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Highest Open / Lowest Open Trade

  • #16,561
  • Jun 13, 2022 9:38am Jun 13, 2022 9:38am
DAY 1

USDJPY M15

TRADE 5 = loss 22.2 pips
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Click to Enlarge Name: screenshot.png Size: 26 KB
  • #16,562
  • Jun 13, 2022 11:06am Jun 13, 2022 11:06am
Quoting PeterCaleb
{image} Old Basics New Basics. Past Present Future. Peter
Please share your template.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,563
  • Jun 13, 2022 11:08am Jun 13, 2022 11:08am
Quoting TheZenienss
DAY 1 USDJPY M15 TRADE 5 = loss 22.2 pips {image} {image}
Reason for not cutting the loss sooner? Money management and risk management are important.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,564
  • Jun 13, 2022 11:40am Jun 13, 2022 11:40am
Quoting TooSlow
{quote} Reason for not cutting the loss sooner? Money management and risk management are important.
Because I followed the post #1

"
Stop loss is the current daily high or current daily low. (I set SL at Low)
Adjust your position size accordingly.

Take profit by moving stop.
When trade is +5 or more, move stop to BE+1. (Price never moved to there)
When trade is +10 or more, move to to BE+5, or switch to trailing stop.
Optional exit is to exit part of trade position with a profit to bank it, move stop to BE+1 and watch the market.
"

"
First, read the rules.
Do not add anything to the rules. (I didn't)
Do not subtracted anything from the rules. (I didn't)
Do not modify the rules. (I didn't)
Read the rules, again.
"



@TooSlow: How would you manage that trade ?


Thank you.
  • #16,565
  • Edited 2:02pm Jun 13, 2022 1:13pm | Edited 2:02pm
Quoting TheZenienss
{quote} Because I followed the post #1 " Stop loss is the current daily high or current daily low. (I set SL at Low) Adjust your position size accordingly. Take profit by moving stop. When trade is +5 or more, move stop to BE+1. (Price never moved to there) When trade is +10 or more, move to to BE+5, or switch to trailing stop. Optional exit is to exit part of trade position with a profit to bank it, move stop to BE+1 and watch the market. " " First, read the rules. Do not add anything to the rules. (I didn't) Do not subtracted anything from the...
I have been in this position a bit too often, a candle would open inside the AOI, triggers the stop order and then retraces back to form a new low or high. I guess I would have closed my trade the moment the third candle went up then turned bearish past the open of the second candle.

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  • #16,566
  • Edited 3:08pm Jun 13, 2022 2:25pm | Edited 3:08pm
Quoting TheZenienss
{quote} @TooSlow: How would you manage that trade ? Thank you.
Did you see the H1 Low breakout warning?

I would use M1/M5 and I would be quick to exit if price made a lower low on a bearish candle.

EDIT: SEE RULE #0
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,567
  • Jun 13, 2022 3:01pm Jun 13, 2022 3:01pm
Quoting TheZenienss
{quote} Because I followed the post #1 " Stop loss is the current daily high or current daily low. (I set SL at Low) Adjust your position size accordingly. Take profit by moving stop. When trade is +5 or more, move stop to BE+1. (Price never moved to there) When trade is +10 or more, move to to BE+5, or switch to trailing stop. Optional exit is to exit part of trade position with a profit to bank it, move stop to BE+1 and watch the market. " " First, read the rules. Do not add anything to the rules. (I didn't) Do not subtracted anything from the...
Here you have everything you need....
https://www.forexfactory.com/thread/...58#post9007658
  • #16,568
  • Jun 13, 2022 3:10pm Jun 13, 2022 3:10pm
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SEE RULE #0
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,569
  • Jun 13, 2022 3:17pm Jun 13, 2022 3:17pm
Quoting mizi123
{quote} Here you have everything you need.... https://www.forexfactory.com/thread/...58#post9007658
Thanks, I have read that before and I believe I followed all those rules/conditions.
  • #16,570
  • Jun 13, 2022 3:21pm Jun 13, 2022 3:21pm
Quoting TooSlow
{image} SEE RULE #0 {image}
So, should we only look for sell trades ? Ignore BUY signals because the train is coming ?
  • #16,571
  • Jun 13, 2022 3:23pm Jun 13, 2022 3:23pm
I thought this strategy was to enter at the reversal....

