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Trading is as simple as 1-2-3

  • #621
  • Nov 23, 2015 8:56am Nov 23, 2015 8:56am
Quoting blueseahorse
the explanation for EA setfile : {image}
Very helpful. Thank you for contributing.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #622
  • Nov 23, 2015 8:57am Nov 23, 2015 8:57am
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Next hour. Or the one after that.

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
  • #623
  • Nov 23, 2015 9:07am Nov 23, 2015 9:07am
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Look closely. This did not fit the criteria.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #624
  • Nov 23, 2015 9:17am Nov 23, 2015 9:17am
Hi TooSlow
This weekend, I have been reading thru your thread & have found it very interesting. I really like your entry technique. It seems the theme has now shifted to focusing on the EA. I hope you continue to add the personal teachings you have weaved thru the thread.
Question: In order to find more trades during the day, have you given any thought to taking trades that don't necessarily make a new DAILY Hi/Lo but do make a recent new hi/lo and are in the direction of the current trend. When I first started reading the thread & you had marked the hi/lows with the fractal symbol, I thought that was your thought process but then I realized you were only trading Daily hi/lo. With a quick glance trading recent hi/lo in the direction of the trend appears profitable.
  • #625
  • Nov 23, 2015 9:39am Nov 23, 2015 9:39am
Quoting gmcc
Hi TooSlow This weekend, I have been reading thru your thread & have found it very interesting. I really like your entry technique. It seems the theme has now shifted to focusing on the EA. I hope you continue to add the personal teachings you have weaved thru the thread. Question: In order to find more trades during the day, have you given any thought to taking trades that don't necessarily make a new DAILY Hi/Lo but do make a recent new hi/lo and are in the direction of the current trend. When I first started reading the thread & you had marked...
Hi gmcc, welcome.

Question: In order to find more trades during the day, have you given any thought to taking trades that don't necessarily make a new DAILY Hi/Lo but do make a recent new hi/lo and are in the direction of the current trend.

Answer: No, I do not. Patience is what pays off, not more trades. I would rather wait 3 hours for the proper set up than look for other trades.

The focus of my journal is the same as always. Someone was nice enough to create an EA. Maybe the EA will payoff - once I figure out how to work it properly.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #626
  • Nov 23, 2015 10:56am Nov 23, 2015 10:56am
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gmcc, there is usually one or more trade possibilities for each session.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #627
  • Nov 23, 2015 12:59pm Nov 23, 2015 12:59pm
Thank you for your help. Like you, I'm located in the US and it seems that either the Hi/Lo is usually made during the London session, thus limiting the trading opportunities during the US session. Any tips on how you handle this situation?
Also If you are using a tight (10 pips or so) trailing stop, doesn't this limit you to small gains? With small gains & tight SL per trade, does that mean you trade larger lots?- example: rather than 10 lots with 15 pip SL, you trade 30 lots with 5 pips SL?
Hope my questions are not too stupid. Your thread has really helped me. I searched back thru some of my recent trades that either BE or Lost, and found if I had used your technique, I would have realized a nice profit rather than a slight loss.
  • #628
  • Nov 24, 2015 9:49am Nov 24, 2015 9:49am
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Next hour.

Hi gmcc, I am not sure what pairs you watch and trade but there is always a trade to be found during the NY session, when I also trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #629
  • Nov 24, 2015 9:54am Nov 24, 2015 9:54am
I'm located in the US and it seems that either the Hi/Lo is usually made during the London session, thus limiting the trading opportunities during the US session. Any tips on how you handle this situation?

Are you sure that is a true statement?

Also If you are using a tight (10 pips or so) trailing stop, doesn't this limit you to small gains?

Trailing stop? That is not what I use. I place a stop above the daily high when short and below the daily low when long. Once trade goes to a 5+ pip profit, stop moved to break even.

With small gains & tight SL per trade, does that mean you trade larger lots?- example: rather than 10 lots with 15 pip SL, you trade 30 lots with 5 pips SL?

