My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #204,402
- Jan 29, 2025 6:17am Jan 29, 2025 6:17am
- Joined Mar 2012 | Status: Trader | 14,382 Posts
Just follow the rules.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #204,403
- Jan 29, 2025 6:27am Jan 29, 2025 6:27am
- Joined May 2014 | Status: Full Time Trader | 27,300 Posts
Focus only on what truly matters!
- #204,406
- Jan 29, 2025 7:17am Jan 29, 2025 7:17am
- Joined Mar 2012 | Status: Trader | 14,382 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #204,407
- Jan 29, 2025 7:19am Jan 29, 2025 7:19am
- Joined Mar 2012 | Status: Trader | 14,382 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #204,408
- Jan 29, 2025 7:22am Jan 29, 2025 7:22am
- Joined May 2010 | Status: I'M NOT SIGNAL PROVIDER | 1,457 Posts
A little beginner trader since 2006
- #204,409
- Jan 29, 2025 7:33am Jan 29, 2025 7:33am
- Joined Mar 2012 | Status: Trader | 14,382 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #204,411
- Jan 29, 2025 7:41am Jan 29, 2025 7:41am
- Joined Mar 2012 | Status: Trader | 14,382 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #204,412
- Jan 29, 2025 7:45am Jan 29, 2025 7:45am
- Joined Mar 2012 | Status: Trader | 14,382 Posts
{quote} what price are you targeting?
“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
#advancedalientrading1) 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.
The previous day's high and low and the current day's open are lines that do not move. Moving targets are harder to hit.
This may sound simple. It is simple. You don't need a bunch of indicators or to learn dozens of chart patterns.
My rules can fit on a single 3x5 card.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #204,414
- Jan 29, 2025 7:50am Jan 29, 2025 7:50am
- Joined May 2010 | Status: I'M NOT SIGNAL PROVIDER | 1,457 Posts
A little beginner trader since 2006
- #204,416
- Jan 29, 2025 7:59am Jan 29, 2025 7:59am
- Joined Mar 2012 | Status: Trader | 14,382 Posts
The last green/bull candle is a clue. It made a higher high. The red candle that followed made a higher high and fell below the previous candle's high. What does that tell you?
Price will either return to the open of the big green/bull candle or make higher highs.
The question is how many pips in your account is enough?
A more important question is what is your risk management strategy?
"Perfection is not when you have nothing more to add, but when you have nothing more to take away." - Antoine De Saint Exupery
"It is not about adding on, but taking away. The less technique, the better you are." - Bruce Lee
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
- #204,418
- Jan 29, 2025 8:15am Jan 29, 2025 8:15am
- Joined Mar 2012 | Status: Trader | 14,382 Posts
There is nothing wrong with setting TP and SL.
My preference is to trade the price action in front of me. As mentioned, price would with make higher highs or return to the open of the big green/bull candle. It is not likely for price to range forever between those two levels.
Price was making lower lows for the last few candles. What does that tell you?
After the big green/bull candle, what did price tell you? Failed to close above the previous candle's close. Two lower highs in a row. Failed to close above the open of the two red candles.
"Successful people ask better questions, and as a result, they get better answers." - Tony Robbins
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
- #204,419
- Jan 29, 2025 8:21am Jan 29, 2025 8:21am
{quote} Everything in the markets is correlated. It is not rational to only talk about the EURUSD parity and analyze it without talking about other currency pairs. What is priced in markets is correlation. If you say you have to act as I say. Turks have a famous saying: "Long live my Sultan"
Edit - I see it already happened.
- #204,420
- Jan 29, 2025 8:25am Jan 29, 2025 8:25am
- Joined Mar 2012 | Status: Trader | 14,382 Posts
Did you notice the price action at yesterday's daily low D1[1]?
Price Action
#advancedalientrading1) 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.
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