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Trading is as simple as 1-2-3

  • #801
  • Mar 4, 2016 9:13am Mar 4, 2016 9:13am
Trade 34​

Attached Image (click to enlarge)
Click to Enlarge Name: 34_GBPUSD.lmxH1.png Size: 25 KB


3 pips
  • #802
  • Mar 4, 2016 11:36am Mar 4, 2016 11:36am
Quoting BlackNapkins
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 SLs I caused myself. This week final result...
"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." This is your brain/ego messing with you. You are consistently not taking 5+ pips. You are trying to hook the big fish. Your exit strategy is working against you, rather than for you. Go back and see how many times you were up 5 or more pips but stopped out with 1 or 3.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #803
  • Mar 4, 2016 11:37am Mar 4, 2016 11:37am
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Plan the trade and trade the plan.

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
  • #804
  • Mar 8, 2016 1:57pm Mar 8, 2016 1:57pm
Quoting BlackNapkins
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...
This is not a scalping system nor a swing system. It is a profitable entry system. You can scalp it. You can swing it. The only aim is to make pips, either a few or a bucket load, whatever the market gives. How much you make is up to the market. How much you lose is up to you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #805
  • Mar 10, 2016 9:42pm Mar 10, 2016 9:42pm
I reviewed the thread and don't see this answer....
Do you avoid trading the first or second bar of the day?
Or would this fall in a session not traded?

thx!
  • #806
  • Mar 14, 2016 1:15pm Mar 14, 2016 1:15pm
Quoting forexdave1
I reviewed the thread and don't see this answer.... Do you avoid trading the first or second bar of the day? Or would this fall in a session not traded? thx!
No bars are avoided.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #807
  • Mar 14, 2016 1:15pm Mar 14, 2016 1:15pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 38 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
  • #808
  • Mar 15, 2016 3:43pm Mar 15, 2016 3:43pm
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 41 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
  • #809
  • Mar 16, 2016 11:52am Mar 16, 2016 11:52am
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow2.png Size: 37 KB


Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 41 KB


Entry taken. Taking a profitable exit within the same H1 bar does not mean or imply this is a scalp system.


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
  • #810
  • Mar 16, 2016 11:57am Mar 16, 2016 11:57am
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow2.png Size: 37 KB



This is a M5 chart with H1 background shading. Modify the rules slightly:


A bar makes a NEW 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 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.


Using these modified rules on M5, may help you get more profit or give back less profit. You can see how price on M5 failed to make a new high.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #811
  • Mar 16, 2016 12:00pm Mar 16, 2016 12:00pm
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Entering a second time can be profitable.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #812
  • Mar 18, 2016 11:50am Mar 18, 2016 11:50am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 40 KB


An 80 pip gain from short entry to exit.

A 30 pip gain from long entry to exit.

Not everyday pays like this.


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
  • #813
  • Mar 19, 2016 11:17am Mar 19, 2016 11:17am
Hi TooSlow

Can you please share those two indicators of your chart showing
1) Red & blue up down arrow
2) Various high, low & open lines

Thanks,
Kibria
  • #814
  • Mar 20, 2016 4:10pm Mar 20, 2016 4:10pm
Quoting gkb46
Hi TooSlow Can you please share those two indicators of your chart showing 1) Red & blue up down arrow 2) Various high, low & open lines Thanks,
Those indicators are not mine to share. Reading this thread will give you clues to who wrote them.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #815
  • Mar 21, 2016 11:15am Mar 21, 2016 11:15am
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow2.png Size: 41 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
  • #816
  • Mar 21, 2016 7:21pm Mar 21, 2016 7:21pm
What time do you start the day to determine daily High or Low? I noticed in an earlier thread that you trade the NY session. If NY opens at 8:30 AM then is that considered the open for the day also? D1(0) begins at 8:30 am and D1(1) ends at 8:29?
  • #817
  • Mar 22, 2016 11:00am Mar 22, 2016 11:00am
Quoting JTTrader
What time do you start the day to determine daily High or Low? I noticed in an earlier thread that you trade the NY session. If NY opens at 8:30 AM then is that considered the open for the day also? D1(0) begins at 8:30 am and D1(1) ends at 8:29?
Broker time determines daily open. 5pm East Coast Time. D1 chart.

Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 41 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #818
  • Mar 22, 2016 11:01am Mar 22, 2016 11:01am
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 39 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
  • #819
  • Mar 22, 2016 12:50pm Mar 22, 2016 12:50pm
How many trades per day or week do you average?
How much time per day do you typically spend trading?
What exit strategy do you currently use?
Is this something that can be done on longer TF such as D1 or H4
Is this method the only one you trade?
Did you start trading 1-2-3 at the beginning of this thread or before?
Are you willing to share your story on how you started trading this method and why you have stuck to it without modification?
Do you struggle with the temptation to add more indicators or to complicate the system? If so how do you handle it?
Do you work and trade on the side or is trading your full time job?
I currently work durning the NY session, but I might be able to trade early in the morning before that, what times are best to start?
  • #820
  • Mar 23, 2016 11:14am Mar 23, 2016 11:14am
How many trades per day or week do you average?

1 to 3 per day.

How much time per day do you typically spend trading?

3 - 6 hours.


What exit strategy do you currently use?

The "not lose" exit strategy. Stop is moved to BE+1 as soon as practical. Part of the position is exited at BE+5 to BE+10. That secures profit.


Is this something that can be done on longer TF such as D1 or H4 Is this method the only one you trade?

Chart time frame does not matter. Entry price and exit price is all that matters. This "method" is not a method per se. It is a strategy. But yes, you could do this on a daily time frame looking at new weekly or monthly highs/lows.

Did you start trading 1-2-3 at the beginning of this thread or before?

This thread keeps me focused. I started trading 1-2-3 before this thread.

Are you willing to share your story on how you started trading this method and why you have stuck to it without modification?

Not much of a story. Just seems to make sense to me. There is nothing to modify. There is a setup. There is a trigger. A stop is placed and moved if/when possible.

Do you struggle with the temptation to add more indicators or to complicate the system?

Not at all. Once you understand the fallacy that is perpetuated by the indicator crowd, you will see most of the indicator lines as "tea leaves". That may come across as condescending but that is not the intent. Every trader is on a path of discovery to find what works for them. The problem is when beliefs are presented as facts. The late Mark Douglas taught the reason you enter a trade does not matter. The best one can hope for is to find an entry/setup/trigger that gives an edge that can be exploited for profit.

If so how do you handle it?

By reminding myself of the futility of it all.

Do you work and trade on the side or is trading your full time job?

Neither. This is a pastime. More than a hobby but less than a job.

I currently work durning the NY session, but I might be able to trade early in the morning before that, what times are best to start?

There is only one time to enter a trade - after a new daily high or new daily low, whenever that occurs.

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