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Highest Open / Lowest Open Trade

  • #19,381
  • Jan 22, 2025 11:23am Jan 22, 2025 11:23am
Quoting TooSlow
{quote} Look at the circles you drew. Was there an entry that followed the rules? 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.
I *think* so, but I am very happy indeed to be corrected. I see the first green candle in the circle going above the Highest H1 open, the next green candle opens in the AOI and the wick dips below the highest open which suggests a short would be triggered. Or am I about to have a eureka moment ?
  • #19,382
  • Jan 22, 2025 11:50am Jan 22, 2025 11:50am
Hi TooSlow,
could I have avoided this loss?
Thx
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  • #19,383
  • Jan 22, 2025 4:38pm Jan 22, 2025 4:38pm
Quoting lorecavoli
Hi TooSlow, could I have avoided this loss? Thx {image}
Yes, by not trading at all.

Or by scratching the trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #19,384
  • Jan 22, 2025 4:41pm Jan 22, 2025 4:41pm
Quoting rogerha
{quote} I *think* so, but I am very happy indeed to be corrected. I see the first green candle in the circle going above the Highest H1 open, the next green candle opens in the AOI and the wick dips below the highest open which suggests a short would be triggered. Or am I about to have a eureka moment ?
This is trading.
Sometimes, you win.
Sometimes, you lose.
This is trading.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #19,385
  • Edited 6:32pm Jan 22, 2025 4:59pm | Edited 6:32pm
Quoting lorecavoli
Hi TooSlow, could I have avoided this loss? Thx {image}
Hi.
If I may TS....
As you can see on my chart, prior to the new hour opening, the area of interest was between the Highest H1 Open and the Daily High AT THAT TIME.

Once the new candle opened, it printed a New Highest H1 Open price. (A)
Then went on to BREAK the previous Daily High......which is a "Breakout". (B)
Once that breakout occurs then there will be NO valid setup for the rest of the hour, as a new Area of Interest is yet to be determined and therefore you will not be able to validate an entry without knowing that.

I hope that helps.
Cheers

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  • #19,386
  • Jan 22, 2025 5:17pm Jan 22, 2025 5:17pm
Quoting MichaelG
{quote} Hi. If I may TS....
Of course, Mate.

Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #19,387
  • Jan 22, 2025 9:48pm Jan 22, 2025 9:48pm
Thank you
  • #19,388
  • Jan 22, 2025 11:32pm Jan 22, 2025 11:32pm
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  • #19,389
  • Jan 22, 2025 11:48pm Jan 22, 2025 11:48pm
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  • #19,390
  • Jan 23, 2025 12:59am Jan 23, 2025 12:59am
Quoting MichaelG
{quote} Hi. If I may TS.... As you can see on my chart, prior to the new hour opening, the area of interest was between the Highest H1 Open and the Daily High AT THAT TIME. Once the new candle opened, it printed a New Highest H1 Open price. (A) Then went on to BREAK the previous Daily High......which is a "Breakout". (B) Once that breakout occurs then there will be NO valid setup for the rest of the hour, as a new Area of Interest is yet to be determined and therefore you will not be able to validate an entry without knowing that. I hope that helps....
Hello, here might be the missunderstanding that part of traders think that breakout candle is only candle A at 5 min timeframe and because candle B did not break previous candle high and did not make new daily high trader can enter trade. For me this was not trade because of trending price
  • #19,391
  • Jan 23, 2025 1:06am Jan 23, 2025 1:06am
Quoting LooseMyMoney
{quote} Hello, here might be the missunderstanding that part of traders think that breakout candle is only candle A at 5 min timeframe and because candle B did not break previous candle high and did not make new daily high trader can enter trade. For me this was not trade because of trending price
Totally agree mate They appear to be concentrating on the M5 time frame for "everything" rather than referencing the H1 which as you know is King with this strategy.
Happy trading
  • #19,392
  • Jan 23, 2025 1:31am Jan 23, 2025 1:31am
Quoting MichaelG
{quote} Totally agree mate They appear to be concentrating on the M5 time frame for "everything" rather than referencing the H1 which as you know is King with this strategy. Happy trading
The candles print more quickly and provide more “action” on the 5
  • #19,393
  • Jan 23, 2025 2:47am Jan 23, 2025 2:47am
Quoting TooSlow
{quote} Do the rules mention sessions? Follow the rules! {image}
Hi TooSlow,

Thanks for that.

Just another question though, when placing your stop loss, do you put it to the low/high of the session (London session for me) or do you set it to the low/high of the current day which for example could be a couple of hours before (which would be during the Asian session)?

Thanks again
  • #19,394
  • Jan 23, 2025 3:50am Jan 23, 2025 3:50am
Quoting DwnUndrTrdr
{quote} The candles print more quickly and provide more “action” on the 5
PRICE IS EXACTLY THE SAME ON ALL CHARTS.

What chart period you use doesn't affect the market, it affects only your interpretation of the market. Ditto for most indicators.

Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #19,395
  • Jan 23, 2025 5:13am Jan 23, 2025 5:13am
1/10 only gbpusd 0.01
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  • #19,396
  • Jan 23, 2025 5:46am Jan 23, 2025 5:46am
Quoting Aspire86
{quote} Hi TooSlow, Thanks for that. Just another question though, when placing your stop loss, do you put it to the low/high of the session (London session for me) or do you set it to the low/high of the current day which for example could be a couple of hours before (which would be during the Asian session)? Thanks again
The charts dictate your stop….. HOLO
  • #19,397
  • Jan 23, 2025 6:15am Jan 23, 2025 6:15am
Buddy, are all the rules followed?
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  • #19,398
  • Jan 23, 2025 6:16am Jan 23, 2025 6:16am
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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


Price Action #advancedalientrading

1) Price will either breakout of the high, low or both of the previous bar
2) Price will not breakout of the previous bar.
3) Price will either close above a level (line) or not.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #19,399
  • Jan 23, 2025 6:20am Jan 23, 2025 6:20am
Quoting Aspire86
{quote} Hi TooSlow, Thanks for that. Just another question though, when placing your stop loss, do you put it to the low/high of the session (London session for me) or do you set it to the low/high of the current day which for example could be a couple of hours before (which would be during the Asian session)? Thanks again
Contrary to what most others say, place your stop where your risk management strategy tells you to put it.

Of course, you can change your lot size, if you place your stop where the method tells you to place it.

You must control your risk per trade.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #19,400
  • Jan 23, 2025 6:21am Jan 23, 2025 6:21am
Quoting Pasha7777
Buddy, are all the rules followed? {image}
Did you follow RULE #2?


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.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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