Highest Open / Lowest Open Trade

Quoting Malkolm

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I accept this challenge with a fixed risk of $30 per trade Trade 1: -30$ Reason for entering the trade: 1) M5 opening price is above the high opening price H1 2) Price is at the previous day's high, there is a possibility to turn around Exit: high of the day TooSlow, should I have exited earlier, given the hint on the left that the price broke the previous day's high + ATR of only 50%? {image} {image}

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Quoting smilee89

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Ok. Let's forget the H4. I am trying to understand the basic conditions for this strategy (and the challenge of the week as well) and I am not sure if I am correct. The example is for a Buy order: H1 bar opened. Open price is the lowest of the day. It is known as: LO. 1a. Does the LO have to be more than an average of 100 daily bars away from the current day's high? Or 1b. Does current day's low have to be more than an average of 100 daily bars away from the current day's high? 2. Does the daily average of 100 bars have to be at least 80% or is...

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Quoting TooSlow

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{image}

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Quoting racingspider

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{quote} Currently, I'm trading on the EUR/USD and looking at the chart you just showed, I'm not sure what you mean. The current price isn't particularly close to the area of interest - and there are multiple other lines. Are these other lines you have just to get your attention? The system is simple - when the price (for me on the 15m) STARTS in the area of interest and then goes under or above (based on SHORT or LONG), I enter. Aside from HIGH/LOW OPEN HIGH/OPEN LOW, and yesterday values, I don't have much else. Basically, I think I understand...

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Quoting racingspider

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Ah. Hmmn. Then I am not exactly following the rules as I thought. In your example, on the 15m chart, you would have taken the trade even though the candle didn't START within the zone of interest, only popped through it and then back down through it. I've been only taking the trade if the 15m candle STARTED between the OPEN HIGH and the HIGHEST, not just penetrated. Hmmmn... interesting.

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Quoting racingspider

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Ah. Hmmn. Then I am not exactly following the rules as I thought. In your example, on the 15m chart, you would have taken the trade even though the candle didn't START within the zone of interest, only popped through it and then back down through it. I've been only taking the trade if the 15m candle STARTED between the OPEN HIGH and the HIGHEST, not just penetrated. Hmmmn... interesting.

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Quoting FX.Knight

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{quote} Hey racingspider, I know you’re trading EUR/USD, but I wanted to take a look at USD/JPY. Let’s start with the 5-minute chart because I see a potential valid trade based on the rules I’ve picked up on. I say potential because, while there was a 5-minute candle close in the zone followed by an exit (so technically a valid trade), I’m not sure I could’ve taken it due to the spread. Now, regarding the 15-minute chart that TooSlow posted — what was going through my mind was, “Okay, we’re less than 10 pips from the zone… we might have another...

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