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Highest Open / Lowest Open Trade

  • #16,661
  • Jun 17, 2022 11:25am Jun 17, 2022 11:25am
trade 38

win 6.1 pips
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: Screenshot_46587_USDJPY_M1_379141867_close.jpg Size: 35 KB
  • #16,662
  • Jun 17, 2022 11:27am Jun 17, 2022 11:27am
trade 39

win 1 pip
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: Screenshot_46587_USDJPY_M1_379155418_close.jpg Size: 31 KB
  • #16,663
  • Jun 17, 2022 11:28am Jun 17, 2022 11:28am
trade 40

win 1 pip
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot_46587_USDJPY_M1_379157664_open.jpg Size: 31 KB
Click to Enlarge Name: Screenshot_46587_USDJPY_M1_379157664_close.jpg Size: 34 KB
  • #16,664
  • Jun 17, 2022 11:28am Jun 17, 2022 11:28am
trade 41

loss 30.5 pips
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot_46587_USDJPY_M1_379161837_open.jpg Size: 35 KB
Click to Enlarge Name: Screenshot_46587_USDJPY_M1_379161837_close.jpg Size: 35 KB
  • #16,665
  • Jun 17, 2022 3:45pm Jun 17, 2022 3:45pm
@ TheZen, once you place your entry on M1, zoom out to a higher TF like M15 or H1, this will reduce the noise of M1 and allow you to see where your trade is going, you don't have to wait and take those big losses if you see the trade is sliding in the opposite direction.
  • #16,666
  • Jun 18, 2022 8:43am Jun 18, 2022 8:43am
Quoting TheZenienss
trade 41 loss 30.5 pips {image} {image}
Please explain your money management.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,667
  • Jun 18, 2022 8:53am Jun 18, 2022 8:53am
Quoting lbtrader
{quote} I will rephrase my statement, it is impossible to tell if a bottom or top was reached until a certain event occurred, i.e. after the fact, not while you're in the trade or watching the PA. usually this event is the break of a recent major swing low or high. Please feel free to enlighten us with some useful actionable information instead of rambling in cryptic posts, nobody is asking to be spoon fed, but your cryptic messages can either stress people unnecessarily or lead them to ignore them altogether....


Good communication is a shared responsibility

Responsibility for clear and effective communication is shared by senders and receivers. On one hand, senders must do their best to communicate using clear and concise direction. By listening carefully to the receiver’s feedback, the sender also can confirm that the receiver understood or “decoded” the message the way in which it was intended to be.

On the other hand, receivers should seek to confirm their understanding of the information senders have shared with them by paraphrasing or asking questions. It’s important for receivers to understand that their role in the communication process is an active one. As such, receivers should remain actively focused on, and engaged in, whatever communication is being directed towards them. They must conduct themselves as active participants, not as passive recipients.

https://ecornell-impact.cornell.edu/...-communicators
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,668
  • Jun 18, 2022 9:06am Jun 18, 2022 9:06am
Quoting PeterCaleb
{quote} Firstly there's nothing cryptic about real life unless one lacks the real experience to note the distinction.
You received feedback. You decided to be defensive.

If none of your "students" are learning, it is their fault?

Engage people where they are at, on their level rather than communicating in a condescending manner.

Emotional intelligence (otherwise known as emotional quotient or EQ) is the ability to understand, use, and manage your own emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges and defuse conflict.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,669
  • Jun 18, 2022 9:14am Jun 18, 2022 9:14am
Quoting PeterCaleb
{quote} If I was to create or input a rule of thumb/basic premise for this thread it would be = Weekly/Daily ROC (Rate of Change - as shown on my previous posts) and direction overall. Then with this in mind look at your small present situation. Sometimes you don't need to close the order as there's something larger coming from behind. But for people here seeking to learn, accept poor price position and close out order then recheck setup and wait to have another go. There are other options but I sense to keep it simple for you here.This is not advice...
When you teach a man to fish, you actually show them exactly what to do. You take them fishing. You explain what you are doing at each and every step. You don't tell them to "figure it out". Would you call that spoon-feeding?

What is your intention if is not to teach us how to fish(trade)?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,670
  • Jun 18, 2022 9:17am Jun 18, 2022 9:17am
Who is taking the 10 trade challenge the week of June 19, 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
  • #16,671
  • Jun 18, 2022 9:54am Jun 18, 2022 9:54am
Quoting TooSlow
{quote} Please explain your money management.
I am doing 0.01 lots for each trade as suggested by post #1 for the Challenge.

Following the rules exactly.
Sticking with the same pair.

