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Trading is as simple as 1-2-3

  • #141
  • Jul 27, 2015 8:33am Jul 27, 2015 8:33am
Attached Image


Trade scratched at breakeven.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #142
  • Jul 27, 2015 8:39am Jul 27, 2015 8:39am
Attached Image


Scratching the trade saved a possible loss. This shows why it is important to set and move your stops.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #143
  • Jul 27, 2015 10:02am Jul 27, 2015 10:02am
TooSlow, please take a look on picture.

What is next You would do ?
* Wait for the next new high ?
* Work from the same open on another candle ?
* other versions...


Thanks

Best,
Tom
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 25 KB
  • #144
  • Jul 27, 2015 2:30pm Jul 27, 2015 2:30pm
Quoting tfflyer
TooSlow, please take a look on picture. What is next You would do ? * Wait for the next new high ? * Work from the same open on another candle ? * other versions... Thanks Best, Tom {image}
Hello again, tfflyer

Without you stating exactly where to begin, I will do my best to answer your queries. From left to right starting with the 0 labeled candle, the first white/bull candle tested the high but did not go all the way so there is a clue - price may reverse. The next white/bull candle did the same. The next candle is a black/bear candle, it got closer to the high and reversed, a sell entry at the open of that candle would have generated positive pips (this may be true for the previous white/bull candle but don't know if candle low was before high candle high or vice versa ). This is the method that I am tracking in my journal here so you will have to cut me a little slack if you want to call me a Monday Morning Quarterback. Don't you just love hindsight?

Next time, try to "guess" my answers based on what was posted on the first couple of pages and I will be happy to tell you if you "guessed" correctly. This will test your understanding.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #145
  • Jul 28, 2015 3:47am Jul 28, 2015 3:47am
Hello TooSlow


Thanks for Your answer.
You started at right place explanation, thanks, all understandable.
I have read all this thread time before.

Next questions i have is:
1)
If there is new high, as in my previous posted pictures, and got BE .....
Are You looking for reentry at any possible bar/candle You can ( based on Your explanation in this thread ), till high/low is not broken ?
2)
If i remember right, there was posted pictures from You with situations where is HL and HH, where You would not take entry and in some places You would take entries. ( If i am wrong, let me know, np ). What is the reason for this ?

Thank You


Regards,
Tom




Quoting TooSlow
{quote} Hello again, tfflyer Without you stating exactly where to begin, I will do my best to answer your queries. From left to right starting with the 0 labeled candle, the first white/bull candle tested the high but did not go all the way so there is a clue - price may reverse. The next white/bull candle did the same. The next candle is a black/bear candle, it got closer to the high and reversed, a sell entry at the open of that candle would have generated positive pips (this may be true for the previous white/bull candle but don't know if candle...
  • #146
  • Jul 28, 2015 4:21am Jul 28, 2015 4:21am
Hi


Another new question ( or confirmation needs ):

1. New Low made today EUR/JPY
2. Current bar opens when i am away from computer for few minutes.
3. From H1 i switched to 1 minute and i see there is up bar, however, up bar has 0.5 pip wick down
4. Should i consider this 0.5 wick as down move firstly and as a failed test before price went up ?
5. SHould price test at first low even with 0.1 pip to consider taking long ?
6. If there is no test and bar would move up without even 0.1 pip wick, we do not do anything and wait ?


Thank You

Regards
Tom
  • #147
  • Jul 28, 2015 9:11am Jul 28, 2015 9:11am
Attached Image


Another day of practicing patience.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #148
  • Jul 28, 2015 12:35pm Jul 28, 2015 12:35pm
Attached Image


Valid entry.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #149
  • Jul 28, 2015 12:38pm Jul 28, 2015 12:38pm
Quoting tfflyer
Hello TooSlow Thanks for Your answer. You started at right place explanation, thanks, all understandable. I have read all this thread time before. Next questions i have is: 1) If there is new high, as in my previous posted pictures, and got BE ..... Are You looking for reentry at any possible bar/candle You can ( based on Your explanation in this thread ), till high/low is not broken ? 2) If i remember right, there was posted pictures from You with situations where is HL and HH, where You would not take entry and in some places You would take entries....
1) Entry criteria does not change. That is the best answer I can provide.

