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Highest Open / Lowest Open Trade

  • #17,641
  • Dec 19, 2023 5:19am Dec 19, 2023 5:19am
By the way trade just trigered and i'm in GBP/USD short
  • #17,642
  • Dec 19, 2023 5:38am Dec 19, 2023 5:38am
I'm sorry TOO SLOW for interuption, but implementing or finding such situations when price offers fear value gap's these can be very very beneficial for method
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  • #17,643
  • Dec 26, 2023 1:35pm Dec 26, 2023 1:35pm
Who is taking the 10 trade challenge the week of DECEMBER 24, 2023?

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
  • #17,644
  • Dec 26, 2023 1:45pm Dec 26, 2023 1:45pm
Quoting mizi123
I'm sorry TOO SLOW for interuption, but implementing or finding such situations when price offers fear value gap's these can be very very beneficial for method {image}
No worries, Mate. Cheers.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #17,645
  • Jan 1, 2024 5:45pm Jan 1, 2024 5:45pm
Who is taking the 10 trade challenge the week of DECEMBER 31, 2023?

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
  • #17,646
  • Jan 3, 2024 3:37pm Jan 3, 2024 3:37pm
Quoting Aeson
{quote} Couple of new features coming. Just testing at the moment. Will post when it's ready
Hi @Aeson, hope you are doing well. Do you mind sharing your latest template please? If it can have possibility to get push messages, that will be great to avoid waiting & watching screen for hours.
  • #17,647
  • Jan 3, 2024 5:13pm Jan 3, 2024 5:13pm
Quoting mahavir
{quote} Hi @Aeson, hope you are doing well. Do you mind sharing your latest template please? If it can have possibility to get push messages, that will be great to avoid waiting & watching screen for hours.
I don't think you will get a reply as he hasn't been active in almost 3 years. Sorry mate.
  • #17,648
  • Jan 6, 2024 6:43pm Jan 6, 2024 6:43pm
Who is taking the 10 trade challenge the week of January 7, 2023?

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
  • #17,649
  • Jan 13, 2024 2:56am Jan 13, 2024 2:56am
Hi TooSlow
I spent my last week studyng your strategy , firstly it looked me so interesting but then a big doubt came to me.
If stop loss is on the above high / below low of the day and first take profit is 5 pips(breakeven) , we know that most of time stop loss is bigger then profit , so your RR is very low.
That's why you talk about high percentual winning trades.
There's no edge in the strategy , and obviously in a trend market you will have a lot of fake signal and big loss , when is not in trend you will earn but with a so tight breakeven , you will earn a few comparated to the loss.
Nothing new.
Am i wrong?
  • #17,650
  • Jan 13, 2024 8:48am Jan 13, 2024 8:48am
Quoting Gurudeva
Hi TooSlow I spent my last week studyng your strategy , firstly it looked me so interesting but then a big doubt came to me. If stop loss is on the above high / below low of the day and first take profit is 5 pips(breakeven) , we know that most of time stop loss is bigger then profit , so your RR is very low. That's why you talk about high percentual winning trades. There's no edge in the strategy , and obviously in a trend market you will have a lot of fake signal and big loss , when is not in trend you will earn but with a so tight breakeven ,...
1) A 5 pip take profit is a scalping strategy. ALL positive expectancy scalping strats will have a small profit objective relative to the risk. This skewed risk:reward is counterbalanced by the extremely high win rate, i.e. probability.

Edge is calculated as follows

(Probability of win) * (reward) > (Probability of loss) * (risk); so long as Pw*Reward is greater than (>) Pl*Risk, then a positive edge exists

So, if the there is a 90% probability of a 5 pip profit, and a 10% probability of a 20 pip loss, the edge would look as follows:

.90*5 pips expected reward > .10*20 pips expected loss =

4.5 pips profit > 2 pips loss over the long run

"Edge" is a mathematical concept and is calculated using arithmetic. One should refrain from simply pronouncing an edge is present or not as a matter of opinion simply because one is not himself comfortable with the size of the stop loss required to trade a particular strategy. If you are not able to accept the risk, then this is not the strategy for you. However, you should accept that the issue is you and not the strategy. This strategy has a definite positive expectancy and if you trade it properly, over the long run, you will be a profitable trader.

2) re: Trend in market and "fake signals" is addressed in the first post of this thread:

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If you are going to trade this strategy, you have to have yesterday's high and yesterday's low marked on your chart before you trade otherwise your risk of getting caught in a one-way move is significantly higher than it would be if you were trading with that information. I would suggest that last week's high and last week's low also be marked off on your chart as these are often significant breakout levels as well.
Life itself is a privilege, but to live life to the fullest is a choice
  • #17,651
  • Jan 13, 2024 5:16pm Jan 13, 2024 5:16pm
Who is taking the 10 trade challenge the week of January 14, 2023?

