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Highest Open / Lowest Open Trade

  • #17,681
  • Jan 17, 2024 8:09am Jan 17, 2024 8:09am
Quoting vidvad
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.
70.59 is next previous daily low. Current low of the day is 70.65. Still targeting last week's low. My data was displaying incorrectly in the previous post. It looks like last week's low was $70.25 and my take profit is $70.26.

A HOLO long trade should have been a small profit as price did come back up through the Lowest Open and topped 25 ticks above the lowest open. BUT, being a breakout day, I would have waited for an m60 candle to close above the lowest open AND close either green or with a long tail below the lowest open.
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  • #17,682
  • Jan 17, 2024 9:16am Jan 17, 2024 9:16am
Quoting Gurudeva
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 ? {image}
look, here today was the optimal point to short.

on the m5 the chart was breaking the "highest H1 close" into the blue zone, only for a fraction of 1 pip.

then it was falling back through the "highest H1 close" (orange line) and THIS was the right time to go short (blue arrow).
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trading is like dancing, don't think and just listen to the music!
  • #17,683
  • Jan 17, 2024 9:43am Jan 17, 2024 9:43am
Quoting birdland
{quote} look, here today was the optimal point to short. on the m5 the chart was breaking the "highest H1 close" into the blue zone, only for a fraction of 1 pip. then it was falling back through the "highest H1 close" (orange line) and THIS was the right time to go short (blue arrow). {image}

This case and last two Chart posted by vidvad are completely out from the rules of TooSlow.
Maybe something about the entry in the open seems to be similar , but are this threath to trade the strategy of the 1 Post or not?

It create only confusion for the new member who want to learn the strategy.

Birdland in the chart you posted 5 min candle doesn't close in the interested zone , so why you post something out from the strategy?
Same think about last chart of VidVad about his using of another strategy in the trend called Rocky, what is the meaning of that?
  • #17,684
  • Jan 17, 2024 9:55am Jan 17, 2024 9:55am
Quoting Gurudeva
{quote} This case and last two Chart posted by vidvad are completely out from the rules of TooSlow. Maybe something about the entry in the open seems to be similar , but are this threath to trade the strategy of the 1 Post or not? It create only confusion for the new member who want to learn the strategy. Birdland in the chart you posted 5 min candle doesn't close in the interested zone , so why you post something out from the strategy? Same think about last chart of VidVad about his using of another strategy in the trend called Rocky, what is the...
yes, because the 5 minute rule is for starters.

how i would trade is for experienced people.

the better for you to wait for a m5 or better m15 close in the zone and then a break.

sorry
trading is like dancing, don't think and just listen to the music!
  • #17,685
  • Jan 17, 2024 12:56pm Jan 17, 2024 12:56pm
Quoting Gurudeva
{quote} This case and last two Chart posted by vidvad are completely out from the rules of TooSlow. Maybe something about the entry in the open seems to be similar , but are this threath to trade the strategy of the 1 Post or not? It create only confusion for the new member who want to learn the strategy. Birdland in the chart you posted 5 min candle doesn't close in the interested zone , so why you post something out from the strategy? Same think about last chart of VidVad about his using of another strategy in the trend called Rocky, what is the...
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #17,686
  • Jan 17, 2024 12:56pm Jan 17, 2024 12:56pm
Quoting birdland
{quote} look, here today was the optimal point to short. on the m5 the chart was breaking the "highest H1 close" into the blue zone, only for a fraction of 1 pip. then it was falling back through the "highest H1 close" (orange line) and THIS was the right time to go short (blue arrow). {image}
Well done.

Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #17,687
  • Jan 17, 2024 4:35pm Jan 17, 2024 4:35pm
Quoting birdland
{quote} look, here today was the optimal point to short. on the m5 the chart was breaking the "highest H1 close" into the blue zone, only for a fraction of 1 pip. then it was falling back through the "highest H1 close" (orange line) and THIS was the right time to go short (blue arrow). {image}
Thanks a lot for your insight!

Cheers.
  • #17,688
  • Jan 17, 2024 4:43pm Jan 17, 2024 4:43pm
Quoting VladBuzdugan
{quote} 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.{image}

Second trade hit trial SL. +10 Pips for the day.
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  • #17,689
  • Jan 18, 2024 8:06am Jan 18, 2024 8:06am
Long CL (oil) trade
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  • #17,690
  • Jan 18, 2024 8:12am Jan 18, 2024 8:12am
Quoting vidvad
Long CL (oil) trade {image}
One and done on CL today for me. +56 tick profit entering at the LO and exiting at the HO.

Whenever I get 50 ticks or more in closed profit on CL, I leave it alone until the next day.

For this method, I do not use any candles other than the M60. For the method in this thread, I am trading the levels (highest open/lowest open) and using smaller increment candles muddies the waters.

When price is at or near HOLO, I stick to the M60 candles only.

