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Highest Open / Lowest Open Trade

  • #18,121
  • Nov 14, 2024 4:01am Nov 14, 2024 4:01am
Quoting Igumapips
After I have seen the highest High of the day that is the first candle, then I wait for the next candle to close. If the third candle open above the open of the second candle as I switch to Lower time frame like M15 or M5 can I place the trade position immediately I see higher high or wait for a pullback or retracement before I place the trade position as show in the second image?
the only important levels/prices are the highest open and the lowest open of a h1-candle in the current day..
these levels/prices are your entry points..everything in between is distraction for this holo method..
high and low of the day is only important for Sl setting
Muni loves you all!
  • #18,122
  • Nov 14, 2024 9:23am Nov 14, 2024 9:23am
Quoting MuniFX
{quote} the only important levels/prices are the highest open and the lowest open of a h1-candle in the current day.. these levels/prices are your entry points..everything in between is distraction for this holo method.. high and low of the day is only important for Sl setting
Thanks
  • #18,123
  • Nov 14, 2024 2:28pm Nov 14, 2024 2:28pm
I have used the high low open on us30 in my strategy for a while and its been a gamechanger for me. Its like a magnet for price.
  • #18,124
  • Nov 15, 2024 1:55am Nov 15, 2024 1:55am
Dear TooSlow,
Thank you again.
Please, I am confused and I want to ask a question.
If price breaks out from yesterday's Highest High, you said one should be careful to trade it because it means breakout.
Now if the price reverse after forming another Higher High and the current candle close below the Highest High of the present day, what is one suppose to sell?
Below chart is the experiences I had based on the above question.
Attached Image(s) (click to enlarge)
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  • #18,125
  • Nov 15, 2024 5:04am Nov 15, 2024 5:04am
Quoting Igumapips
Please, I am confused and I want to ask a question.
(your usdjpy chart) candle 2 broke the high of yesterday, candle 3 formed a new highest open for the current day (would have been a sell, trade that with caution or not at all) price rose higher (so a sell would have been a loss), candle 4 fomed a new highest open (would have been a sell, trade that with caution or not at all) price fell from that level (so a sell would have been profitable), candle 5 to 9 formed no new highest or lowest open (so ignore) (either you trail your sl from the sell of candle 4..or you already closed your trade..if sell closed than its possible to look for longs because since candle 10 the h1-candles formed new lowest opens for current day) if your sell would still be open you would have made huge profit (price fell significantly without much retraces)

hope my view of the situations helps your understanding..
Muni loves you all!
  • #18,126
  • Nov 15, 2024 5:14am Nov 15, 2024 5:14am
Quoting MuniFX
{quote} (your usdjpy chart) candle 2 broke the high of yesterday, candle 3 formed a new highest open for the current day (would have been a sell, trade that with caution or not at all) price rose higher (so a sell would have been a loss), candle 4 fomed a new highest open (would have been a sell, trade that with caution or not at all) price fell from that level (so a sell would have been profitable), candle 5 to 9 formed no new highest or lowest open (so ignore) (either you trail your sl from the sell of candle 4..or you already closed your trade..if...
Dear MuniFX,
Thank you so much.
I got it very clear now.
  • #18,127
  • Nov 15, 2024 5:18am Nov 15, 2024 5:18am
the candle 4 sell would have been a tricky one, because the price didnt "go above the open and came back down" ..
so in hindsight I guess there would be no sell trigger, one than would looking for longs since candle 10..but there too weren't nice triggers till now
Muni loves you all!
  • #18,128
  • Nov 15, 2024 6:33am Nov 15, 2024 6:33am
Quoting MuniFX
the candle 4 sell would have been a tricky one, because the price didnt "go above the open and came back down" .. so in hindsight I guess there would be no sell trigger, one than would looking for longs since candle 10..but there too weren't nice triggers till now
One thing I discovered is that if you obey what TooSlow taught, you will be a very successful trader.
According to him, he said that it is a not a system and and it is not a strategy. I totally agree with him.
He is so kind to have given it out for free.
  • #18,129
  • Nov 15, 2024 7:42pm Nov 15, 2024 7:42pm
Does USDCAD currently have a valid signal going into the weekend?