I guess we will never know when the train will change the direction
  • #16,572
  • Edited 5:05pm Jun 13, 2022 4:12pm | Edited 5:05pm
My M15 trade:
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Quoting TooSlow
{quote} Did you see the H1 Low breakout warning? I would use M1/M5 and I would be quick to exit if price made a lower low on a bearish candle. EDIT: SEE RULE #0


This is M1:
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This is M5:
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@TooSlow: How you would do that ?
  • #16,573
  • Jun 13, 2022 5:13pm Jun 13, 2022 5:13pm
Quoting TheZenienss
My M15 trade: {image} {quote} This is M1: {image} This is M5: {image} @TooSlow: How you would do that ?
A green candle followed by a red candle is a reversal. When the low of the red candle is broken, you either exit the long trade and/or enter a short trade depending on the method you are trading. For a HOLO long entry, you would be exiting your long for a loss.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,574
  • Jun 13, 2022 9:40pm Jun 13, 2022 9:40pm
Quoting TooSlow
{quote} Please share your template.


It's nothing fancy or special, but it is very thorough .....

Choose a time frame on your trade platform. In that pic I used 5min view.

Now add the Donchian channel indicator x3. Set 1 to slow, 1 to moderate and the last to a fast speed parameter. Then add a fast and a slow moving average. (I say it this way as I do not want people to copy but to investigate and experiment a little so they get a feel for the indicator and what it offers.)

Everything a growing account needs. Nothing more and nothing less.

As I have said countless times, knowing how to use a tool is more important than just having it there.

DC's show everything necessary from a price graph perspective. Recent highs lows, averages, dips, pushes, breaks, splinter trades, smash n grabs, collective volume and more.

A person needs to know if they prefer to be an early bird, a time piece watcher, or a follower. This is is why some people may be having trouble with this strategy and others. Either entering early, on time or after the turn.

If people are worried about "getting filled" on their sent orders, or getting prematurely stopped out, go and observe order info trading / orderbook or order flow / data point trading and view different participant preferences. Then come back to this strategy and take another look to see the market's undercurrent in action, now from multiple perspectives.

** I show the DC's as an alternative ONLY to what people here are using as their view of their chart. NOT to try and take over anything here or to change the basic approach.

If you want to copy or imitate what others do, you will have a hard slog at it as your mind may be operating a little different to theirs, so it's imperative to try similar and different views, but always remembering that you're still looking at the same thing, just with a few tweaks here and there.

** I still stand by what I said before re: jumping on a 5min chart and just watch it. Then use you practice account to add an order in the direction you think it's going. Afterwards, take notes on everything you can. Good and bad.

Strategies are similar to a race car - in the hands of the experienced it will flourish but in the hands of a person who lacks self confidence, it will kill someone !! Hehehehe. Learning is akin to a race car too - with the wrong kind of confidence you'll kill yourself.

Anyway, there you have it. Enjoy.


Peter
Real Trading is not gambling.
  • #16,575
  • Jun 13, 2022 9:59pm Jun 13, 2022 9:59pm
Quoting TooSlow
{quote} A green candle followed by a red candle is a reversal. When the low of the red candle is broken, you either exit the long trade and/or enter a short trade depending on the method you are trading. For a HOLO long entry, you would be exiting your long for a loss.


