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Highest Open / Lowest Open Trade

  • #16,361
  • May 14, 2022 7:07am May 14, 2022 7:07am
Quoting TooSlow
Who is taking the 10 trade challenge the week of May 8, 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 man
thanks for sharing this i really appreciate,i new here
any important note to get on board ?
i have read first page
  • #16,362
  • May 14, 2022 8:46am May 14, 2022 8:46am
Who is taking the 10 trade challenge the week of May 15, 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
  • #16,363
  • May 14, 2022 5:08pm May 14, 2022 5:08pm
Hi TooSlow,

Thank you for sharing back in 2016; guess I'm slow to read / catch-on / try out!
Apologises, started on a Thursday but will continue next week on EURUSD only; see what happens.
  • #16,364
  • May 16, 2022 8:21am May 16, 2022 8:21am
GBP - 15min chart, waiting for a bar to open in AOI...could you please let me know if I got this correctly as I'm trying this new 1st day....thank you.
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  • #16,365
  • May 16, 2022 9:28am May 16, 2022 9:28am
+6, spread caught my traling SL, interesting that spread moved from standard 0,8 pips to 1,5 pips during trade..

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  • #16,366
  • May 16, 2022 9:53am May 16, 2022 9:53am
Quoting LooseMyMoney
+6, spread caught my traling SL, interesting that spread moved from standard 0,8 pips to 1,5 pips during trade.. {image}
LooseMyMoney, I see you only waited for 5m bar to open in the AOI...before entering the sell.....I thought we had to wait for the 15min....
  • #16,367
  • May 16, 2022 11:25am May 16, 2022 11:25am
Hello every one,


Any one who trading this strategy will be kind enough to make a shourt video for better explaination - I am new to forex so trying hard to understand what basically mean by termonlogies used - It will reply help people like me if thread owner can do use favour.

Thank you.
  • #16,368
  • May 16, 2022 11:43am May 16, 2022 11:43am
Quoting hdanial
{quote} LooseMyMoney, I see you only waited for 5m bar to open in the AOI...before entering the sell.....I thought we had to wait for the 15min....
PRICE is the same at all Timeframes, you have 4 options to choose, M30 ( gives you 2 chances to enter the trade), M15 (4 chances), M5 (12 chances) and M1 (60 chances) or you could watch H1 timeframe and WAIT. Feel free to choose what suits you best. M15 is good timeframe to start

Take care
  • #16,369
  • May 16, 2022 1:44pm May 16, 2022 1:44pm
Quoting LooseMyMoney
{quote} PRICE is the same at all Timeframes, you have 4 options to choose, M30 ( gives you 2 chances to enter the trade), M15 (4 chances), M5 (12 chances) and M1 (60 chances) or you could watch H1 timeframe and WAIT. Feel free to choose what suits you best. M15 is good timeframe to start Take care
Appreciate it, thank you.
  • #16,370
  • Edited 5:02pm May 16, 2022 4:44pm | Edited 5:02pm
Todays trades: Second trade open was just inside the DH0 and Highest Open of the previous 1hr candle. Second trade was above previous day high and therefore considered a risky trade; only taken as appeared to be resistance above.

As LooseMyMoney states price is the same so I use the one hr chart and an indicator to show when the criteria are met. Using the lower time frames gives potentially more accurate entry when price passes the open price and also see the price action within the 1hr candle.
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  • #16,371
  • May 17, 2022 2:38pm May 17, 2022 2:38pm
No trades today on EURUSD as no open between LO and D0L and then price above D1H all day.
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  • #16,372
  • May 18, 2022 10:45am May 18, 2022 10:45am
i have a question and didn't find an answer in thread,

if current H1 open is NOT highest open of the day, but price go up and reach area of interest, thus in lower timeframe M15 or M5 there is valid setup for entry, because price go up above highest open and fall down back, but current H1 candle is green color. in this case shall we enter the trade?

i saw tooslow mentioned we want H1 candle and M15 candle both in red color thus price going in our direction, so i guess situation above violates the rules?

