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Highest Open / Lowest Open Trade

  • #16,961
  • Oct 11, 2022 8:14am Oct 11, 2022 8:14am
My first trade by the rules on the chosen pair this week. The entry was actually the second that hour, I missed first one because the close didn't look convincingly above the open. I didn't hold the trade till BE+5 and exited early. That's a shame. It went for 12 pips.
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  • #16,962
  • Oct 11, 2022 8:20am Oct 11, 2022 8:20am
Quoting d5400
I didn't hold the trade till BE+5 and exited early.
why?

kind regards.
Muni loves you all!
  • #16,963
  • Oct 11, 2022 8:31am Oct 11, 2022 8:31am
Quoting MuniFX
{quote} why? kind regards.
I'm still learning to hold and trust the method. The price wicked right on entry, that scared me.
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  • #16,964
  • Oct 11, 2022 8:48am Oct 11, 2022 8:48am
Quoting d5400
{quote} I'm still learning to hold and trust the method. The price wicked right on entry, that scared me.
I'm no expert, but the method is traded for over 6 years as shown in this thread, so i guess the method must at least make sense.. so i would say the trust has been established. regarding your fear: why you was scared?, i mean before you entered the trade the possibility of a negative outcome was already there, that is why we put stoploss, this is the risk we knew from the start, you wasn't scared to lose that when you entered the trade, but all of a sudden you getting scared to lose some?
I would not cut the possibilty to earn huge amount of pips before the method told me its invalid.

I thank you for giving us opprtunity to explore our thougts to learn a thing or two.

Kind regards.
Muni loves you all!
  • #16,965
  • Oct 11, 2022 9:10am Oct 11, 2022 9:10am
Quoting MuniFX
{quote} you wasn't scared to lose that when you entered the trade, but all of a sudden you getting scared to lose some?
That's a good point. I wasn't scared because I hoped for momentum after the entry, but instead I got hesitation. But then, I should have realized that when trade went into positive again, the momentum was building up. That should have kept me in.
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  • #16,966
  • Oct 11, 2022 10:10am Oct 11, 2022 10:10am
Quoting mq112358
{quote} Dear Ibtrader, thank u for your help. I just checked and this setup is already "true". It still doesn't work ((( Anw, I really appriciate your help. Very kind of you! {image}
Not sure why, but for me if I put it to false it will disappear, I put it true it appears again. if you put it false then true any change?. else try to use a different version of the smHiLo indicator, there are two or three versions. There is one called TooSlow version and one 2.2
  • #16,967
  • Oct 11, 2022 7:55pm Oct 11, 2022 7:55pm
My second trade by the rules. Botched the entry, though, I guess didn't pay attention. Took off half at +6, stopped out at BE.
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  • #16,968
  • Oct 11, 2022 8:41pm Oct 11, 2022 8:41pm
Third trade. Not exactly by the rules. Used limit order, because first wave didn't travel quite far enough. Half at 8+, stop at BE.
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  • #16,969
  • Oct 11, 2022 10:27pm Oct 11, 2022 10:27pm
Fourth trade. Entry a bit lower than the open, because it's the second exit and pretty sure it would go through the open. I took partials, now it's a free trade. I target the gap.
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  • #16,970
  • Oct 12, 2022 9:28am Oct 12, 2022 9:28am
Quoting d5400
Fourth trade. Entry a bit lower than the open, because it's the second exit and pretty sure it would go through the open. I took partials, now it's a free trade. I target the gap. {image}
Hi d5400, Can you share your template? Thank you!
  • #16,971
  • Oct 12, 2022 9:40am Oct 12, 2022 9:40am
Fifth trade. Very quick, but mostly by the rules.
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  • #16,972
  • Oct 12, 2022 10:10am Oct 12, 2022 10:10am
Quoting mq112358
{quote} Hi d5400, Can you share your template? Thank you!
I removed restricted indicator.
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Attached File(s)
File Type: zip d5400 holo.zip   46 KB | 701 downloads
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  • #16,973
  • Oct 12, 2022 12:33pm Oct 12, 2022 12:33pm
Sixth trade. I was in before the hour's open. Coincidence? Half off at +6.8. Free trade now.
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  • #16,974
  • Oct 12, 2022 3:05pm Oct 12, 2022 3:05pm
Quoting d5400
Sixth trade. I was in before the hour's open. Coincidence?
that is not a holo trade .. or am i wrong?

from page one: "Buy at the lowest H1 open after price goes down through it and comes back up."

