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Highest Open / Lowest Open Trade

  • #17,661
  • Jan 15, 2024 12:31pm Jan 15, 2024 12:31pm
Quoting Gurudeva
If it is discretionary it is random.
You're preaching to the choir as I 100% agree.

Quoting Gurudeva
A strategy is not something to deduce, unless it's a discretionary strategy , we need rules to enter and rules to exit.
But here you are incorrect, and it is not merely a matter of opinion, but of fact: How else does one compose rules for trading an uncertain outcome except by observation which leads to hypotheses (deductions) which are then tested? This is the step you must do that you want others to do for you.

Quoting Gurudeva
So , again and again , what we have to do when breakout? Avoid signal? Use different entry?
You are asking the right questions but you want someone else's answer rather than you're own.

Here is my answer: "if an M60 candle closes above yesterday's high or below yesterday's low, THAT is a breakout, and I will not trade this method looking for a reversal. However, if price breaks above yesterday's high or below yesterday's low, and then closes back within yesterday's range, THEN I will enter a reversal per the rules in the first post if I get a trigger."

Much of the joy I get out of the markets is my trying to "figure them out" or "solve for X" where "X = edge." Too Slow has shared with us a strategy. It is up to each trader to develop a set of tactics to deploy the strategy.

From your posts here, you seem to be better suited to a "red light/green light" strategy like a moving average crossover, for example. This might not be the strat for you.
Life itself is a privilege, but to live life to the fullest is a choice
  • #17,662
  • Jan 15, 2024 12:35pm Jan 15, 2024 12:35pm
Quoting Gurudeva
{quote} Thank you for the answer. However i need to know the rules tu use when there's a breakout . Still waiting.
When there's a breakout of a key level like those mentioned in post #1, you must be aware that price could continue to trend in the direction of the breakout - or not provide a good reversal entry.
  • #17,663
  • Jan 15, 2024 12:50pm Jan 15, 2024 12:50pm
Quoting Gurudeva
STOP LOSS Entered when price drop th 02:00 a.m. open price H1 chart and then go back . {image}
Are you asking a question?

I have a couple of questions noted on your chart. Also, why post an M15 and not an M60?

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Life itself is a privilege, but to live life to the fullest is a choice
  • #17,664
  • Jan 15, 2024 3:38pm Jan 15, 2024 3:38pm
Here is my answer: "if an M60 candle closes above yesterday's high or below yesterday's low, THAT is a breakout, and I will not trade this method looking for a reversal. However, if price breaks above yesterday's high or below yesterday's low, and then closes back within yesterday's range, THEN I will enter a reversal per the rules in the first post if I get a trigger."

I think this is a right answer.
So in case it make a fake breakout you enter reversal , if it trend you dont take signal.

In the chart i posted , interested zone is taken in H1 chart, exactly the open is the 2:00 a.m. candle h1.
Stop loss as rule is on the current high.
  • #17,665
  • Jan 16, 2024 1:52am Jan 16, 2024 1:52am
STILL ANOTHER STOP LOSS
I post the 15 min chart to better show the entry, cause i waited a 15 min candle open in the interested zone and then when return back above the h1 highest open , i entry.
So you can understand from yourself where is the interested zone.
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  • #17,666
  • Jan 16, 2024 1:57am Jan 16, 2024 1:57am
The rule to place stop loss under the current low/high is absurd.
Price make a lot of fake breakout .
There's need another way to stop loss.

Anyone have some result of this strategy in the long run?

Maybe it's too early to say , cause i'm still testing but i thing it seems profitable only in the short run cause the big different from stop loss and take profit(R:R).

It's an illusion.

In the chart i posted above i lost 18 pips , to earn 5 pips, that would be good only if you have a very high expentacy and for what i'm looking till now it doesn't have.
  • #17,667
  • Edited 2:58am Jan 16, 2024 2:17am | Edited 2:58am
Go back to page 1 and read post 10, it helped me! The second holo entry in bar 30 29, before 1h made a new low /high. Especially when breaking through yesterday's day, week, month
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  • #17,668
  • Jan 16, 2024 5:01am Jan 16, 2024 5:01am
Quoting Gurudeva
The rule to place stop loss under the current low/high is absurd. Price make a lot of fake breakout . There's need another way to stop loss. Anyone have some result of this strategy in the long run? Maybe it's too early to say , cause i'm still testing but i thing it seems profitable only in the short run cause the big different from stop loss and take profit(R:R). It's an illusion. In the chart i posted above i lost 18 pips , to earn 5 pips, that would be good only if you have a very high expentacy and for what i'm looking till now it doesn't have....
hal7 made a lot of trades on this very similar thread, you can have a look:

https://www.forexfactory.com/thread/...13#post9204013
trading is like dancing, don't think and just listen to the music!
  • #17,669
  • Jan 16, 2024 8:33am Jan 16, 2024 8:33am
Quoting Gurudeva
STILL ANOTHER STOP LOSS
No way to know what you are trading if you aren't going to include the instrument name on the chart, but I can tell from the difference in the price scale between the two trades you posted that you are not sticking to one instrument, but bouncing around looking for trades.

