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Trading is as simple as 1-2-3

  • #121
  • Jul 24, 2015 9:16am Jul 24, 2015 9:16am
Quoting MikeCo
{quote} did you mean HL-LL-HL ?

Yes, I corrected that post. Thank you, MikeCo.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #122
  • Edited 9:31am Jul 24, 2015 9:18am | Edited 9:31am
Quoting MikeCo
I'm a bit confused because it seems to be bar by bar in the last example, whereas I thought it was the new low or high of the day which was of interest {image}
Your chart was spot on, MikeCo. New low or new high of the day is the action area. This may call for some more elaboration. Once a new daily high or daily low has been established, there is a reversal potential when price retests that level. The daily high or low may have occurred more than one bar ago. Price approaching that area leaves only two choices: 1) a new daily high or daily low is established or 2) price retreat (reverses) from the daily high or daily low. Either way, price will eventually retreat. Is this reply understandable or does it beg more questions?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #123
  • Jul 24, 2015 9:23am Jul 24, 2015 9:23am
Quoting dagoods
{quote} my observation of what i think too slow is doing is that.....1. waiting to see that bar 1 closed higher than bar 2's close.... bar 0 then dropped a bit then broke the close of bar 1.... which in the example shown is virtually the same as the open of bar 0, which is marked by a very thin very hard to see brown line lol .... is that understanding correct? i think waiting one more bar may prove effective also.... looking at lower timeframes may be worthwhile also 2 cents BTW BIG THANKS TO TOO SLOW... very nice thread and an excellent new view...
1. No waiting to for higher closes, dagoods.

2. Brown line marks the open. Forget the line, focus on the price of the line.

3. Waiting may work sometimes. Other times waiting means the ship sails without you

4. Lower timeframes may work for you. No argument from me.

Thanks for your questions and comments.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #124
  • Jul 24, 2015 9:25am Jul 24, 2015 9:25am
Attached Image


Are you still in the trade? Move stop up? Take profit now? Apply trailing stop?

"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
  • #125
  • Jul 24, 2015 9:31am Jul 24, 2015 9:31am
Quoting TooSlow
{quote} 1. No waiting to for higher closes, dagoods. 2. Brown line marks the open. Forget the line, focus on the price of the line. 3. Waiting may work sometimes. Other times waiting means the ship sails without you 4. Lower timeframes may work for you. No argument from me. Thanks for your questions and comments.

i love higher close but am respectful of every way. to each his own. I don't have any questions left! lol ...Namaste
  • #126
  • Jul 24, 2015 9:33am Jul 24, 2015 9:33am
Quoting dagoods
{quote} i love higher close but am respectful of every way. to each his own. I don't have any questions left! lol ...Namaste
Would you mine telling us more about "higher close". Thanks.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #127
  • Jul 24, 2015 9:47am Jul 24, 2015 9:47am
Quoting TooSlow
{quote} Would you mine telling us more about "higher close". Thanks.
k. give my 2 cents... not an expert though...fwiw>>>
what does every turn around have in common? on a down move in order to turn around what does one need to see happen first and foremost? wouldn't one need to have the close get higher? picture an engulfing pattern but done with the closes.... that's all.... not a recommendation for how to trade... just conceptual.....if i'm trying to picture 123s with opens and closes rahter than highs and lows.....thats why i'm wondering what the swings look like on lower timeframes using the opens and closes...its a lifelong study this trading stuff......I think perhaps one could note these things and look at stats and devise a trading plan if one wanted to... to each his own
  • #128
  • Jul 24, 2015 9:55am Jul 24, 2015 9:55am
Quoting TooSlow
{quote} Your chart was spot on, MikeCo. New low or new high of the day is the action area. This may call for some more elaboration. Once a new daily high or daily low has been established, there is a reversal potential when price retests that level. The daily high or low may have occurred more than one bar ago. Price approaching that area leaves only two choices: 1) a new daily high or daily low is established or 2) price retreat (reverses) from the daily high or daily low. Either way, price will eventually retreat. Is this reply understandable...
Yes, I get you now - essentially you're looking for the new high or low of the day and in most cases, price will retrace before continuing (if even it does continue), so there should be time enough for a trade.
  • #129
  • Jul 24, 2015 10:00am Jul 24, 2015 10:00am
Quoting dagoods
{quote} k. give my 2 cents... not an expert though...fwiw>>> what does every turn around have in common? on a down move in order to turn around what does one need to see happen first and foremost? wouldn't one need to have the close get higher? picture an engulfing pattern but done with the closes.... that's all.... not a recommendation for how to trade... just conceptual.....if i'm trying to picture 123s with opens and closes rahter than highs and lows.....thats why i'm wondering what the swings look like on lower timeframes using the opens and...
Good explanation. Understood. Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #130
  • Jul 24, 2015 10:55am Jul 24, 2015 10:55am
Attached Image


Are you still in the trade? Move stop up? Take profit now? Apply trailing stop?

