Trading is as simple as 1-2-3

Bar[0] is currently open - it has not closed. The hour is not over.

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!

End of the week….
15 trades were made, occasionally other pair was in play.( USD/CAD, EUR/JPY, AUD/JPY, AUD/USD).
5 loosing trades, rest BE types, unfortunately not even one longer run was caught … this irritated me as some nice runs has price made after hitting my BE/SL. Will get dipper to that issue as soon as I have at least 50 trades .
Analyzing on M1 chart all trades made, I've come to conclusion that 6 trades were taken not strictly according to the rules, four of them finished with SL. So, those four SL’s I caused myself.
This week final result is following:
I have lost 74,1 pips which is -3,72% equity
Total result is of those two weeks is -45,40 pips and -1,58% equity.
Have nice weekend.....

Trade 24



BE +1

Trade 25



BE +1

Trade 26



Again entry at the same level, BE + 3

BlackNapkins, are you afraid to exit with +5 pips?

No, not at all TooSlow, just palced some rulls and follow them... 5-6 pips in my direction makes BE+1
10 pips and more makes BE +3, and 15 pips makes BE +5 pips...

Hi TooSlow,

I'm in from today Just read the first 1-2 pages but I was trading a similiar approach. I will post my trades here. Thank you

Edit: This is what I've been doing lately a bit (For 5-15 points on Dax): Price makes a new daily high, next candle fails to make a higher high, waiting for next bar + reversal, selling after current price breaks under opening price of the bar.

But I will check your thread and try to learn more about your approach.

Trade 27​



It is not exactly TooSlow methodology, but sequence of LH's was looking good .... so finnaly I took it... 48 pips

You have had a good deal more if you had traded the failure after the spike, just sayin.

Trade 28



Trade 29



Two SL's ... it looks like "catching knives"
I am afraid, I am not able to earn on this methodology ...

Trade 30​



SL again

Consistent trading behavior yields consistent trading results.

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!

Apparently, you are trying to break the rules before you have learned the rules and practiced following the rules.

Are you waiting for price to test the new daily high/low before you enter? NO!

Are you taking 3 or more pips profit when the opportunity presents itself? NO!

The question is WHY ARE YOU NOT FOLLOWING THE METHODOLOGY AS PRESENTED?

BlackNapkins, looking the GBPUSD M5 Chart with red/green H1 candle background, shows that you did not wait for price to test the new daily high before you entered the short trade. Are you afraid you might miss something? Another trade will always present itself if you miss an entry. Just wait.

The trading sequence is always wait, enter, wait, exit, repeat. Enter and exit takes a second or 2. All the rest is waiting. Learn to wait for the setup. You are your own worst enemy when you fail to wait.

Welcome michisuperfr. Glad to have you. Great minds think alike

All right, lets look again on my last entries..... on M1

Trade 28



yesss.. you are right ...

Trade 29



there was 5 pips daily high test

Trade 30



there was 5 pips daily high test

Trade 31



3 pips test, reverse and didn't take 3 pips just one

Trade 32



Last SL today ... take look on M1



And this one total crap ...

Hard to say but looks like you are right ..... far to many mistakes

WAITING...


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!

Waiting...

In at open.

Waiting...

Trade 33



Another SL ..... and same trade seen on M1 ...



5 pips testing, back to Entry level then SL ....

Just recently illuminates me, this system is not what I was thinking it is….
From early beginning I was thinking it is system trying to catch a swings from its turning point. I am afraid number of lurkers here was thinking same way and they been little disappointed. In fact this is a scalping system, aiming few pips here and there… system is trading H1 open level for situation where present low/high of the day is rejected. Low/high are always (wick zones) kind of areas of support/resistance, and choosing situation when LL/HH of the day is rejected (not broken) as an edge system is based on. But still it is a scalping system. Not a swing system. Shame on me I discovered this so late….
Some time ago I made calculations in excel haw price behave on open/close levels, price move length distribution, from this levels ….. but I was looking for this levels breakouts with trend …. 3000 bars has been analyzed, I traded based on that idea and my target was 3,5 pips for each trade… I noticed even 60 winning trades in row … taking in total 500 trades made close to 50% equity within six weeks,
Unfortunately MM was a weakest part of the plan, without SL making and impulsive entries I spoiled everything….