That is, imo, a sure-fire road to ruin with this strategy. Master the strategy on one pair or one futures contract.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #17,670
  • Jan 16, 2024 9:09am Jan 16, 2024 9:09am
Quoting vidvad
{quote} No way to know what you are trading if you aren't going to include the instrument name on the chart, but I can tell from the difference in the price scale between the two trades you posted that you are not sticking to one instrument, but bouncing around looking for trades. That is, imo, a sure-fire road to ruin with this strategy. Master the strategy on one pair or one futures contract. {image}
That is correct.

Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #17,671
  • Jan 16, 2024 9:49am Jan 16, 2024 9:49am
M60 candles CL, which is the futures contract for US Oil.

In my opinion:

1) this method is best when you use it on one instrument until mastered,

2) once mastered, that one instrument will likely nbe all you ever need to trade, and

3) sticking to the M60 candles rather than jumping to M5s and M15s will allow you to see where your stop losses should be, when you have a breakout that is trening rather than reversing, and when you have a breakout that is failing.

Today, using M60 candles, oil was fantastic. The candle that ended at 9AM NYC time tested the high of day from the London session and came back down through the highest M60 open.

This isn't the only method I use for oil. I also use the rocky method from time to time. But this is my main method for trading CL, and CL is the only market I trade using this method.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #17,672
  • Jan 17, 2024 2:57am Jan 17, 2024 2:57am
First trade of the day, GBPUSD 1hr timeframe.
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  • #17,673
  • Jan 17, 2024 3:19am Jan 17, 2024 3:19am
Can someone tell me if the entry is correct?
I'll try to be more clear possible

I entered short on the 1h highest open , i waited a 15 min candle open in the interested zone and sell when it drop through highest open 1h.
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  • #17,674
  • Jan 17, 2024 3:22am Jan 17, 2024 3:22am
Quoting VladBuzdugan
First trade of the day, GBPUSD 1hr timeframe. {image}
Is it a correct entry?
Price broke previous daily high , shouldn't you wait the 1h candle to close before to entry?
  • #17,675
  • Jan 17, 2024 3:22am Jan 17, 2024 3:22am
Quoting VladBuzdugan
First trade of the day, GBPUSD 1hr timeframe. {image}
Sl trial hit, +5 pips

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  • #17,676
  • Jan 17, 2024 3:33am Jan 17, 2024 3:33am
Quoting Gurudeva
{quote} Is it a correct entry? Price broke previous daily high , shouldn't you wait the 1h candle to close before to entry?
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I don't see the previous daily high taken on my chart. This trade was placed on GBP/USD. Please check and let me know, the current 1hr bar opened, made a new daily high, when crossing back the open, the short was executed with daily high as stop loss.
  • #17,677
  • Jan 17, 2024 3:39am Jan 17, 2024 3:39am
Quoting VladBuzdugan
{quote} {image} I don't see the previous daily high taken on my chart. This trade was placed on GBP/USD. Please check and let me know, the current 1hr bar opened, made a new daily high, when crossing back the open, the short was executed with daily high as stop loss.
I mean, shouldn't you wait the candle ( with highest open) to close before to enter?
I usually wait that candle to close, after that i wait a new 15min candle open in that interested zone and when it drop through the open highest i sell.

That's what i'm waiting right now in GBPUSD :

Am i correct?
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  • #17,678
  • Jan 17, 2024 4:20am Jan 17, 2024 4:20am
In this case , have i to wait that 1h to close before to consider the interested zone?
Or can i consider that as interested zone even if is not yet closed ?
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  • #17,679
  • Jan 17, 2024 6:55am Jan 17, 2024 6:55am
Quoting Gurudeva
{quote} I mean, shouldn't you wait the candle ( with highest open) to close before to enter? I usually wait that candle to close, after that i wait a new 15min candle open in that interested zone and when it drop through the open highest i sell. That's what i'm waiting right now in GBPUSD : Am i correct? {image}
Yes, you are right, I enter when a zone is formed as well, in this case as you say it is an early entry and the risk is also adjusted. As I write this I have another position on, respecting the method perfectly as described in the first post.
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  • #17,680
  • Jan 17, 2024 7:46am Jan 17, 2024 7:46am
Today I am currently short Oil even though it is a HOLO long candidate right here. The reason I am staying short for now is that today price has broken below yesterday's low, Monday's low, and is in fact trading at a 5 day low. THAT is a breakout. The breakout can reverse at anytime, which is why I have a 25 cent stop loss. However, as a breakout of several recent daily lows, I am short anticipating a test of last WEEK's low price.

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