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Trading is as simple as 1-2-3

  • #441
  • Sep 17, 2015 3:56am Sep 17, 2015 3:56am
Quoting since80808
Hello TooSlow! I saw this situation several times. Candle #1 made ne daily low Candle #2 tested new low and returned to its open price Here I entered long (at the open price of the candle #2) Then price moved down again and made new dily low + hit my SL What did I do wrong? Thank you! {image}
You did nothing wrong. This is not holy grail :-)
Trading is the hardest way to make easy money...
  • #442
  • Sep 17, 2015 4:39am Sep 17, 2015 4:39am
Hello,
first I'd like to thank TooSlow for sharing his system and his way to look at the price.



Quote
Hello TooSlow!
I saw this situation several times.

Candle #1 made ne daily low
Candle #2 tested new low and returned to its open price


Since80808, waiting for TS to give you a much proper answer, I'd like to tell you what I don't like in that setup. First, I think you better skip pairs with such a big spread or maybe better you should look for another broker. As far as the trade is concerned, if you look at the bar that printed the new daily low you'll notice that it's quite a big bar, that the close is close to the low, but most important the bar initially tested the daily high, failed to cross it and than reversed forming a new daily low just above the big round number at 1,50. All these things together tell me that the very next bar the price is likely to test the round number just like it did and so it's not the right spot to go long.

M.
  • #443
  • Sep 17, 2015 6:55am Sep 17, 2015 6:55am
Quoting MathTrader7
{quote} You did nothing wrong. This is not holy grail :-)
I understand But I see the next:
- absolutely every local extremum may be new daily extremum and may not be
- absolutely every next candle can test new daily extremum and then, reversal and then break it

Q: How to filter???
Just an opinion. Based on research
  • #444
  • Sep 17, 2015 7:21am Sep 17, 2015 7:21am
Quoting TraderinSD
Hi TooSlow, Interesting method you have here. Am I correct in the assessment ? {image} {image} Current chart of the 60M Thanks TSD
Your assessment looks correct to me though I had to look twice at the M1 charts.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #445
  • Sep 17, 2015 7:21am Sep 17, 2015 7:21am
Quoting since80808
{quote} And what are they? If it's not a secret
The ones I post charts of.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #446
  • Sep 17, 2015 7:24am Sep 17, 2015 7:24am
Quoting since80808
Hello TooSlow! I saw this situation several times. Candle #1 made ne daily low Candle #2 tested new low and returned to its open price Here I entered long (at the open price of the candle #2), TP=10, SL=daily low+spread Then price moved down again and made new dily low + hit my SL What did I do wrong? Thank you! {image}
Your question contains a false assumption. You assume you did something wrong. You did everything right! You entered and placed your stop. Your stop worked as intended.

Taking a small loss is a step that most traders fail to do.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #447
  • Sep 17, 2015 7:27am Sep 17, 2015 7:27am
Quoting L.m
Hello, first I'd like to thank TooSlow for sharing his system and his way to look at the price. {quote} Since80808, waiting for TS to give you a much proper answer, I'd like to tell you what I don't like in that setup. First, I think you better skip pairs with such a big spread or maybe better you should look for another broker. As far as the trade is concerned, if you look at the bar that printed the new daily low you'll notice that it's quite a big bar, that the close is close to the low, but most important the bar initially tested the daily high,...
The spread is 6 on GBPCHF. I have traded that pair with this method.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #448
  • Sep 17, 2015 7:28am Sep 17, 2015 7:28am
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow2.png Size: 36 KB


I repeat this so new comers don't have to go back to the first post.


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.

Let me rephrase in the form of yes/no or true/false questions.

1) Did a new daily high or new daily low happen during the previous bar. If YES/TRUE go to question 2, otherwise find another pair.

2) Did this bar test ( get near ) the new daily high or new daily low of the previous bar. If YES/TRUE go to question 3, otherwise find another pair.

3) Has price returned to the open price of the current bar. If YES/TRUE enter the trade in the direction price is crossing the open, otherwise do not enter the trade.

"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!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #449
  • Sep 17, 2015 8:26am Sep 17, 2015 8:26am
Quoting TooSlow
{quote} The spread is 6 on GBPCHF. I have traded that pair with this method.
I've got 2 pips spread (+ commission) on that pair, 6 is a lot. Apart that, if you go for a 10 pips profit, like Since80808 was aiming to do, it's better to focus on tight spread pairs I think.

Anyway I'd appreciate if you could tell me more about that particular setup. Wasn't it too risky according to you? I mean considering how the price moved during the previous candle?
Provided that there will be loosing trades like in any other system, I'm looking at backdata and just like him I'm trying to figure out how to filter some bad trades.

