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Highest Open / Lowest Open Trade

  • #18,821
  • Jan 6, 2025 4:47am Jan 6, 2025 4:47am
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“Now, 2 patterns of market behavior happen on a regular basis:
1) the price breaks to new high's (or low's)
2) the price reverses from new high's (or low's)
They happen regardless of time frame.
They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist.” - H. Rearden
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,822
  • Jan 6, 2025 4:51am Jan 6, 2025 4:51am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,823
  • Jan 6, 2025 5:04am Jan 6, 2025 5:04am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,824
  • Jan 6, 2025 5:21am Jan 6, 2025 5:21am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,825
  • Jan 6, 2025 5:25am Jan 6, 2025 5:25am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,826
  • Jan 6, 2025 5:30am Jan 6, 2025 5:30am
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See Rule #0
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,827
  • Jan 6, 2025 5:32am Jan 6, 2025 5:32am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,828
  • Jan 6, 2025 5:41am Jan 6, 2025 5:41am
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Range at 108% ATR(100)
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,829
  • Jan 6, 2025 5:46am Jan 6, 2025 5:46am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,830
  • Jan 6, 2025 5:50am Jan 6, 2025 5:50am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,831
  • Jan 6, 2025 5:55am Jan 6, 2025 5:55am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,832
  • Jan 6, 2025 6:00am Jan 6, 2025 6:00am
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New lowest H1 open.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,833
  • Jan 6, 2025 6:07am Jan 6, 2025 6:07am
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Rule #3
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,834
  • Jan 6, 2025 6:10am Jan 6, 2025 6:10am
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Rule #8
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,835
  • Jan 6, 2025 6:18am Jan 6, 2025 6:18am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,836
  • Jan 6, 2025 7:14am Jan 6, 2025 7:14am
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Rules #3 and #5

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,837
  • Jan 6, 2025 8:00am Jan 6, 2025 8:00am
Quoting TooSlow
{image} Where would your stop be if you took this trade? Caution is not the same as "do not". Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.
Good question, Mate!

[1] Before the red candle formed on M5, the stop loss would have been at (1).

Reason: this is the maximum opening of M30. If the price would have gone higher, it would most likely continue to further update the highs

Purpose of stop loss: to improve the risk/reward ratio

[2] After the formation of the red candle, the stop loss was moved to the maximum of the red candle at point (2).

Reason: If the price goes above the red candle, it is the highest probability that the highs will continue to rise.

Purpose of the stop loss: to improve the risk/reward ratio

What do you think about it? Cheers!
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  • #18,838
  • Jan 6, 2025 8:31am Jan 6, 2025 8:31am
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Do not force a trade. See Rule #5.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,839
  • Jan 6, 2025 8:33am Jan 6, 2025 8:33am
Quoting Malkolm
{quote} Good question, Mate! [1] Before the red candle formed on M5, the stop loss would have been at (1). Reason: this is the maximum opening of M30. If the price would have gone higher, it would most likely continue to further update the highs Purpose of stop loss: to improve the risk/reward ratio [2] After the formation of the red candle, the stop loss was moved to the maximum of the red candle at point (2). Reason: If the price goes above the red candle, it is the highest probability that the highs will continue to rise. Purpose of the stop...
Good explanation. Brillant, Mate!

Cheers.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #18,840
  • Jan 7, 2025 1:49am Jan 7, 2025 1:49am
Entry into M15 at highest H1 opening

H1
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M15
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Without looking at the results just the entry process for the moment. Although it would have given a 1:1 result including the spread.

A question that arose to me, if a candle opens in our area of interest, but makes an intraday breakout without actually making a trade, we have to wait, I understand that we wait for the next candle (in my case M15) modifying the SL higher, and If the rules are followed we would re-enter.
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