Trading is as simple as 1-2-3

Good stuff tooslow !

The extremes, highs or lows become easy to detect with chart time and good enters are possible with this method.

great thread, no nonsense and should help many.

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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!

The open is near the daily low. Instead of bar[0] open for entry, bar[1] open entry is safer.

A bar makes a NEW DAILY high and closes. Next bar fails to make a higher high and reverses. The current candle does not really get close to the previous days high. Current candle has almost no retrace to the previous days high. Maybe 4 pips? This would be a very aggressive trade the current candle did not trade near the the previous days High? " 2) Did this bar test ( get near ) the new daily high"



Sell when price drops below the open price of the current bar.

Your trade on the 60M: The open is near the daily low. Instead of bar[0] open for entry, bar[1] open entry is safer.



Correct?

Thanks

TSD

Next hour.

Welcome TSD. The previous day's high and low is not taken into consideration. They appear on the charts for reference only and not for triggering or filtering. Your charts need to show the current days' high and low. Thank you for the 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.

Bar[1] was a doji candle. Bar[0] has made a new high and reversed to open price. Would you sell or wait for next hour?

Did you take the trade?

Bar one looks good. I would not take bar zero.

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Trading in progress.

5 pips is 5 pips.

Has anyone noticed that each day, for each pair, you get at least one entry long and one entry short?

Different year, same trading.

So, where do you exit the trade? Based on ATR? I guess this is so straightforward that an ea should be easy to make...
k

Trade in progress.

Stops are moved up to protect the account first and then to protect unrealized profit.

One trader created an EA. Look in the attachments.

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