Trading is as simple as 1-2-3

MT4 INVALID PRICES caused this entry to be missed.

Trailing stop triggered. Many times the temptation to not apply the stop is there. Easy to remember the number of times profit was cut short. Memory of times the trailing stop preserved profit is difficult to recall. One must always follow the plan, method or system because when it comes to trading your memory is not your friend.

A bar makes a NEW DAILY high and closes. Next bar fails to make a higher high and reverses. Sell when price drops below the open price of the current bar.


"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.


Please understand none of this is original or new and this is presented for EDUCATIONAL PURPOSES ONLY. You may find your results may differ. Please check with an accredited financial specialist before using real money. FOREX trading can be risky. YOU HAVE BEEN WARNED!

Easy to remember the number of times profit was cut short.



This is one of those times.

Those who have been here since the first post of this thread should have an understanding about this type of trade. There have been wins and losses, naturally. This is a trading journal. Overall, this method is profitable so long as there are no deviations, additions, modifications, changes, substitutions, etc... In other words, adhere to the plan.

Easy to agonize over what could have been. Resist this urge with all of your might.

Alternatives to setting a trailing stop:

1) Move stop to breakeven + 3 and risk losing more profit vs. gaining more profit

2) Exit part of the position and set a protective stop for the rest

Does anyone wish to add to the list of alternatives for managing the trade?

Stopped out at breakeven + 3

Waiting till next hour.



A bar makes a NEW DAILY low and closes. Next bar fails to make a lower low and reverses. Buy when price rises above the open price of the current bar.


"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.


Please understand none of this is original or new and this is presented for EDUCATIONAL PURPOSES ONLY. You may find your results may differ. Please check with an accredited financial specialist before using real money. FOREX trading can be risky. YOU HAVE BEEN WARNED!

Waiting for entry.

ENTRY TRIGGERED.



A bar makes a NEW DAILY low and closes. Next bar fails to make a lower low and reverses. Buy when price rises above the open price of the current bar.


"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.


Please understand none of this is original or new and this is presented for EDUCATIONAL PURPOSES ONLY. You may find your results may differ. Please check with an accredited financial specialist before using real money. FOREX trading can be risky. YOU HAVE BEEN WARNED!

POSITIVE PIPS.

Now is the time to ask and answer questions.


"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.

Riding this one

Protective stop triggered at 193.81

For advanced traders only. The crimson colored line indicates the open price of the bar[3] after the bar[4] that made a new daily high. This line can be used repeatedly until price makes a new daily high. Is this explanation sufficient?

For advanced traders only. Prices of interest. Note the price action near and around previous day, week and month levels. Price passed through the previous week high and return. Price passed through the previous day high and has almost returned. Are these clues?

"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.

There was another trade in the last two hours of the week.

hi TS, firstly, i am enjoying your thread immensely ... educational with simplicity at its best...bravo! - we use daily open as our reference pt., and we follow the general rule: "buy if above @ sell if billow" observation: aren't we, in a sense, violating the above general rule when we trade in accordance of ..."when new daily h/l established, and newer h/l failed to be, then enter when P billow/above open of current bar... would you,please, shed some light on the above.? secondly, i would like to attempt to give my 2 cents to questions in posts 212&213 (no advanced here) #212 yes, If we use a static SL above the bar #4...THERE'S WHERE WE FIND OUT IF WE WERE WRONG... #213 yes, these are levels where actions occur. previous d,w,@m levels acted as resistance levels...mm's collected stops [above levels]...and being friday, no momen- tum movements expected ...profit taking by longs. most probably up move exhausted...if in wrong direction,please point me to the right one... thanks,

To Too slow
Nice to see that you are tackling traders fundamental problem which are lack of discipline and strict adherence to trading plan. I don't know if you miss post like the one I am quoting or you don't want to share those requested indies. Between, good thread

come monday ,this resistance might become a support, i don't know but there is where the action is...

The coder of the indicators posted
PLEASE DO NOT POST MY CODE ON OTHER FORUMS.

Trying to respect their wishes.

Greetings.

Anyone take these trades?

A bar makes a NEW DAILY high and closes. Next bar fails to make a higher high and reverses. Sell when price drops below the open price of the current bar.

A bar makes a NEW DAILY low and closes. Next bar fails to make a lower low and reverses. Buy when price rises above the open price of the current bar.