Highest Open / Lowest Open Trade
{quote} Thanks for your pictures and very clear explanations. In this example, you say candle E printed a new TODAY's HIGHEST H1 OPEN. But isn't that printed by candle C as the open of candle C was higher than the previous HIGHEST H1 OPEN and also candle C open is higher than candle E open.
The screen shot is taken from the 15-minute chart, so each of those candles will obviously show a different open level.......but the thing to remember is that we are dealing with/looking at......the open price of the HOURLY candle when determining the Highest H1 Open price.
So in this example, when candle A opened, IT printed the Highest H1 Open.
Then when candle E opened at the start of the following hour, it then printed the NEW Highest H1 open price.
Candle C was a "part" of the 1st hour......but not the OPEN of the first hour.
I hope that helps.
Cheers
Michael
- #17,264
- Mar 12, 2023 11:14pm Mar 12, 2023 11:14pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #17,267
- Mar 18, 2023 11:08pm Mar 18, 2023 11:08pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
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- #17,270
- Mar 22, 2023 8:19pm Mar 22, 2023 8:19pm
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Hi TooSlow,
I'm trying to understand your trading method.
I read the pdf but I need to confirm whether what I learn from it is correct or not.
Now, below are my charts. According to the first chart, the H1, first we have candle marked "1" as the highest open that was broken so it's I'm not gonna focus on that. The next possible entry is candle 3 that hosted the highest point of the day and also the highest open.
As I open the M15 chart this is what I see.
So my question is do I enter on candle "a" 's close or at the break of highest H1 open? Please help! Thanks in advance!
I'm trying to understand your trading method.
I read the pdf but I need to confirm whether what I learn from it is correct or not.
Now, below are my charts. According to the first chart, the H1, first we have candle marked "1" as the highest open that was broken so it's I'm not gonna focus on that. The next possible entry is candle 3 that hosted the highest point of the day and also the highest open.
As I open the M15 chart this is what I see.
So my question is do I enter on candle "a" 's close or at the break of highest H1 open? Please help! Thanks in advance!
If you want to make a lot of money, go to where money is in abundance.
- #17,272
- Mar 23, 2023 10:06pm Mar 23, 2023 10:06pm
Hi TooSlow, I'm trying to understand your trading method. I read the pdf but I need to confirm whether what I learn from it is correct or not. Now, below are my charts. According to the first chart, the H1, first we have candle marked "1" as the highest open that was broken so it's I'm not gonna focus on that. The next possible entry is candle 3 that hosted the highest point of the day and also the highest open. {image} As I open the M15 chart this is what I see. {image} So my question is do I enter on candle "a" 's close or at the break of highest...
I hope you don't mind me poking my nose in here, and apologies to TooSlow for butting in on his question.
I think you have got a couple of things wrong but that's okay. We will try and get that sorted.
If you look at this first H1 chart, you will notice a couple of differences from your chart.
Candle 1 printed the highest H1 OPEN price for the day so far.
It also printed the Highest HIGH of the day (so far).
So when the next hourly candle opened (2)....it did NOT print a new Highest H1 Open price. That remained with candle 1.
In fact, for the rest of the day, NO new Highest H1 open price was printed.
The only thing that DID change, was the Daily High, which changed when candle 3 printed a new high for the day.
So we would have been looking for a candle on a lower time frame, in this case, the 15M chart, to print an open price in our Area Of Interest. (AOI) (between the Highest H1 Open...and...the Daily High)
As mentioned, that AOI remained the same until candle 3 printed the new Daily High, so the AOI expanded as you can see.
At no time has the Highest H1 Open Price changed.
Now let's have a look at the 15M.
As you can see, nothing is different in that the Highest H1 Open is the same. in this case, candle 1 printed that.
The open of the next hour at candle 5 did NOT print a new Highest H1 open....nor did candle 9 at the open of the third hour....or candle 13 at the open of the 4th hour.
The daily high as mentioned above, only changed with candle 10 printing a new Daily High, so the AOI also changed.
So again, the strategy requires a 15 minute candle to open in our AOI to validate an entry.
So after the first hour closed, we wait.
You can see that candles 5 and 6 opened BELOW the AOI, so did not validate a trade.
BUT candle 7 DID open in the AOI, so the strategy states that you would place a sell trade at the HIGHEST H1 OPEN PRICE.
(in this case, it would have been hard to get on at the exact price as the open price was very close to the entry price, but it is just an example)
Depending on your broker and spreads, you may have been able to get about 5 pips from that trade.
Unfortunately though, that was the only valid entry available for the rest of the day as there were no more 15M opens in the AOI.
(note that candle 12 DID open in the AOI...BUT you would not (according to the rules) have taken that because a NEW DAILY HIGH (breakout) was printed during that hour, so you would have had to wait until that hourly candle closed and then reassess the chart.
I think that all, and I hope I haven't confused you lol.
Cheers and good luck.
Michael
- #17,273
- Mar 23, 2023 10:53pm Mar 23, 2023 10:53pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #17,274
- Mar 24, 2023 4:05am Mar 24, 2023 4:05am
- | Membership Revoked | Joined Nov 2020 | 2,353 Posts
Hi TooSlow, I'm trying to understand your trading method. I read the pdf but I need to confirm whether what I learn from it is correct or not. Now, below are my charts. According to the first chart, the H1, first we have candle marked "1" as the highest open that was broken so it's I'm not gonna focus on that. The next possible entry is candle 3 that hosted the highest point of the day and also the highest open. {image} As I open the M15 chart this is what I see. {image} So my question is do I enter on candle "a" 's close or at the break of highest...
Look here ....
Can you follow a line? Can you draw a line that always stays along the very left side of a chart as it moves along as seen in this pic?
Before, during and after. It's that simple. Line down left hand side. Line along top or bottom rollover area, line off rollover area then along left side of movement as it moves away from turn around area. Can YOU do this every time? Then you now understand this approach. Candlestick is body and high or low vertical line out of it. Body is "main activity" and vertical line is "extra activity". I can explain that if needed after this. Once rollover is finished and you see an extra vertical line out of rollover area to be the "biggest", then begins other way you have a trade opportunity. It IS that simple. After that it's then order choice etc. Don't even need indicators on chart.
Peter
Real Trading is not gambling.
{quote} Hi Shadow. I hope you don't mind me poking my nose in here, and apologies to TooSlow for butting in on his question. I think you have got a couple of things wrong but that's okay. We will try and get that sorted. If you look at this first H1 chart, you will notice a couple of differences from your chart. {image} Candle 1 printed the highest H1 OPEN price for the day so far. It also printed the Highest HIGH of the day (so far). So when the next hourly candle opened (2)....it did NOT print a new Highest H1 Open price. That remained with candle...
Now, just to make sure I get it... I'm gonna post another set of charts. Hopefully, it's good now.
Drawing those charts took time but maybe anyone who has the same question could also learn from my slow process.
If you want to make a lot of money, go to where money is in abundance.
- #17,277
- Mar 24, 2023 5:29am Mar 24, 2023 5:29am
- | Membership Revoked | Joined Nov 2020 | 2,353 Posts
Real Trading is not gambling.
{quote} I'm not angry. Not at you or anyone. Just seems to be a repeating theme on these sites that the true real and simple things that always work, seem to be unknown to people, or are not mentioned. SO I mentioned it. Hihihihi. Just be objective about it all and you'll learn. Peter
If you want to make a lot of money, go to where money is in abundance.