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  • #17,691
  • Jan 18, 2024 12:44pm Jan 18, 2024 12:44pm
Vidvad....what is the biggest stop loss you would be willing to take with this CL strategy and how many ticks is your average profit? I know you like to remove discretion and trade by strict set of rules, and this strategy does seem it allows you to do that. What percent of winning trades would you expect this strategy has? What are your parameters for closing out the trade after you have entered. This seems to a very easy strategy to implement and removes any guess work. Thanks for sharing
  • #17,692
  • Jan 18, 2024 1:44pm Jan 18, 2024 1:44pm
Vidvad....what is the biggest stop loss you would be willing to take with this CL strategy and how many ticks is your average profit? I know you like to remove discretion and trade by strict set of rules, and this strategy does seem to allow you to do that. What percent of winning trades would you expect this strategy has? What are your parameters for closing out the trade after you have entered. This seems to a very easy strategy to implement and removes any guess work. Thanks for sharing
  • #17,693
  • Jan 18, 2024 3:05pm Jan 18, 2024 3:05pm
Quoting Ed777
Vidvad....what is the biggest stop loss you would be willing to take with this CL strategy and how many ticks is your average profit? I know you like to remove discretion and trade by strict set of rules, and this strategy does seem to allow you to do that. What percent of winning trades would you expect this strategy has? What are your parameters for closing out the trade after you have entered. This seems to a very easy strategy to implement and removes any guess work. Thanks for sharing
hey Ed,

For oil every trade starts with the trading platform entering an automatic 25 tick stop loss and 39 tick take profit as those are my average loss and profit. However, I adjust for each trade. Largest stop loss? Probably around 35 ticks? I know 32 ticks is a common stop loss size.

Also, as you know, I use Ninjatrader, which has an auto trail feature. I change that depending upon oils daily range and volatility. I have it set to move tick for tick with crude once it reaches qa certain profit level. Sometimes, I have it set to move tick for tick right from entry, i.e. price goes +1 tick profit, the stop loss moves 1 tick closer to my entry. Other times I have to give oil more breathing room, so I Might set it to start trailing once I am +10 ticks or +25 ticks etc.

Win %? I haven't tracked that real well, and when I go into Ninjatrader it shows a much higher figure than it probably is because of the rocky trades which are real scalps. In fact, my average profit might be too small as that takes into account rocky method scalps plus HOLO's which for me tend to have larger targets.

I will manually move my stop to anywhere between +5 and -5 based on prcice action if we are at or near a breakout level, e.g. yesterday's high or low, last week's high or low.

I use the high and low of recent M60 candles as stop loss guides rather than the high or low of the day.

Look at this chart below as an example:

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The gray area is NYC session 8AM to 12 noon which is when I am available to trade most days. The red candle just before my trading window opened was the highest open of the day at 73.14. The next green candle tested the high of that red candle. Short entry was price coming back through 73.14, and the stop loss was the high of the red candle at 73.28 (use 73.29 as stop loss).

1st short stopped for -15 ticks. Second short entry on a sell stop at 73.14, and I used the same stop loss at 73.29.

The take profit was the lowest open of the day which at that time was 72.37, for a +77 tick profit after the -15 tick loss.

Starting with the chart today I'm going to post my next 10 CL HOLO trades here in this thread so that will give us an idea over the short term.

If I MISS the HOLO entry, Ed, I'll use the rocky method to scalp in the direction of the HOLO trade. But I only do that if I MISSED the HOLO trade. I DO NOT look at the rocky chart if I am in a HOLO trade. If I got a good entry I move my take profit to the opposite LO for a short trade and HO for a long trade) and let my trailing stop loss take over.

IF the HOLO trade occurred at or very near a potential breakout level, I will manually tighten the stop loss, but then I will let the auto trail take it from there.

CL does have a micro contract which is only $1/tick instead of $10/tick like crude. I just checked an MCL chart and prices do not line up tick for tick with CL, so I'd use CL to place your orders even if you were to start with the micro contract. Also, micro volume seems much much lower than CL, so that might mean problems with slippage, etc.

I use limit orders and STOP LIMIT orders with CL as it does have more slippage than ES.

If you are using an Apex account, then I'd go straight for the full-sized CL, and do a 10 Day Challenge as too slow recommends in his 1st post of the thread and do so on SIM.
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  • #17,694
  • Jan 19, 2024 3:18am Jan 19, 2024 3:18am
Simply perfect entry...EU
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  • #17,695
  • Jan 19, 2024 4:02am Jan 19, 2024 4:02am
First trade of today, 3rd trade of the week. GBPUSD 1H.
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  • #17,696
  • Jan 19, 2024 5:23am Jan 19, 2024 5:23am
Quoting VladBuzdugan
First trade of today, 3rd trade of the week. GBPUSD 1H. {image}
On the first trade of today, BE. Re-entered after the setup presented once more, and +5 Pips so far for today.
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  • #17,697
  • Jan 19, 2024 7:33am Jan 19, 2024 7:33am
EG short....
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  • #17,698
  • Edited 8:41am Jan 19, 2024 7:40am | Edited 8:41am
CL (Oil) long. Stop loss was 73.49 and entry at lowest H1 open 73.71. The low of day is 73.54, and I like to start a stop loss below the xx.00 and xx.50 levels when the low or high of day is close to one of those levels. Target is the highest H1 open at 74.44.

The stop loss is auto-trailed and moves one tick higher for every tick higher the price of oil moves in favor of the trade. Oil has already had a failed breakout of yesterday's high, and that $74.44 was a previous daily high, and every time oil has tried to break above it has quickly found sellers. I will be willing to close this manually if price fails at yesterday's hgih again before hitting my take profit at the highest H1 open.

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EDIT: Price traded right to the Highest Open but I did not get filled and the trailing stop was hit at 74.31 for +60 ticks total
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  • #17,699
  • Jan 19, 2024 7:48am Jan 19, 2024 7:48am
A/U sell +6
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  • #17,700
  • Jan 19, 2024 7:55am Jan 19, 2024 7:55am
Tops and bottoms are best places to look for trades based on these system candles in middle are very tricky to been trade
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