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Highest Open / Lowest Open Trade

  • #20,101
  • Mar 30, 2025 9:56am Mar 30, 2025 9:56am
Who is taking the 10 trade challenge the week of March 30, 2025?

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
  • #20,102
  • Mar 30, 2025 1:27pm Mar 30, 2025 1:27pm
Progress doesn't come from revolutionary leaps but from the patient accumulation of small, earned advances.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,103
  • Mar 30, 2025 1:59pm Mar 30, 2025 1:59pm
"One of the disadvantages of the systems and habits approach to improvement is that we often spend significant time building up a new system before we have evidence that it is the right system to reach our stated goal."

- Scott Miker
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,104
  • Mar 30, 2025 2:11pm Mar 30, 2025 2:11pm
Lessons From Andrew Mellon

  1. Operate from a position of strength. Following his father’s wisdom, Mellon always maintained excess reserves to move quickly and decisively. This allowed him to capitalize on opportunities others couldn’t pursue during the inevitable downturns.
  2. Keep your head when others are losing theirs. During the 1929 crash—history’s worst financial panic (to that point)—Mellon maintained his composure. He didn’t panic or make emotional decisions, demonstrating that clear thinking during a crisis separates the extraordinary from the ordinary.
  3. Play to win. Panics, crashes, and dislocations allowed the strong to “overwhelm the weak, and such opportunities did not come around often.”
  4. Embrace long-term thinking. Mellon’s patience—built on emotional stability and financial strength—enabled the compounding that created his fortune. He never reached for a deal, instead he patiently waited.
  5. Never go for the last dollar. With the 1930s financial crisis underway, Mellon tried to leverage his strength to extract the last dollar from the Bank of Pittsburgh, putting himself in a position to acquire it for nothing or have a competitor go bankrupt, either way increasing his financial dominance in the city. This win-lose approach generated “bitter local criticism at the time, from which his reputation would never recover, despite the money he was spending on building and the substantial donations he would soon be giving to the unemployed.”
  6. Move in silence. Mellon intentionally stayed out of the headlines, which gave him more flexibility. As my friend Peter D. Kaufmann says, “The whale that surfaces gets harpooned.”
  7. Invest in increments. Mellon often invested a little at the start and rapidly expanded into it once an idea started to work.
  8. Vertical integration. The Mellons were the OGs at integrating. They sold land to people, financed the transaction, then sold them the materials to build their houses, the coal to heat them, etc.
  9. Gain an information advantage. Mellon and his brother sat on well over 30 boards. They had more information AND better information.
  10. Reputation. Leaving your circle of competence can damage your reputation.

My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,105
  • Mar 30, 2025 2:12pm Mar 30, 2025 2:12pm
TWO THINGS FOR YOU TO THINK ABOUT - Mark Manson

Courage is not the absence of fear. Courage is feeling the fear, the doubt, the insecurity, and deciding that something else is more important.

Courage is not the product of will or effort, but rather the result of priorities. We will gladly suffer for what we care about.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,106
  • Mar 30, 2025 2:19pm Mar 30, 2025 2:19pm
The Perils of Perfectionism - Scott Miker

Perfectionism is frequently perceived as a virtue, driving individuals to set high standards and strive for excellence. However, it can also lead to procrastination and fear of failure. Waiting for the perfect moment often holds us back. Perfection is an illusion that hampers progress.

This mindset can prevent individuals from taking the necessary steps toward their goals, as they wait for ideal conditions that may never materialize.

Moreover, the fixation on perfection can result in a lack of contentment and an inability to appreciate incremental progress. Perfection isn't the key here. The key is progress.

Recognizing that small, consistent actions lead to significant improvements can shift the focus from unattainable perfection to achievable progress.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,107
  • Mar 30, 2025 2:21pm Mar 30, 2025 2:21pm
Psychiatrist Thomas Szasz on what is required to learn:

"Every act of conscious learning requires the willingness to suffer an injury to one's self-esteem. That is why young children, before they are aware of their own self-importance, learn so easily; and why older persons, especially if vain or important, cannot learn at all."
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,108
  • Mar 30, 2025 6:56pm Mar 30, 2025 6:56pm
TooSlow, thank you for all these teachings.

It's all valuable.
  • #20,109
  • Edited 8:10am Mar 31, 2025 3:36am | Edited 8:10am
I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION
Attached Image (click to enlarge)
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NZDJPY right now: first two trades ok, the 3rd one - not ok
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How to analyze every next trade oportunity in the same AOI?
Thank you.
Just an opinion. Based on research
  • #20,110
  • Edited 5:36am Mar 31, 2025 4:16am | Edited 5:36am
Quoting TooSlow
{quote} What color was the H1 candle when you entered?
Every HTF candle that "bring" the price into the high AOI will be green at some period - then how to sell?
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Just an opinion. Based on research
  • #20,111
  • Mar 31, 2025 7:53am Mar 31, 2025 7:53am
Same situation again XAUUSD right now.
H1 candle is green:
Attached Image (click to enlarge)
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But M5 candles validate the sell trade according to the Post #1 rules:
Attached Image (click to enlarge)
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Reading and re-reading rules I can't use HTF candles as a filter for the trades.
I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION
Dear TooSlow please help me with the situation I describe. Thank you.
Just an opinion. Based on research
  • #20,112
  • Mar 31, 2025 10:21am Mar 31, 2025 10:21am
Quoting since80808
I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION {image} NZDJPY right now: first two trades ok, the 3rd one - not ok {image} How to analyze every next trade oportunity in the same AOI? Thank you.
You had the opportunity to take 1, 2 or 3 pips. Better to post the WHOLE CHART rather than a snippet. Why didn't you exit with a tiny profit?