Right after H1 created a new HO (thick dark blue), a 15 minute candle closed above it , and below the high of the day. Trigger at HO for a short position?
Attached Image (click to enlarge)
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  • #18,130
  • Nov 16, 2024 3:57am Nov 16, 2024 3:57am
Dear TooSlow,

I made this PDF from your teachings.
Attached File(s)
File Type: pdf RULES FOR HIGHEST HIGH AND LOWEST LOW.pdf   600 KB | 612 downloads
  • #18,131
  • Nov 16, 2024 9:37am Nov 16, 2024 9:37am
Quoting MuniFX
{quote} (your usdjpy chart) candle 2 broke the high of yesterday, candle 3 formed a new highest open for the current day (would have been a sell, trade that with caution or not at all) price rose higher (so a sell would have been a loss), candle 4 fomed a new highest open (would have been a sell, trade that with caution or not at all) price fell from that level (so a sell would have been profitable), candle 5 to 9 formed no new highest or lowest open (so ignore) (either you trail your sl from the sell of candle 4..or you already closed your trade..if...
ooooor ... they could just look. ya know with their own eyes. charting software creates tools based on same data configuration, but you people probbly call em !!timeframes!!. so no, fractal market view is not a real thing so not helpful. but eyeballs are very helpful. its not a system its not a strategy, what then? maybe a tactical set?? so u need to look, not need rules. have fun
protein for breakfast !
  • #18,132
  • Nov 17, 2024 11:16am Nov 17, 2024 11:16am
Who is taking the 10 trade challenge the week of NOVEMBER 17, 2024?

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
  • #18,133
  • Nov 17, 2024 11:17am Nov 17, 2024 11:17am
Quoting Igumapips
{quote} One thing I discovered is that if you obey what TooSlow taught, you will be a very successful trader. According to him, he said that it is a not a system and and it is not a strategy. I totally agree with him. He is so kind to have given it out for free.
I take no credit for this. It came from #advancedalientrading
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,134
  • Nov 17, 2024 12:31pm Nov 17, 2024 12:31pm
Hello TooSlow,

Please, I have a question I want you to help me out.
You talk about Breakout and that we should exercise caution before we trade it.
Please, from the USJPY chart below is it a Breakout?
I also observed that price tested the open of the second candle to buy and it made 81.3 pips.
thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 29 KB
  • #18,135
  • Nov 17, 2024 5:59pm Nov 17, 2024 5:59pm
Quoting Igumapips
Hello TooSlow, Please, I have a question I want you to help me out. You talk about Breakout and that we should exercise caution before we trade it. Please, from the USJPY chart below is it a Breakout? I also observed that price tested the open of the second candle to buy and it made 81.3 pips. thanks. {image}
The indicator will tell you when it's a breakout of the previous day's high or low.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,136
  • Nov 17, 2024 6:58pm Nov 17, 2024 6:58pm
Current trade, is this correct?
Attached Image (click to enlarge)
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  • #18,137
  • Nov 17, 2024 7:26pm Nov 17, 2024 7:26pm
Quoting MachineLearn
Current trade, is this correct? {image}
I don't understand your chart.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,138
  • Nov 17, 2024 8:54pm Nov 17, 2024 8:54pm
Quoting TooSlow
{quote} The indicator will tell you when it's a breakout of the previous day's high or low.
Please, show me example because I am still studying the indicator.
Thanks
  • #18,139
  • Edited Nov 18, 2024 7:36am Nov 17, 2024 9:20pm | Edited Nov 18, 2024 7:36am
I'll try 10 trades, here's my first. Clean short setup with no interaction with today's high, or yesterday's high. Waited for price to cross above HO and close on M5. Set limit on HO and bracketed a 1:2 with today's high as my stop.

Will move to b/e when price breaks below gray box which is 5 pips

(thick gray lines are hour opens. and price is at the highest)
(dotted lines are h/lotd)

edit - moved sl to be
edit - left trade open over night. Price almost hit 1:2 tp, but became back up to b,e.
Attached Image(s) (click to enlarge)
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  • #18,140
  • Nov 17, 2024 9:43pm Nov 17, 2024 9:43pm
Quoting Igumapips
{quote} Please, show me example because I am still studying the indicator. Thanks
There are over 450 pages in this thread. The answers are there, Mate. Put in the effort.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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