holo trade would have been buy @0,9690 1 hour ago (15:06 NY)?
Muni loves you all!
  • #16,975
  • Edited 10:48pm Oct 12, 2022 10:28pm | Edited 10:48pm
Hello Muni and d5400
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Quoting MuniFX
{quote} that is not a holo trade .. or am i wrong? from page one: "Buy at the lowest H1 open after price goes down through it and comes back up." holo trade would have been buy @0,9690 1 hour ago (15:06 NY)?
an hour ago yes, the lowest H1 was @ 0.9690, but @ the vertical line you can see that there is a lower H1 @ 0.9694 so technically (by coincidence ) the trade was taken at the right level, however it was not taken by the rules, it was taken 45 minutes before the lowest H1, perhaps d5400 can tell us why he took it there

@d5400, nice work there, taking partial profit by the 5 pip rule and letting the rest ride a possible runner is a good idea. I would probably let the SL @ BE+1 as TS recommends which is also a small win rather than a flat BE.
Quoting d5400
{quote} I removed restricted indicator. {file} {image}
is this the Trade manager that you removed? I'm looking for something like that, if you can point a link to where I can find it would be great or PM if it is considered commercial.
  • #16,976
  • Oct 12, 2022 10:46pm Oct 12, 2022 10:46pm
Quoting lbtrader
Hello Muni and d5400{image} {quote}an hour ago yes, the lowest H1 was @ 0.9690, but @ the vertical line you can see that there is a lower H1 @ 0.9694 so technically (by coincidence ) the trade was taken at the right level, however it was not taken by the rules, it was taken 45 minutes before the lowest H1, perhaps d5400 can tell us why he took it there
I took that trade because I was impatient. Previous LO was exited several times, so I anticipated a lower LO, it's more confluence than coincidence. This method is very close to the TRUTH.
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  • #16,977
  • Oct 12, 2022 10:53pm Oct 12, 2022 10:53pm
Quoting d5400
{quote} I took that trade because I was impatient. Previous LO was exited several times, so I anticipated a lower LO, it's more confluence than coincidence. This method is very close to the TRUTH. {image}
quite right, but I think that huge candle was the main reason, thanks.
  • #16,978
  • Oct 13, 2022 1:18am Oct 13, 2022 1:18am
Hey guys just stumbled upon this thread and it is certainly a new way of trading for me, a fresh perspective. It seems we are taking advantage of intraday moves based on rejections off of the highest hourly open and lowest hourly open, and it makes sense. If price doesn't reject all the way it will at the very least make a pullback move and we can make pips off of that too. Genius!!!

Question: if price has closed above the highest hourly open, can i make a sell stop order at the level of the highest hourly open? This way i can catch the price if it moves down and past the highest hourly open price. I never used sell stop/buy stop orders before in opening positions (used market and limit orders only) so this is new to me. Still not a hundred percent sure with regards to the difference between sell limit and sell stop. Seems sell stop will only activate if price is going down past the level, and sell limit will immediately activate no matter what as long as price touches it?
Seek first to understand, then to be understood
  • #16,979
  • Edited 4:16am Oct 13, 2022 4:00am | Edited 4:16am
Quoting lbtrader
but @ the vertical line you can see that there is a lower H1 @ 0.9684
thanks for clarifying, that was my blind spot right there!
(The templates/indicators help a lot, i didnt had these on my screen, so i missed it)
Muni loves you all!
  • #16,980
  • Edited 8:22am Oct 13, 2022 4:58am | Edited 8:22am
Quoting toshio
Hey guys just stumbled upon this thread and it is certainly a new way of trading for me, a fresh perspective. It seems we are taking advantage of intraday moves based on rejections off of the highest hourly open and lowest hourly open, and it makes sense. If price doesn't reject all the way it will at the very least make a pullback move and we can make pips off of that too. Genius!!! Question: if price has closed above the highest hourly open, can i make a sell stop order at the level of the highest hourly open? This way i can catch the price if...
Hello toshio and welcome to this thread.
regarding your question, when price closes above or below the highest H1 open (candle can be bullish or bearish), the new candle must open in the area above the highest H1 open Called AOI (Area of Interest), and will move higher but not breach the daily high, then moves back crossing the open line, this is where your ambush sell stop order would be waiting. I don’t think you can place a sell limit there because the price is moving down, a sell limit is placed above the current price to get a better selling price. The same with buy limit orders, it’s placed below the current price to get a better buy in price. For more extensive information try to read the pdf files in this thread, you can find them in the files section or here https://www.forexfactory.com/thread/...2#post13973242
I hope this helps
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