I would also stress the need to check the context here. Context will tell you if it is in fact a bad trade and or entry. A 5p out or rollover is not going to be influenced by what's going on, merely to determine "I am wrong". However one good point about 5 decimal brokerage price movement, is it offers micro stages of activity. Surely some people have seen that the market moves 5-10 p behind your entry level, only to then go in your direction to a fruitful outcome. Some blame the broker, others blame themselves and others just winge and complain. There's a lesson here....... pay attention first and last.

Trading in some ways, is about nuances. Good tactics must therefore ensure that we know what we are looking at. These basics will not change.

My suggestion here would be - after you're out, recheck context and re enter if it looks good. Another way to do this - Use a carrier stop. It is just a name given to placing a 2 directional squeeze, so you buy and sell using different order types so you get positive spread and good price position to get the direction "right". Buuuut maybe that's a bit further down the road for some people.

*** Check context. *** ..... before giving up on a situation.


Peter
Real Trading is not gambling.
  • #16,576
  • Jun 13, 2022 10:15pm Jun 13, 2022 10:15pm
Quoting TheZenienss
My M15 trade: {image} {quote} This is M1: {image} This is M5: {image} @TooSlow: How you would do that ?


The following is merely my input here -

Red to green or vice versa means activity. Either buying or selling in OR closing outs ... either manually closed orders or auto out.

When looking at trading 'modern style' think "microscope view" .... has several stages of magnification.


Attached Image (click to enlarge)
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As per this thread's adventure using this strategy, the above insert can be useful. The three nuances of any graph are always its pivots, its directional bias and its directional interest. Applies to all charts /graphs not just trading ones. But in this case, inline with this strategy and its rules and process, have a look.


Peter
Real Trading is not gambling.
  • #16,577
  • Jun 13, 2022 10:22pm Jun 13, 2022 10:22pm
And place added limit orders right where you wrote M1, squeezed up in that area to the right of that thick black pivot line to be prepared for any extra temporary blowback. And just in case there's nothing to fill them, you can hit Sell, using well located market orders in correct proportions, to get good price position for the ride down. WEEEEEEEEEEE !!! hihihihihii


Peter
Real Trading is not gambling.
  • #16,578
  • Jun 13, 2022 10:35pm Jun 13, 2022 10:35pm
Quoting PeterCaleb
{quote} It's nothing fancy or special, but it is very thorough ..... Choose a time frame on your trade platform. In that pic I used 5min view. Now add the Donchian channel indicator x3. Set 1 to slow, 1 to moderate and the last to a fast speed parameter. Then add a fast and a slow moving average. (I say it this way as I do not want people to copy but to investigate and experiment a little so they get a feel for the indicator and what it offers.) Everything a growing account needs. Nothing more and nothing less. As I have said countless times, knowing...
Sharing a template means we can start from the same place.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,579
  • Jun 13, 2022 10:45pm Jun 13, 2022 10:45pm
Quoting TooSlow
{quote} Sharing a template means we can start from the same place.


There's no learning in copying. Only the process of learning can show us where our knowledge gaps are sitting. The power of observation is a better teacher than I can ever be.

The template is simply 3 Donchian channels with 2 basic moving averages (either simple or exponential) that follow. The rest is through observation and taking notes.


Peter
Real Trading is not gambling.
  • #16,580
  • Jun 13, 2022 11:38pm Jun 13, 2022 11:38pm
Quoting PeterCaleb
{quote} The following is merely my input here - Red to green or vice versa means activity. Either buying or selling in OR closing outs ... either manually closed orders or auto out. When looking at trading 'modern style' think "microscope view" .... has several stages of magnification. {image} As per this thread's adventure using this strategy, the above insert can be useful. The three nuances of any graph are always its pivots, its directional bias and its directional interest. Applies to all charts /graphs not just trading ones. But in this case,...
Thank you Peter, very informative and very much in line with what you said earlier https://www.forexfactory.com/thread/...9#post13918439 and https://www.forexfactory.com/thread/...8#post13921988 although on a micro level, but clearly what you apply on your daily chart also applies on the M1.
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