Trading is as simple as 1-2-3

Thank you - very clear now.

following with interest.

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!

I like your entries for two reasons

1- you get in the trade (long or short) early.
2- the stops are generally small.

Here is a chart set up that works well to see price in relation to the making of a 1H candle- this set up shows past history on how that candle developed.
I am using the M-Candle indi set to show 1H candles. I set the main chart to 1M and change it to a line graph. the 1M line (price) will show you how the 1H candle formed. Seeing how the H1 candle is forming aids in deciding weather to enter the trade.

The two white dotted vertical lines are the day separators and the white horizontal dotted line is the daily open. also will see the session dotted lines.
the white m1 line is price over the H1 candles.

A trade that worked out.

Next hour.

Next hour.

The NZD/USD worked out very nice.

Trade or pass? Why?

I would say to trade. As far as I can tell it meets your entry rules.

Do not enter this trade.

The market is confused.

In play...

Ready...

Next hour...

IN PLAY...


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!

Results.

This hour...

Next hour.

In play.

In and out just like the burger. Attempt at humor.

Seriously, if price closes above the open price of bar[0], then use the same open price as a short trigger next bar. Advanced traders only.

Good job