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
  • #17,652
  • Edited 3:05am Jan 14, 2024 2:33am | Edited 3:05am
Thank you VidVad for your quickly and clear answer.

1) I agree when you say that a 90% of winning trades with a smaller profit(5pips) and with a big stop(20pips) is profitable.
But this is a very very high expetancy , and watching chart i see so many fake signal that it's difficult to believe in that.

2) What you exactly mean when you say to trade reversal with caution when there's a previous daily high or low breakout?
What rules should i follow in this case? should i stop to consider signal or what?

Another thing, you say to place stop loss above the current daily low / below current daily high , but most of time price in that situation create a fake breakout and it's very probable that i take stop loss and price return in the interested zone, so should i re-enter again?
This case make me really hardly think about a 90% winning trades.

Scrolling my chart i see so many fake signal.

Last thing , after in h1 hour a new highest open is create , should i wait on 15 min chart to open in the interested zone and go down ?or also the same in 5min chart also?
In case of using also a 5 min chart you know probability of a winning fall more and more right?
  • #17,653
  • Edited 7:29pm Jan 14, 2024 6:49pm | Edited 7:29pm
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Asian Session

UJ +5 trailing stop hit
EU +5 trailing stop hit
  • #17,654
  • Jan 14, 2024 7:25pm Jan 14, 2024 7:25pm
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Missed this one.....
  • #17,655
  • Jan 15, 2024 9:32am Jan 15, 2024 9:32am
And anyway i read all the pages of this threath , and i dont know how much time people have asked always the same thing but always with no one answer.
A strategy is based on rules.
So can somebody explain what to mean trade with caution after a daily breakout or after a previous daily breakout?

What rules should i follow in that situation?
It is not mentioned in the first post, there 's only written "TRADE WITH CAUTION" but what it mean?

A lot of people in this threath asked that, nobody answered.
Withou that , strategy is incomplete.
  • #17,656
  • Jan 15, 2024 9:54am Jan 15, 2024 9:54am
Quoting Gurudeva
And anyway i read all the pages of this threath , and i dont know how much time people have asked always the same thing but always with no one answer. A strategy is based on rules. So can somebody explain what to mean trade with caution after a daily breakout or after a previous daily breakout? What rules should i follow in that situation? It is not mentioned in the first post, there 's only written "TRADE WITH CAUTION" but what it mean? A lot of people in this threath asked that, nobody answered. Withou that , strategy is incomplete.
i dont trade this strategy anymore, but what i remember:

1) taking 5 pips is ok, when they occur.

2) if you want to follow the trend and trail, then set stop to BE after +5 pips

3) avoid to trade this style in a trendday or called "freighttrain"-day
trading is like dancing, don't think and just listen to the music!
  • #17,657
  • Jan 15, 2024 10:38am Jan 15, 2024 10:38am
Quoting birdland
{quote} i dont trade this strategy anymore, but what i remember: 1) taking 5 pips is ok, when they occur. 2) if you want to follow the trend and trail, then set stop to BE after +5 pips 3) avoid to trade this style in a trendday or called "freighttrain"-day

Thank you for the answer.

However i need to know the rules tu use when there's a breakout .
Still waiting.
  • #17,658
  • Jan 15, 2024 11:18am Jan 15, 2024 11:18am
Quoting Gurudeva
{quote}However i need to know the rules tu use when there's a breakout . Still waiting.
This is M60 crude oil. You can do this for any instrument/market you trade.

Mark the previous day's highs and lows, mark the previous week's highs and lows, and see what you come up with on your own as far as a set of rules to govern how you choose to trade reversals after breakout/breakout attempts.

Read the rules in post one and apply them to such a chart as this. I will post my rules, easily derived from a study of this chart (or any chart similarly constructed) after you study this chart and attempt to derive rules on your own. Nothing I say or anyone else says will help you nearly as much as you can help yourself by doing the simple work reading and understanding the rules in post one, and then studying a chart to make sure you really understand.

Study this chart with the thought "WARNING: When price breaks through yesterday's high or low or makes a new high or low today, THAT is a breakout. Trade the reversal with caution."

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Life itself is a privilege, but to live life to the fullest is a choice
  • #17,659
  • Jan 15, 2024 12:15pm Jan 15, 2024 12:15pm
First of all thank you for the answer.

Maybe i was not clear.
A strategy is not something to deduce, unless it's a discretionary strategy , we need rules to enter and rules to exit.
If it is discretionary it is random.

If you post a whole strategy but then you say if price breakout use caution, your strategy is not complete .
You're saying nothing.

In your chart i can see something , you see another thing, that's not important, because if we use the same strategy we see the same thing.
Our opinion doesn't matter.

So , again and again , what we have to do when breakout? Avoid signal? Use different entry?
  • #17,660
  • Jan 15, 2024 12:26pm Jan 15, 2024 12:26pm
STOP LOSS

Entered when price drop th 02:00 a.m. open price H1 chart and then go back .
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