How did reach that conclusion? The risk is always the same. Size based on stop loss.


Hope my questions are not too stupid. Your thread has really helped me. I searched back thru some of my recent trades that either BE or Lost, and found if I had used your technique, I would have realized a nice profit rather than a slight loss.

The only stupid question is the one not asked.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #630
  • Nov 25, 2015 3:38am Nov 25, 2015 3:38am
after forming bar 0 , it should test the daily high/low , how many pips you wait to test before come back to bar 0 open ?
gEt BusY LiVinG oR Get bUsy dyIng
  • #631
  • Nov 25, 2015 3:52am Nov 25, 2015 3:52am
tested gap is around 6 pips here , how many pips would you prefer?
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gEt BusY LiVinG oR Get bUsy dyIng
  • #632
  • Nov 25, 2015 10:03am Nov 25, 2015 10:03am
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Watching.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #633
  • Nov 25, 2015 10:06am Nov 25, 2015 10:06am
Quoting asithaya
tested gap is around 6 pips here , how many pips would you prefer? {image}
Hello asithaya, welcome. No set answer. Somewhere within 10 pips of the daily high / daily low. That being said, if bar[0] opens within 10 pips, then maybe a handful of pips. Keep in mind, no matter where price is, there are orders above and below that are waiting to be triggered.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #634
  • Nov 25, 2015 10:12am Nov 25, 2015 10:12am
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Perfect example of my post above. Bar[0] opened within 4 pips of the Bar[1] daily low. How to trade? Enter as soon as bar[0] opened or wait to see what happens. In this case, it would be prudent to exit as a scalp trade due to the fact that bar[0] high did not break bar[1] high. Lower highs and lower lows the last 7 bars. The chart is talking and traders should listen.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #635
  • Nov 27, 2015 11:24am Nov 27, 2015 11:24am
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Next hour.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #636
  • Nov 30, 2015 9:00am Nov 30, 2015 9:00am
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Next hour.

One of these should not be traded next hour. Which one is it?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #637
  • Nov 30, 2015 9:41am Nov 30, 2015 9:41am
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Next hour.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #638
  • Edited 6:02pm Nov 30, 2015 10:01am | Edited 6:02pm
Quoting TooSlow
{image} {image} {image} Next hour. One of these should not be traded next hour. Which one is it?
USD/CAD

I would like to understand the charts you are putting up-
Are you trading from the extreme (new high or new low) to the daily open?
Is the non dotted brown line your in point? and the dotted brown line is the out point?
You are only taking trades that make a new high or low? or do you sometimes take a trade on a 1, 2, 3, set up?

Really like your daily, weekly, high, low line indicator.


Nice thread by the way
Live today like theres no tomorrow-- Prioritize like you will die today
  • #639
  • Dec 1, 2015 9:52am Dec 1, 2015 9:52am
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: tooslow2.png Size: 39 KB

Attached Image (click to enlarge)
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Next hour.

One of these should not be traded next hour. Which one is it?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #640
  • Dec 1, 2015 9:59am Dec 1, 2015 9:59am
Quoting iamsovereign
{quote} USD/CAD I would like to understand the charts you are putting up- Are you trading from the extreme (new high or new low) to the daily open? Is the non dotted brown line your in point? and the dotted brown line is the out point? You are only taking trades that make a new high or low? or do you sometimes take a trade on a 1, 2, 3, set up? Really like your daily, weekly, high, low line indicator. Nice thread by the way
Welcome, iamsovereign.

Q) Are you trading from the extreme (new high or new low) to the daily open?

A) No. Not exactly.

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.

Q) Is the non dotted brown line your in point? and the dotted brown line is the out point?

A) Yes. Solid brown line is the entry level (Bar[0] open). No. Brown dotted line is Bar[1] open.


Q) You are only taking trades that make a new high or low? or do you sometimes take a trade on a 1, 2, 3, set up?

A) No. The trade is after a new daily high or new daily low.


Thanks for the questions and compliment.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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