 8:00 which forms a new H1 low, if you still in the first trade then the next red candle is a validating candle, the next green candle is the entry, but the next one makes a new low (again), still not triggered SL and then reversed to make SL @ +5 (or +10 if you took a second entry). 11:00 new H1 low, good setup and entry and SL @ +5.
  • #16,278
  • Apr 18, 2022 6:08am Apr 18, 2022 6:08am
Quoting snakecharmer
{quote} Unfortunately not yet Peter. I am always open to suggestions.
Also I need to ask why FTMO is attached to what you're doing here?

What are the goals here?
Real Trading is not gambling.
  • #16,279
  • Apr 18, 2022 6:18am Apr 18, 2022 6:18am
Quoting lbtrader
EU today, entries by the rules I think I did not trade but my analysis of the possible entries. * not sure what's happening, I can't attach the picture. {image} *now it's ok SO 7:00 new H1 low, red candle valid, next candle entry, but it's a dud, makes a new low but not SL because remember it should be a bit lower than the low, carried to 8:00 which forms a new H1 low, if you still in the first trade then the next red candle is a validating candle, the next green candle is the entry, but the next one makes a new low (again),...
The SL levels look like they are attached to the wicks but it's just CTrader they are not really there if you blow the chart up. But I will leave more space to be clear visually. I think your 10 o'clock candle is my 8 o'clock London open when I start so I might have gotten one right according to your analysis even if it was BE so that's always good.
  • #16,280
  • Apr 18, 2022 6:24am Apr 18, 2022 6:24am
Quoting snakecharmer
{quote} I think your 10 o'clock candle is my 8 o'clock London open when I start so I might have gotten one right according to your analysis even if it was BE so that's always good.
yes I am @ GMT +2. keep at it, and stick to the rules.
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