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Highest Open / Lowest Open Trade

  • #16,281
  • Apr 18, 2022 4:25am Apr 18, 2022 4:25am
Quoting PeterCaleb
{quote} Also I need to ask why FTMO is attached to what you're doing here? What are the goals here?
Yeah, I am using FTMO Ctrader platform to execute my trades. There are no goals here because this account was already used for a challenge but unfortunately failed. The only goal is to see if this strategy can work for me.
  • #16,282
  • Apr 18, 2022 4:30am Apr 18, 2022 4:30am
Unfortunate to be stopped out before a move but that's just the way it is. Waiting
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  • #16,283
  • Edited 9:22am Apr 18, 2022 8:03am | Edited 9:22am
Here we go again entry number 5
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SL moved to BE+1
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SL BE+1 hit, I think there was a execution error on my behalf, I didn't set the entry stop order level properly at the Lowest open, nobody is perfect
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Entry number 6
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SL hit -1%
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Well that's definitely enough for today, 9 hours in front of the charts. Let's see what we got...

- 3 losses that's a little shy of -3%
- and 3 BE+1

It's too early to say anything but definitely not the way I want to start but that's just the way it is.

A few things about todays trades, I only look at the 1H chart for everything, I have alerts once price breaks or enters the area of interest (in todays instance once price crossed to the downside from the lowest open level then I look for long trades). I use stop orders, I cannot place a stop order if price doesn't enter the area of interest, so... that in a way helps my execution because the order is only filled once the price crosses back into the direction that I want the trade to go. A big thing with this strategy ,I think, is EXECUTION to have the stop order ready with the risk and everything, but I also think with time you can get better and faster.

I apologise if I misspelled or posted too many charts and things today. I was just trying to do everything in real time for you guys so you can see exactly and hopefully spot all the mistakes I make and eventually point me in the right direction. Thank you.
  • #16,284
  • Apr 18, 2022 1:20pm Apr 18, 2022 1:20pm
Quoting lbtrader
{image} {image}
Very nice trades, way to go mate.
  • #16,285
  • Apr 18, 2022 3:54pm Apr 18, 2022 3:54pm
Quoting snakecharmer
Here we go again entry number 5 {image} SL moved to BE+1 {image} SL BE+1 hit, I think there was a execution error on my behalf, I didn't set the entry stop order level properly at the Lowest open, nobody is perfect{image} Entry number 6 {image} SL hit -1% {image}Well that's definitely enough for today, 9 hours in front of the charts. Let's see what we got... - 3 losses that's a little shy of -3% - and 3 BE+1 It's too early to say anything but definitely not the way I want to start but that's just the way it is. A few things about todays trades,...


I have inserted a view below. Other things to consider - where's the bigger direction going? Why is it rolling over in the middle of the market activity? how many types of risk assessment are needed here?


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You're dealing with the EURO yet you have large spikes. This is something to think about too.


Peter
Real Trading is not gambling.
  • #16,286
  • Apr 18, 2022 4:02pm Apr 18, 2022 4:02pm
As I have said, a strategy is never the problem, any trader can learn how to improve on a strategy or tactic. But the person is where the work is needed. Conceptually, the stop loss level you're using is too narrow. The spikes tell you this even before any trade is sent to market. Open to close for body of market movement and spikes for useful price entry. And congestion areas for seeing what others have done and where it may look to go to. I hope that helps.

Peter
Real Trading is not gambling.
  • #16,287
  • Apr 18, 2022 10:57pm Apr 18, 2022 10:57pm
Quoting PeterCaleb
Conceptually, the stop loss level you're using is too narrow. The spikes tell you this even before any trade is sent to market. Open to close for body of market movement and spikes for useful price entry. And congestion areas for seeing what others have done and where it may look to go to. I hope that helps. Peter
Invaluable and CLEAR advice
Quote
As I have said, a strategy is never the problem, any trader can learn how to improve on a strategy or tactic.
First and foremost one has to learn the strategy before improving it.
  • #16,288
  • Apr 18, 2022 11:40pm Apr 18, 2022 11:40pm
Quoting PeterCaleb
As I have said, a strategy is never the problem, any trader can learn how to improve on a strategy or tactic. But the person is where the work is needed. Conceptually, the stop loss level you're using is too narrow. The spikes tell you this even before any trade is sent to market. Open to close for body of market movement and spikes for useful price entry. And congestion areas for seeing what others have done and where it may look to go to. I hope that helps. Peter
Thanks Peter I will look into bigger SL
  • #16,289
  • Apr 18, 2022 11:50pm Apr 18, 2022 11:50pm
This is what we got so far for today...
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  • #16,290
  • Edited Apr 19, 2022 12:31am Apr 18, 2022 11:58pm | Edited Apr 19, 2022 12:31am
1st entry for the day
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And our first loss of the day
-1%
Currently there is a breakout to the upside but if the price comes back again below the highest open we will enter a trade with a new stop loss level
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2nd entry
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and 2nd loss
-1%
Considering that this candle is breaking out now I think it's better to just wait until it closes and take it from there
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  • #16,291
  • Edited 1:10am Apr 19, 2022 12:57am | Edited 1:10am
That’s 4 entries here, 3 profitable and one BE
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  • #16,292
  • Apr 19, 2022 1:07am Apr 19, 2022 1:07am
Quoting lbtrader
That’s 4 entries here, 3 profitable and one BE{image}
Hi LB, I have a few questions

