Trading is as simple as 1-2-3

Next hour candidates.


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.

"Perfection is not when you have nothing more to add, but when you have nothing more to take away." - Antoine De Saint Exupery

"It is not about adding on, but taking away. The less technique, the better you are." - Bruce Lee


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!

Are this the normal fractals that come with mt4?

Hello TornadoTradr, no those are not fractals.
Those arrowheads mark 1-2-3 price action: LH-HH-LH or HL-LL-HL.
The indicators are not mine to post.
But I can post the template and you can figure it out.

Thank you very much!

Waiting...

Stopped out BE+1 twice so far.

Repetition...

Repetition is the MOTHER OF SKILL

Trader's Serenity Prayer

Grant me the serenity
to accept the things I cannot change;
courage to change the things I can;
and wisdom to know the difference.

Trading one trade at a time;
enjoying one trade at a time;
accepting stop losses as the pathway to prosperity;


Price - I can control at what price I trade.
Direction - I can control what direction I choose to trade.
Time - I can control when I trade.

Should have surfed first:

There are some things we can control as traders and some things that we can not. We need to learn the difference to limit our frustration and win in this game.
We can control:
How much we risk per trade.
How big a position size we take.
What time frame we trade.
What market we trade.
Our style of trading.
Whether we stick with our trading plan or go off of it.
If we honor our stop losses and trailing stops.
How we react to a winning or losing trade.


We can not control:
Whip saws when the trend reverses on us.
Gaps in opening prices both up and down.
Headline risk.
Natural disasters.
Whether a trend continues or reverses the moment we open a position.
Whether any individual trade wins or loses.
How many winning or losing trades we have in a row.


The battle for your long term trading success is won or loss in your head. The decision to whether keep going after losing money or to quit is made at the point of maximum frustration with the markets. To keep going you have to keep positive, and keep trading. Knowing the difference between you making a mistake or the market simple not matching your style will go a long way in keeping down your stress and negative self talk. Here is an affirmation for traders based off the serenity prayer used by AA.




I must learn to know the difference between the things I cannot control;
discipline to control the things I can; and the knowledge to know the difference.
Taking one trade at a time;
Enjoying one winner at a time;
Accepting draw downs as just the reality of trading;
Taking, small losses and big wins,
trading the market as it is, not as I would believe it should be;
Trusting that trading a robust system will be profitable in the long term;
That I may be reasonably profitable in my trading,
and supremely happy with my capital appreciation.
Forever trading.
Amen.
-Steve Burns

When price reverses down through the highest open of the day BAR[2] or up through the lowest open of the day BAR[9], the payoff can be huge.
All major reversals have this in common: price must reverse through the highest open or lowest open for there to be a major reversal.
Chart period does not make a difference.
This analysis is done without the aid of any price derivative indicators.

Another example of price reversing down from highest open BAR[6].

After reading other threads that contain the word SIMPLE in their title, my mind is baffled. Is there another definition for SIMPLE that I am not aware of at this point in time? English is my first language and my grasp of it is at least average. Yes, simple is relative and open to debate. Yet, there should be a line that most agree once crossed means something is no longer simple. Anyone care to shed some light on this?

here is a link I quickly found.

https://www.google.co.uk/webhp?sourc...=define+simple

Thanks turnip15. Do you have a wicked sense of humor?

simple
ˈsɪmp(ə)l/
adjective

1. 
   easily understood or done; presenting no difficulty.
   "a simple solution"
   
2. 
   plain, basic, or uncomplicated in form, nature, or design; without much decoration or ornamentation.

#2 is what simple means to me. When a thread purports a simple method yet contains many indicators "decorating" the charts and more than a handful of rules, it does not strike me as simple.

Lowest open trade paid off again.

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.

"Perfection is not when you have nothing more to add, but when you have nothing more to take away." - Antoine De Saint Exupery

"It is not about adding on, but taking away. The less technique, the better you are." - Bruce Lee


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!

Next hour trades.
Take your pick.

Waiting...

Plenty to choose from next hour...