Take profit by moving stop.
When trade is +5 or more, move stop to BE+1.
When trade is +10 or more, move to to BE+5, or switch to trailing stop.
  • #16,672
  • Jun 18, 2022 10:49am Jun 18, 2022 10:49am
Quoting TheZenienss
{quote} I am doing 0.01 lots for each trade as suggested by post #1 for the Challenge. Following the rules exactly. Sticking with the same pair. Take profit by moving stop. When trade is +5 or more, move stop to BE+1. When trade is +10 or more, move to to BE+5, or switch to trailing stop.
My question was about YOUR money management. Perhaps I should have enquired about your RISK MANAGEMENT.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16,673
  • Edited 3:09pm Jun 18, 2022 11:13am | Edited 3:09pm
Quoting TheZenienss
{quote} I am doing 0.01 lots for each trade as suggested by post #1 for the Challenge. Following the rules exactly. Sticking with the same pair. Take profit by moving stop. When trade is +5 or more, move stop to BE+1. When trade is +10 or more, move to to BE+5, or switch to trailing stop.
I believe this is how you lost 30.5 pips instead of 17

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM1-TheZen entry exit.png Size: 30 KB


(edit: sorry, I drew the wrong high)
  • #16,674
  • Jun 18, 2022 1:08pm Jun 18, 2022 1:08pm
Quoting lbtrader
{quote} I believe this is how you lost 30.5 pips instead of 17 {image} I just noticed that you have a different H1 open line. the chart below is adjusted to your H1 open line, still the loss should be less than 30.{image} the blue line is my H1 open and the red arrow is your entry.
Thanks @lbtrader to be reviewing my trades.

The instruction for Stop Loss at post #1 says:
"Stop loss is the current daily high or current daily low."

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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In your picture you are using the current H1 open highest instead current D1 highest ....
  • #16,675
  • Jun 18, 2022 1:13pm Jun 18, 2022 1:13pm
Quoting TheZenienss
{quote} Thanks @lbtrader to be reviewing my trades. The instruction for Stop Loss says at post #1 says: "Stop loss is the current daily high or current daily low." {image} {image} {image} In your picture you are using the current H1 open instead current D1 highest ....
Correct, but... AT THE TIME OF YOUR TRADE!! if a new high is formed you should be out there and then.
  • #16,676
  • Jun 18, 2022 1:21pm Jun 18, 2022 1:21pm
Quoting lbtrader
{quote} Correct, but... AT THE TIME OF YOUR TRADE!! if a new high is formed you should be out there and then.
Sorry, I didn’t understand what you said!!
  • #16,677
  • Edited 3:00pm Jun 18, 2022 1:25pm | Edited 3:00pm
Quoting TheZenienss
{quote} Sorry, I didn’t understand what you said!!
I'm sorry, my bad, I just checked. your SL is exactly where it should be. The only problem is that a new H1 formed at 12:00 so the AOI was redrawn and the H1 open now is higher. it was clear by that time that your trade was failing. and the two entries with +1 pips, the first one made 9 pips down and the second made 10 pips down and yet you exit at +1
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM1-TheZen entry exit.png Size: 32 KB
  • #16,678
  • Jun 18, 2022 4:27pm Jun 18, 2022 4:27pm
"first trade, the first one made 9 pips down"

Attached Image (click to enlarge)
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Right, look here:

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moved SL to BE + 1 pip after price reached 5 pips in profit
Attached Image (click to enlarge)
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price retraced and it didn't reach 10 pips to move SL to 5 pips:
then it closed with 1 pip
Attached Image (click to enlarge)
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it went down 9.3 pips (I need 10 pips to move SL)
Attached Image (click to enlarge)
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  • #16,679
  • Jun 18, 2022 5:36pm Jun 18, 2022 5:36pm
Quoting TheZenienss
"first trade, the first one made 9 pips down" {image} Right, look here: {image} moved SL to BE + 1 pip after price reached 5 pips in profit {image} price retraced and it didn't reach 10 pips to move SL to 5 pips: then it closed with 1 pip {image} it went down 9.3 pips (I need 10 pips to move SL) {image}
ok, I can see that you're following the rules to the letter, I mean certainly the entry rules must not change, however for profit taking, if you get the chance +9 is better than +1, and for the SL, if you have such a far SL (30 pips) and you see your trade is going in the wrong direction then don't wait till it's hit, get out and reduce your loss. you've nailed the entry rules and now you need to work on maximizing your profit and reducing your loss.
  • #16,680
  • Jun 18, 2022 11:46pm Jun 18, 2022 11:46pm
Quoting TooSlow
{quote} When you teach a man to fish, you actually show them exactly what to do. You take them fishing. You explain what you are doing at each and every step. You don't tell them to "figure it out". Would you call that spoon-feeding? What is your intention if is not to teach us how to fish(trade)?
Being "spoon fed" something is merely sitting there and waiting for it to come to you. It requires nothing but feeling entitled to just do nothing and wait for it to be delivered to you, without movement or pre-qualification. This awareness is suitable for every area of Life.

I have written a post that will help you learn instead of defacing your thread.

https://www.forexfactory.com/thread/...4#post14037684

I do not blame people for being ignorant of something. I will again say, however, they are 100% responsible for never seeking out a way to learn and understand and so, their results reflect this.


Peter
Real Trading is not gambling.
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