thanks in advance.
  • #16,373
  • May 18, 2022 4:47pm May 18, 2022 4:47pm
Quoting chenxee
i have a question and didn't find an answer in thread, if current H1 open is NOT highest open of the day, but price go up and reach area of interest, thus in lower timeframe M15 or M5 there is valid setup for entry, because price go up above highest open and fall down back, but current H1 candle is green color. in this case shall we enter the trade? i saw tooslow mentioned we want H1 candle and M15 candle both in red color thus price going in our direction, so i guess situation above violates the rules? thanks in advance.
A candle can start green at the open and then becomes red at the close, between the open and close it can change color many times and when it closes it leaves an upper shadow when the price crosses the open downwards, and vice versa it can start red and become green leaving a lower shadow when the price crosses the open upwards. The important thing when you enter your trade is for the price to continue in your favor, but this you cannot control and that's why sometimes you get a quick reversal in the opposite direction after being in profit for a few pips, hence the BE+1 and +5pip lines to manage your trade and avoid loss.
Re-read the rules on page 1 and the clarification added May 20 2016, there is no mention of candle color or anything of the sort.
I hope this helps.
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  • #16,374
  • Edited 3:50am May 19, 2022 3:35am | Edited 3:50am
Re-reading the rules your correct it is about the price going above the last 1hr highest open and then entry trade when price drops below last 1hr highest open and vice versa. Trading whiplash, hoping price may continues in the traded direction.

As usual, I misread the rules; apologies. I'm waiting for a new 1hr open price above the last 1hr highest open. i.e. a new 1hr highest open. Then when price drops below the previous 1hr highest open I enter trade following the money management. Vice versa for lowest open. Whilst this significantly reduces the number of potential trades per day, it does seem to provide more pips as the whiplash per trade appears less. Also it prevents me over trading with about 0-3 trades a day.

However please continue to trade as per the rules on page 1 set by author

No trades yesterday due to other things going on.
  • #16,375
  • May 19, 2022 5:03am May 19, 2022 5:03am
hi folks i still confusing about
Today 1H High and today Highest Open 1H

can't the price go higher? when exactly do we determine the height in H1 ?
please explain more, or i have miss something
thank you
  • #16,376
  • May 19, 2022 6:08am May 19, 2022 6:08am
Quoting HengkiTjen
hi folks i still confusing about Today 1H High and today Highest Open 1H can't the price go higher? when exactly do we determine the height in H1 ? please explain more, or i have miss something thank you
Did you read the first page of this thread? This is what TooSloo answered long time ago in post #20
https://www.forexfactory.com/thread/...18#post8921718
Quote
Quoting yonnie
TooSlow, the only problem I see is that we don't know which H1 candle will be the high/low of the day even if the current candle is the highest/lowest of the day so far. H1 candles after the current candle might go even higher/lower???
No problem at all, yonnie.
You are correct, we do not know what will be the high/low of the day until the day is over.
However, the current high/low of the day has the potential to be the high/low...
  • #16,377
  • May 19, 2022 7:29am May 19, 2022 7:29am
Quoting lbtrader
{quote} Did you read the first page of this thread? This is what TooSloo answered long time ago in post #20 https://www.forexfactory.com/thread/...18#post8921718 {quote}
Okay that's being said witch time is the best for place this trade ?
Because we can trade on broker 02:00 time
Witch wouldn't be profitable
  • #16,378
  • May 19, 2022 7:34am May 19, 2022 7:34am
Quoting HengkiTjen
{quote} Okay that's being said witch time is the best for place this trade ? Because we can trade on broker 02:00 time Witch wouldn't be profitable
which trade are you talking about? can you post a chart?
  • #16,379
  • Edited 7:53am May 19, 2022 7:38am | Edited 7:53am
HengkiTjen, nice to meet you. If you look at my charts above; the verticle lines show start of day; these can be compared to your own charts. The start of day for me is when the markets re-open at 1min past midnight my time. Obviously I don't trade the first 1-2 bars as volatility is low. However I would as per rules keep the start day time and wait until price demonstrates more volatility and meets the rules.

The idea of the method is to trade the daily expansion phase reversals before potentially going into a breakout / trend (i.e forex master pattern), above or below the previous day high / low. https://www.forexfactory.com/thread/...pattern-method?
  • #16,380
  • May 20, 2022 1:29am May 20, 2022 1:29am
Yesterday's (Thursdays) trades. Another breakout day.
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