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Highest Open / Lowest Open Trade

  • #16,321
  • Apr 21, 2022 1:50am Apr 21, 2022 1:50am
Quoting lbtrader
{quote} Good one coming soon{image}
It broke the daily high so I am staying away for this hour, EUR/USD looks good to but we will see
  • #16,322
  • Edited 7:23am Apr 21, 2022 3:22am | Edited 7:23am
Quoting snakecharmer
{quote} It broke the daily high so I am staying away for this hour, EUR/USD looks good to but we will see
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File Type: zip EURGBPM5_CSTLB.zip   70 KB | 403 downloads
  • #16,323
  • Apr 21, 2022 6:58am Apr 21, 2022 6:58am
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  • #16,324
  • Apr 21, 2022 8:06am Apr 21, 2022 8:06am
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  • #16,325
  • Apr 22, 2022 2:18am Apr 22, 2022 2:18am
USDJPY +31
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  • #16,326
  • Edited 7:33am Apr 22, 2022 4:03am | Edited 7:33am
Only 25 for me
I put a sell stop above (NOT by the rules), so far no bites.
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And here we go (lol, I had three other pending orders, and did not realize that the lot size was 1 for all of them, two triggered and were cancelled because of not enough funds , so I quickly corrected the size on this one before it triggered)
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Quote
With this strategy of HO-LO, you need a trend game AND a 'mini golf' game. So you can grab the little moves that can be easily overlooked or missed
One more mini-golfing
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  • #16,327
  • Apr 22, 2022 5:37am Apr 22, 2022 5:37am
EURUSD +20
i missed the nice short trade before
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  • #16,328
  • Edited 11:03am Apr 22, 2022 8:20am | Edited 11:03am
I hope someone caught this massive move, I was in two other pairs managing the trades AJ and CJ, but with such a massive move maybe the reversal will be shortly since we are in the AOI.
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File Type: zip AJ-CJ-NOT by the rules.zip   45 KB | 465 downloads


The reversal happened and triggered my sell stop (1), but did not go as planned, I kept it, then two more H1 open highs and AOI, and a second trigger (2), finally the big drop
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  • #16,329
  • Apr 23, 2022 6:25am Apr 23, 2022 6:25am
Who is taking the 10 trade challenge the week of April 24, 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
  • #16,330
  • Apr 23, 2022 6:27am Apr 23, 2022 6:27am
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 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.{image}{image}
H1 highest/lowest OPEN.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,331
  • Apr 23, 2022 6:58am Apr 23, 2022 6:58am
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)

What do the rules say? Hint: See post #1.


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?

When you see the current price on H1, do you expect to see a different current price on M15 or M5?

Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,332
  • Apr 26, 2022 9:44pm Apr 26, 2022 9:44pm
A chart with a horizontal line. Hehehehe .......


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Reference points are important.

Peter
Real Trading is not gambling.
  • #16,333
  • May 1, 2022 4:16pm May 1, 2022 4:16pm
Who is taking the 10 trade challenge the week of May 1, 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
  • #16,334
  • May 1, 2022 4:30pm May 1, 2022 4:30pm
Quoting PeterCaleb
A chart with a horizontal line. Hehehehe ....... {image} Reference points are important. Peter
I think too many reference points/lines are useless and can distruct you
  • #16,335
  • May 1, 2022 7:57pm May 1, 2022 7:57pm
Quoting Merka
{quote} I think too many reference points/lines are useless and can distruct you


Any tool must have a place and a good reason must exist for its use. Hehehe, Too Slow asked me to draw a horizontal line on chart to give an eg of something I was describing on another thread. Sorry if it caused any confusion, didn't want to clog the other thread with that kind of thing. Felt it would fit in here instead.


Peter
Real Trading is not gambling.
  • #16,336
  • May 3, 2022 12:53pm May 3, 2022 12:53pm
Quoting lbtrader
{image} There has been no higher open since 14:00 and the AOI presented 6 opportunities so far, amazing per HiLo rules, more by other strategies
AOI?? please
  • #16,337
  • May 3, 2022 3:29pm May 3, 2022 3:29pm
Quoting Spikehunter
{quote} AOI?? please
Area Of Interest. The wick of the highest or lowest candle open.
  • #16,338
  • May 4, 2022 3:35am May 4, 2022 3:35am
Hi All,
I have actually been watching this thread for quite sometime and have tried on a couple of occasions to get stuck in. Never quite lasted long enough, so here goes again from last night with one +ve trade on the books so far.

The actual Highest/Lowest Hi/Lo followed by Close/Open Above /below etc etc isn't an issue.

What intrigues me is the timing of these Hi/Lo prices/bars. I'm in the UK . My broker is -2hrs behind GMT. The OP is in New York which is another -5 hours behind London BST. Assuming the OP starts trading at 08:00 EST that means that the trading day is already 7 to 8 hours old. Now my maths might be a bit off but its the principle I am getting to. The OP's brokers start time is 17:00 EST which is about 00:00 GMT so not far out. London is one of the largest trading areas so if the OP gets up at 08:00 thats about 13:00 London time so 13 hours behind London open. London midnight to 07:00 is Asian trading, not much going on there.

Sorry about all that.

Having said all that, that does mean that the high and/or low could be ready to form as London is only a few hours from closing NY a bit more to go .

What does anyone, especially the OP, think about when, what time, we should start looking for trades.

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  • #16,339
  • May 4, 2022 4:18am May 4, 2022 4:18am
Quoting B.C
{quote} Area Of Interest. The wick of the highest or lowest candle open.
Thanks
  • #16,340
  • May 4, 2022 7:23am May 4, 2022 7:23am
Quoting Spikehunter
Hi All, I have actually been watching this thread for quite sometime and have tried on a couple of occasions to get stuck in. Never quite lasted long enough, so here goes again from last night with one +ve trade on the books so far. The actual Highest/Lowest Hi/Lo followed by Close/Open Above /below etc etc isn't an issue. What intrigues me is the timing of these Hi/Lo prices/bars. I'm in the UK . My broker is -2hrs behind GMT. The OP is in New York which is another -5 hours behind London BST. Assuming the OP starts trading at 08:00 EST that means...
This is an old perennial - no less valid though, so fair enough.

People do get themselves tied up in knots with it, however.

If you go back to the halcyon days with Michael G, Pippy, TooSlow and myself, the one thing you will notice is that all of us - spread across the world, from US, Australia and UK - all simply used the midnight of OUR day as our day's beginning. We then simply played what we saw in front of us.

One clue to success on top of that, however, is to trade the pair(s) that are most active for your home area. You will see TS doing this with his UJ.

Use your critical faculties and common sense to tell you if enough of the day has gone by to give you a true vision of what's going on. Trying to play the first hour for instance - never mind the spread issue - of your home day, is idiotic...but still you see some pass through here trying to make it work, declaring the method a dud when it doesn't work out.

Best wishes.
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