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Highest Open / Lowest Open Trade

  • #21
  • May 11, 2016 8:00pm May 11, 2016 8:00pm
Thanks for the method tooslow.

Here is a trade that just happened on AJ H1. Used the MT4 trailing stop set at 50 points. Good for about 10 pips. You can see the period separator for the start of the new day. Was this a proper trade as per your rules? Are the open high and open low marked correctly?

Attached Image
  • #22
  • Edited 8:51pm May 11, 2016 8:26pm | Edited 8:51pm
hello TooSlow,

am too doubtful it will work for me to put any effort in it.
you`ll have to take every trade on H1 as long as the last H1 candle is higher than the previous one before finally arriving at the high of the day. provided of course that price rises above the open of the present H1 candle and then comes down through the open.
same for H1 candles going down towards the low of the day.
seeing that you trade this system, it must be easy for you to show the outcome in detail for a whole day for the charts you posted.

sometimes you cant even get in at the high of the day, because price doesn`t rise from open at all on the next candle, but drops straight away.
see for example your USD/CAD chart in post 1.

even if you have a good move, I doubt you will get far with a trailing stop of 5 pips.

but you`re the expert here, so please prove me wrong and I`ll eat humble pie!
  • #23
  • May 11, 2016 9:54pm May 11, 2016 9:54pm
Quoting tradertron
Thanks for the method tooslow. Here is a trade that just happened on AJ H1. Used the MT4 trailing stop set at 50 points. Good for about 10 pips. You can see the period separator for the start of the new day. Was this a proper trade as per your rules? Are the open high and open low marked correctly? {image}
Was this a proper trade as per your rules?


Yes, it appears it was a proper trade per the rules. Good trading, tradertron.

Are the open high and open low marked correctly?

Yes, they appear to be marked correctly.

Thank you for giving it a go.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #24
  • May 11, 2016 9:59pm May 11, 2016 9:59pm
Quoting yonnie
hello TooSlow, am too doubtful it will work for me to put any effort in it. you`ll have to take every trade on H1 as long as the last H1 candle is higher than the previous one before finally arriving at the high of the day. provided of course that price rises above the open of the present H1 candle and then comes down through the open. same for H1 candles going down towards the low of the day. seeing that you trade this system, it must be easy for you to show the outcome in detail for a whole day for the charts you posted. sometimes you cant even...
yonnie:

First, I do not trade all day.
By the time my trading day starts as NY opens, the London session only has a few hours left.
Many times, the daily high/low has been established.
Some days, the high/low gets moved during the NY session and that's when there are pips a plenty.
A few 5 pip trades adds up to a handful of pips.
Sometimes, the trade takes off into position territory and it is dozens of pips.
The intention here is not to prove anyone wrong.
The intention is to show how to make some pips.

Thanks for the reply.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #25
  • May 11, 2016 11:32pm May 11, 2016 11:32pm
Quoting TooSlow
{quote} Was this a proper trade as per your rules? Yes, it appears it was a proper trade per the rules. Good trading, tradertron. Are the open high and open low marked correctly? Yes, they appear to be marked correctly. Thank you for giving it a go.
  • #26
  • May 12, 2016 12:51am May 12, 2016 12:51am
good
  • #27
  • May 12, 2016 1:22am May 12, 2016 1:22am
Great! Will try it
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #28
  • May 12, 2016 3:56am May 12, 2016 3:56am
Just closed my first trade with ~35 pips +

(My chart is a bit messy, sorry for that )
Attached Image (click to enlarge)
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"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #29
  • May 12, 2016 4:06am May 12, 2016 4:06am
Looks like you have wrong highest open on your chart. (blue line)
  • #30
  • May 12, 2016 4:36am May 12, 2016 4:36am
Quoting Dezil
Looks like you have wrong highest open on your chart. (blue line)
Oh yes true, you're right...(oops)
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #31
  • May 12, 2016 7:49am May 12, 2016 7:49am
Hello,
I too am at EST.
What do you consider the beginning of day? Is it midnight? Or is it New-York closing time, which is 5PM?

Why do you think this method could work? Is it based on false breakout only?

Thanks

Insider
  • #32
  • May 12, 2016 8:05am May 12, 2016 8:05am
Quoting insider999
Hello, I too am at EST. What do you consider the beginning of day? Is it midnight? Or is it New-York closing time, which is 5PM? Why do you think this method could work? Is it based on false breakout only? Thanks Insider
What do you consider the beginning of day?

The start of a new D1 candle on my platform. 5pm EST.

Why do you think this method could work?

Because I have been trading this way for a long time.

Is it based on false breakout only?

No.
Has nothing to do with false breakout.
It is based on the fact that daily candles have wicks. (see my 123 thread).

Thanks for the questions.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #33
  • May 12, 2016 8:09am May 12, 2016 8:09am
Quoting michisuperfr
Just closed my first trade with ~35 pips + (My chart is a bit messy, sorry for that ) {image}
Nice trade.
Your erroneous plot may have cost you a few pips but you're learning.
May I humbly suggest remove all other indicators.

Thanks for sharing your progress.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #34
  • May 12, 2016 8:15am May 12, 2016 8:15am
Attached Image (click to enlarge)
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Waiting
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #35
  • May 12, 2016 8:16am May 12, 2016 8:16am
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This is how it works
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #36
  • May 12, 2016 8:22am May 12, 2016 8:22am
Attached Image (click to enlarge)
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This is the reason for moving to BE+1 or trailing the stop.
GBPUSD now in a breakout above yesterday's high.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #37
  • May 12, 2016 8:40am May 12, 2016 8:40am
FROM MY 123 THREAD:

Attached Image (click to enlarge)
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Next hour.

I repeat each day 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!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #38
  • May 12, 2016 8:44am May 12, 2016 8:44am
Attached Image (click to enlarge)
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I repeat so new comers don't have to go back to the first post:

HIGHEST OPEN / LOWEST OPEN TRADE

Place a line at the highest H1 open and lowest H1 open for the current day.

Sell short at the highest H1 open after price goes up through it and comes back down.

Buy at the lowest H1 open after price goes down through it and comes back up.


Stop loss is the current daily high or current daily low.
Adjust your position size accordingly.

Take profit by moving stop up.
When trade is +5 or more, move stop to BE+1.
When trade is +10 or more, move to to BE+5, or switch to trailing stop.
Optional exit is to exit part of trade position with a profit to bank it, move stop to BE+1 and watch the market.


WARNING

When price breaks through yesterday's high or low, that is a breakout!
Trade the reversal with caution.


"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!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #39
  • May 12, 2016 8:47am May 12, 2016 8:47am
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Waiting...
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #40
  • May 12, 2016 8:48am May 12, 2016 8:48am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 38 KB


Another possibility.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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