Is your entry at the break of the blue box?
Do you use market orders or stop orders?
You don't enter the trade only if you have a close and a open in the aoi(blue box) is that correct?

Thank you.
  • #16,293
  • Edited 1:45am Apr 19, 2022 1:24am | Edited 1:45am
Quoting snakecharmer
{quote} Hi LB, I have a few questions Is your entry at the break of the blue box? Do you use market orders or stop orders? You don't enter the trade only if you have a close and a open in the aoi(blue box) is that correct? Thank you.
all these questions have been answered in the first and subsequent posts, but here you go:
first you need the new H1 ( low here) then draw the box and wait for a validating candle. One that will open inside the AOI and retrace lower then cross the new H1 low. In the meantime your buy stop is in place and will trigger once crossed. From there you manage according to the 5 pip rule.
you reverse your strategy in the higher open and use a sell stop

i found these very helpful when I started.
Attached File(s)
File Type: pdf TooSlow.pdf   140 KB | 1,215 downloads
Attached File(s)
File Type: pdf HoLo.pdf   623 KB | 967 downloads
  • #16,294
  • Apr 19, 2022 1:30am Apr 19, 2022 1:30am
Quoting lbtrader
{quote} all these questions have been answered in the first and subsequent posts, but here you go: first you need the new H1 ( low here) then draw the box and wait for a validating candle. One that will open inside the AOI and retrace lower then cross the ne H1 low. In the meantime your buy stop is in place and will trigger once crossed. From there you manage according to the 5 pip rule. you reverse your strategy in the higher open and use a sell stop
Thanks for the reply, maybe that's the thing that I don't wait for a open close or look at the 5 min chart at all. I will look over some of my trades from the 5 min chart.

Thx
  • #16,295
  • Apr 19, 2022 1:43am Apr 19, 2022 1:43am
Quite a difference between tradingview 5 min chart and Ctrader so this is really a problem. No trades today would have been entered if entries would have been fine tuned on the tradingview 5 min chart, so no losses. Live and learn.
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  • #16,296
  • Edited 8:32am Apr 19, 2022 1:45am | Edited 8:32am
3rd entry for the day
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SL moved to BE+1
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SL BE+1 hit
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Well guys that's all the trades for the day enough for me.
Today I had 3 trades in total
2 losses -2%
1 BE +1

That takes the challenge to 9 trades, 5 losses for a total of 5% and 4 BE+1. Only one more trade left in the challenge and after that I will only post winners if I ever have one . Thanks for all that have participated with comments and inputs.
  • #16,297
  • Edited 2:47am Apr 19, 2022 1:57am | Edited 2:47am
Why BE? This was a +5
  • #16,298
  • Apr 19, 2022 2:02am Apr 19, 2022 2:02am
Quoting lbtrader
Why BE? This was a +5{image}
When price moves away from entry by 5 pips I thought the rules say to move SL to BE +1 pip. Isn't that correct?
  • #16,299
  • Edited 3:00am Apr 19, 2022 2:44am | Edited 3:00am
Quoting snakecharmer
{quote} When price moves away from entry by 5 pips I thought the rules say to move SL to BE +1 pip. Isn't that correct?
You’re right, I moved my SL too soon, I guess I wanted to lock in the + 5 meanwhile a new H1 high formed but no candle opened in the AOI
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  • #16,300
  • Apr 19, 2022 3:01am Apr 19, 2022 3:01am
Quoting lbtrader
{quote} You’re right, I moved my SL too soon, I guess I wanted to lock in the + 5
No problem my friend, what's important is that we look out for each other. Ideal trade for me would be all based on rules...5 pip move stop loss, 10 pip put trailing stop, etc....
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