Trade 2 had a lower high than trade 1. What does that suggest?

Price made a lower low BEFORE Trade 3 triggered. What does that suggest?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,113
  • Mar 31, 2025 10:23am Mar 31, 2025 10:23am
Quoting since80808
Same situation again XAUUSD right now. H1 candle is green: {image} But M5 candles validate the sell trade according to the Post #1 rules: {image} Reading and re-reading rules I can't use HTF candles as a filter for the trades. I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION Dear TooSlow please help me with the situation I describe. Thank you.
Why are you looking at different pairs rather than focussing on one pair?

Are you taking the 10 trade challenge or not?

How many of the 500+ pages have you read?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,114
  • Mar 31, 2025 11:10am Mar 31, 2025 11:10am
USDJPY Trade #10 +5
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  • #20,115
  • Mar 31, 2025 11:22am Mar 31, 2025 11:22am
Well, I finished my first challenge, and I can say that I really liked this system. TooSlow, you helped me to improve and develop several aspects, such as discipline, patience and consistency.

I made mistakes, and I want to correct them in my next trades.

Thank you very much.
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  • #20,116
  • Mar 31, 2025 12:14pm Mar 31, 2025 12:14pm
Quoting LucasFX7
Well, I finished my first challenge, and I can say that I really liked this system. TooSlow, you helped me to improve and develop several aspects, such as discipline, patience and consistency. I made mistakes, and I want to correct them in my next trades. Thank you very much. {image}

After 3 trades, you were up 10 pips.

After 4 trades, you were up 1 pip.

What's wrong with that picture?

What is your risk/money management strategy?

After 6 trades, you were in the hole 7.7 pips. That's more than your biggest win!

You stuck with it and after 10 trades, you finished with 9.8 pips.

In your own words, what have you learned?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,117
  • Mar 31, 2025 12:18pm Mar 31, 2025 12:18pm
Attached Image (click to enlarge)
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This chart reminds me of watching horror movies where everyone in the theatre is screaming, "GET OUT"!

Entry candles 1 and 2 closed above the HOLO entry. Candle 3 closed on the HOLO entry.

Trade 3 went up on the entry candle and pulled back. The next candle went up but failed to make a higher high and was screaming, "GET OUT"!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #20,118
  • Mar 31, 2025 1:35pm Mar 31, 2025 1:35pm
Quoting TooSlow
{quote} After 3 trades, you were up 10 pips. After 4 trades, you were up 1 pip. What's wrong with that picture? What is your risk/money management strategy? After 6 trades, you were in the hole 7.7 pips. That's more than your biggest win! You stuck with it and after 10 trades, you finished with 9.8 pips. In your own words, what have you learned?
After 3 trades, you were up 10 pips.

After 4 trades, you were up 1 pip.

What's wrong with that picture? When I loose, I gave back almost all my profit from 3 trades.

What is your risk/money management strategy? I am entering with 0.01 lots during the challenge, I am looking to be profitable, taking profits as soon as I can, and I am using a stop of a maximum of 10 pips.

In your own words, what have you learned? I made some wrong and late entries, and this was good for my learning. I also noticed that a 10 pip stop is very expensive when we are trying to be profitable, we should avoid this big loss. I'm also focusing only on trades that favor the color of the H1 candle.
  • #20,119
  • Mar 31, 2025 8:04pm Mar 31, 2025 8:04pm
I'm still wrapping my head around this I'm trying to go through the thread slowly, I'm only on page 150 so at this rate maybe I should be done in a cuppla months. Just for clarity I have posted this 15min chart the current bar made a new high it opened in the AOI so based on the rules we should trade this with cautious or skip trade?
I'm awake during the Asian market so its not unusual that the pairs I'm looking to trade either make new highs or low so its best to wait until market settles down before we actively look for trades? I'v been practicing and have normally taken the trade displayed below with not so good results.
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  • #20,120
  • Mar 31, 2025 10:18pm Mar 31, 2025 10:18pm
Quoting Crows
I'm still wrapping my head around this I'm trying to go through the thread slowly, I'm only on page 150 so at this rate maybe I should be done in a cuppla months. Just for clarity I have posted this 15min chart the current bar made a new high it opened in the AOI so based on the rules we should trade this with cautious or skip trade? I'm awake during the Asian market so its not unusual that the pairs I'm looking to trade either make new highs or low so its best to wait until market settles down before we actively look for trades? I'v been practicing...
Pairs are moving away from the open to create new highs/lows during the Asian session.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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