Many thanks for your help

M.
  • #450
  • Sep 17, 2015 3:28pm Sep 17, 2015 3:28pm
Quoting since80808
{quote} I understand But I see the next: - absolutely every local extremum may be new daily extremum and may not be - absolutely every next candle can test new daily extremum and then, reversal and then break it Q: How to filter???

Q: How to filter?

A: Do not filter. Filtering trips up many traders. This trade already has a filter. One waits for price to make a new daily high or a new daily low. That is the first filter. Next filter is waiting for price to test the new daily high or a new daily low. Third filter is waiting for price to return to the hourly open price. How many more filters do you need?

Going back to the GBPCHF trade in question - what is the reason a short was not entered after the pair made a new daily high? What happened the next time there was a new daily low? Was that trade profitable?

"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
  • #451
  • Sep 18, 2015 12:21am Sep 18, 2015 12:21am
Again and again...
You never know will it be broken
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 24 KB
Just an opinion. Based on research
  • #452
  • Sep 18, 2015 1:19am Sep 18, 2015 1:19am
Nice Thread TooSlow I'm trying to understand the method behind sell and buy, here is a attachment plz correct me if i wrong
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 12 KB
Remmember! There r no mistakes in life But only lessons
  • #453
  • Sep 18, 2015 7:21am Sep 18, 2015 7:21am
Quoting asharsaeed
Nice Thread TooSlow I'm trying to understand the method behind sell and buy, here is a attachment plz correct me if i wrong {image}

Your chart entry is one bar too late.



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.


Let me rephrase in the form of yes/no or true/false questions.

1) Did a new daily low happen during the previous bar. If YES/TRUE go to question 2, otherwise find another pair.

2) Did this bar test ( get near ) the new daily low of the previous bar. If YES/TRUE go to question 3, otherwise find another pair.

3) Has price returned to the open price of the current bar. If YES/TRUE enter the trade in the direction price is crossing the open, otherwise do not enter the trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #454
  • Sep 18, 2015 7:23am Sep 18, 2015 7:23am
Quoting since80808
Again and again... You never know will it be broken {image}

With all due respect since80808, your entries are not following this method.

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.


Let me rephrase in the form of yes/no or true/false questions.

1) Did a new daily low happen during the previous bar. If YES/TRUE go to question 2, otherwise find another pair.

2) Did this bar test ( get near ) the new daily low of the previous bar. If YES/TRUE go to question 3, otherwise find another pair.

3) Has price returned to the open price of the current bar. If YES/TRUE enter the trade in the direction price is crossing the open, otherwise do not enter the trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #455
  • Sep 18, 2015 7:26am Sep 18, 2015 7:26am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 37 KB



since80808, notice the previous bar[1] established a new low of the day. For the record, it was a double-bottom with bar[3].

The entry was made at the open of bar[0].
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #456
  • Sep 18, 2015 7:45am Sep 18, 2015 7:45am
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow2.png Size: 38 KB


Stops in place.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #457
  • Sep 18, 2015 7:48am Sep 18, 2015 7:48am
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 37 KB


Next hour trade.


since80808, notice the current bar[0] established a new low of the day. This makes EURUSD a candidate to trade next hour.




I repeat this so new comers don't have to go back to the first post.


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.

Let me rephrase in the form of yes/no or true/false questions.

1) Did a new daily high or new daily low happen during the previous bar. If YES/TRUE go to question 2, otherwise find another pair.

2) Did this bar test ( get near ) the new daily high or new daily low of the previous bar. If YES/TRUE go to question 3, otherwise find another pair.

3) Has price returned to the open price of the current bar. If YES/TRUE enter the trade in the direction price is crossing the open, otherwise do not enter the trade.

"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!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #458
  • Sep 18, 2015 8:08am Sep 18, 2015 8:08am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 37 KB



since80808, notice the current bar[0] established a new low of the day. This makes EURUSD a candidate to trade next hour.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #459
  • Sep 20, 2015 8:30pm Sep 20, 2015 8:30pm
When is working this trading system and when not?
Any EA?

What is the "close enough to HH / LL "? - I a thinking to write an EA if doesn't exist
Attached Image (click to enlarge)
Click to Enlarge Name: GBPH1_edited.png Size: 95 KB
I want to buy PATIENCE
  • #460
  • Sep 21, 2015 7:29am Sep 21, 2015 7:29am
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow2.png Size: 35 KB


Stalled trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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