2) HH and HL indicate price is rising. Selling is going against the price action. Any sell entries would be quick scalp type trades.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #150
  • Jul 28, 2015 12:45pm Jul 28, 2015 12:45pm
Quoting tfflyer
Hi Another new question ( or confirmation needs ): 1. New Low made today EUR/JPY 2. Current bar opens when i am away from computer for few minutes. 3. From H1 i switched to 1 minute and i see there is up bar, however, up bar has 0.5 pip wick down 4. Should i consider this 0.5 wick as down move firstly and as a failed test before price went up ? 5. SHould price test at first low even with 0.1 pip to consider taking long ? 6. If there is no test and bar would move up without even 0.1 pip wick, we do not do anything and wait ? Thank You Regards Tom...
Switching from H1 to M1 is not necessary. You want to see price attempt to make a new low. When it does not make a now low, you assume price is reversing/retracing. When the previous bar make a new low and there is little or no retracement before the bar closes and the current bar moves up, you can either wait ( possibly missing the sailing ship ) or enter ( possibly never getting an opportunity to exit with a profit and getting stopped out ). No crystal ball.

In the future please provide a chart so I can answer your questions better.

Attached Image


No visible dilemma in above chart.


"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
  • #151
  • Jul 28, 2015 12:51pm Jul 28, 2015 12:51pm
Attached Image


Brown line at low of bar[7]. After this the line just happens to be at the open of bar[4]. Price moving away from the low of the day will pass through this line.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #152
  • Jul 28, 2015 1:45pm Jul 28, 2015 1:45pm
1)
Why brown line at 7 ? What is the reason for this ?

2)
Why brown line at 4?
Is it because 5 was LH and we want to see if next bar after bar 5 will fail to make new high ?

3)
If bar 4 is new low ( if blue arrow means new low ), than i would put brown line ( open line ) to bar nr 3 open line and see does bar nr3 failes to make new low...

What i am missing?

Because What You write seems quite different as i see ( its ok for me not to understand something, but just want to understand why so, even it seems very simple in Your previous posts, but in some posts its a bit different ! )

Thanks


Best,
Tomass




Quoting TooSlow
{image} Brown line at low of bar[7]. After this the line just happens to be at the open of bar[4]. Price moving away from the low of the day will pass through this line.
  • #153
  • Jul 28, 2015 1:54pm Jul 28, 2015 1:54pm
TooSlow, please write this with numbers based on the chart You posted:
"..When the previous bar make a new low and there is little or no retracement before the bar closes and the current bar moves up..."


Thanks

Best,
Tom




Quoting TooSlow
{quote} Switching from H1 to M1 is not necessary. You want to see price attempt to make a new low. When it does not make a now low, you assume price is reversing/retracing. When the previous bar make a new low and there is little or no retracement before the bar closes and the current bar moves up, you can either wait ( possibly missing the sailing ship ) or enter ( possibly never getting an opportunity to exit with a profit and getting stopped out ). No crystal ball. In the future please provide a chart so I can answer your questions better. {image}...
  • #154
  • Jul 28, 2015 2:28pm Jul 28, 2015 2:28pm
Quoting tfflyer
1) Why brown line at 7 ? What is the reason for this ? 2) Why brown line at 4? Is it because 5 was LH and we want to see if next bar after bar 5 will fail to make new high ? 3) If bar 4 is new low ( if blue arrow means new low ), than i would put brown line ( open line ) to bar nr 3 open line and see does bar nr3 failes to make new low... What i am missing? Because What You write seems quite different as i see ( its ok for me not to understand something, but just want to understand why so, even it seems very simple in Your previous posts, but in...
Brown line shows how this level could be used as an entry. Brown line is the open of bar[4] which was also the low of bar[7].

Think outside the box a bit. The open of bar[6] is higher than the low of bar[7]. Price did not make a new low which means it is retracing. For price to get to the open of bar[6], it has to pass through/above the low of bar[7]. Either the trade stops out or you get a few bonus pips by entering closer to the low.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #155
  • Jul 28, 2015 2:30pm Jul 28, 2015 2:30pm
Quoting tfflyer
TooSlow, please write this with numbers based on the chart You posted: "..When the previous bar make a new low and there is little or no retracement before the bar closes and the current bar moves up..." Thanks Best, Tom {quote}
When the previous bar[1] make a new low and there is little or no retracement before the bar closes and the current bar[0] moves up.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #156
  • Jul 29, 2015 2:33am Jul 29, 2015 2:33am
@TooSlow

Thank for your share ,its opened my eyes

Can you share Day high low indi that you using also red and blue cap indi

Both looks simple and good
Dilz
  • #157
  • Jul 29, 2015 6:03am Jul 29, 2015 6:03am
Attached Image


Previous bar[1] made new high of day.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #158
  • Jul 29, 2015 6:09am Jul 29, 2015 6:09am
Attached Image


The high was tested.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #159
  • Jul 29, 2015 6:12am Jul 29, 2015 6:12am
Attached Image


Positive.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #160
  • Jul 29, 2015 6:18am Jul 29, 2015 6:18am
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow2.png Size: 16 KB


Would you prefer the charts to show all the H1 bars for the day or just 3 bars as I have been showing?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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