Getting stopped out for a loss is decided by the market. When to exit with profit is decided by the trader. How do you decide? It is always the same?

"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
  • #131
  • Jul 24, 2015 11:05am Jul 24, 2015 11:05am
Attached Image


A new high of the day last bar. Time to exit and look for a reverse entry or wait to see if another new high of the day is established?


"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
  • #132
  • Jul 27, 2015 2:04am Jul 27, 2015 2:04am
Hello TooSlow


Thanks for Your posts.
Why 5 pips gain would be possible here ? Which would be the entry ?

Quoting TooSlow
{image} Just as trading long here could work against you. There are 5 pips gains to be made if that is your "thing".



Thanks!


Best,
Tom
  • #133
  • Jul 27, 2015 2:13am Jul 27, 2015 2:13am
I have also some other questions:

1) What is meant by OH - openHigh ?
2) What is meant by OL - OpenLow ?
3) Do You care about Open only at new highs/new lows ?
4) Do You consider Daily open for any trades or You look at daily open bar and next bar as only new high/low for the day and trade from it ?
5) If You have set up for some other method for the entry, which open You would consider - Would You consider to follow daily open or last high/low open to trade ? For example, new trade SELL set up is Above daily open - so You would NOT consider it as valid buy signal, because to be valid SELL signal, it should be bellow open ? Or You would look at the last high/low fail to make new high/low within next bar and that would be Your point of view for the trade ?

Perhaps some of my questions would be not understandable, i am ready to rewrite it, np from me!

Thanks!

Best,
Tom
  • #134
  • Jul 27, 2015 8:29am Jul 27, 2015 8:29am
Attached Image


Hello everyone. Hopefully, your time away from trading was pleasant.

A new daily high was established this hour.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #135
  • Jul 27, 2015 8:30am Jul 27, 2015 8:30am
Quoting tfflyer
Hello TooSlow Thanks for Your posts. Why 5 pips gain would be possible here ? Which would be the entry ? {quote} Thanks! Best, Tom
Hello tfflyer,

The entry is the open price of the current candle. You enter at the open after the daily high or daily low was tested.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #136
  • Jul 27, 2015 8:39am Jul 27, 2015 8:39am
Quoting tfflyer
I have also some other questions: 1) What is meant by OH - openHigh ? 2) What is meant by OL - OpenLow ? 3) Do You care about Open only at new highs/new lows ? 4) Do You consider Daily open for any trades or You look at daily open bar and next bar as only new high/low for the day and trade from it ? 5) If You have set up for some other method for the entry, which open You would consider - Would You consider to follow daily open or last high/low open to trade ? For example, new trade SELL set up is Above daily open - so You would NOT consider it...

1) OH - distance between open and high of the bar

2) OL - distance between open and low of the bar

3) The open discussed is usually the open price of the current bar. On occasion, it could be the highest open or lowest open of a group of bars.

4) Daily open is not considered in this setup.

5) I will do my best to answer this question. Since you are not specific about the other method I can only speculate. An entry near any open implies you want to trade away from the open and not towards the open. Price above open means buy and price below open means sell. At some point during the trading day, price will have established a daily high and a daily low. An entry near the daily high or daily low implies you want to trade towards the open. Naturally, some may do the opposite looking for breakouts.

Please inform me if I have failed to answer your questions completely and clearly.

Thanks for your questions, tfflyer.

"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
  • #137
  • Jul 27, 2015 8:59am Jul 27, 2015 8:59am
Thank You for Your answers, i appreciate Your time to help.
Answers seems understandable for me.

Thanks!

Best,
Tom



Quoting TooSlow
{quote} 1) OH - distance between open and high of the bar 2) OL - distance between open and low of the bar 3) The open discussed is usually the open price of the current bar. On occasion, it could be the highest open or lowest open of a group of bars. 4) Daily open is not considered in this setup. 5) I will do my best to answer this question. Since you are not specific about the other method I can only speculate. An entry near any open implies you want to trade away from the open and not towards the open. Price above open means buy and price below...
  • #138
  • Jul 27, 2015 9:02am Jul 27, 2015 9:02am
Attached Image


Higher highs and higher lows last few bars. Time to practice patience.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #139
  • Jul 27, 2015 10:05am Jul 27, 2015 10:05am
Attached Image


Daily high has not been tested this bar.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #140
  • Jul 27, 2015 10:27am Jul 27, 2015 10:27am
Attached Image


Not much of a test but triggered entry is now +5
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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