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Highest Open / Lowest Open Trade

  • #61
  • May 12, 2016 10:58am May 12, 2016 10:58am
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Still waiting
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #62
  • May 12, 2016 11:02am May 12, 2016 11:02am
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Let's do this.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #63
  • May 12, 2016 11:04am May 12, 2016 11:04am
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And this one, too.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #64
  • May 12, 2016 11:09am May 12, 2016 11:09am
Why do you use fixed BE value (+5 pips) while SL is different distance in pis in each trade. It's your experiance with this system, or there is some logic behind? Did you try to move to BE when RR = 1:1 for example?
  • #65
  • May 12, 2016 11:10am May 12, 2016 11:10am
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Another one.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #66
  • May 12, 2016 11:16am May 12, 2016 11:16am
Quoting TooSlow
{image} We watched GBPUSD make a new daily high last hour. Those who shorted the highest open and held were rewarded with over 20 pips profit.
++++++++++++++++++++++++++++++++


You got my number; Simple.

Help me with the math on GU chart in post #53 please.

Here's what I'm guessing, regarding your statement about being 20p in profit, and using H1 open price of 1.4520*:
• Entry 1p below H1 Open (1.4519). Broker adds spread, so my actual entry is 1.4521
• Price falls 14p from open (1.4520) to (1.4506)
• @ +5 SL to +1 (1.4514)
• @ +10 SL to +5 (1.4509)

Price, after falling 3 more pips, go back up to 1.4517 taking out the +5 Stop.
Am I figuring this accurately according to my understanding of your trading scenario?


* (approximate broker price averages)
  • #67
  • May 12, 2016 11:18am May 12, 2016 11:18am
Why do you use fixed BE value (+5 pips) while SL is different distance in pis in each trade. It's your experiance with this system, or there is some logic behind?

To prevent a profitable trade from becoming a loss.

Did you try to move to BE when RR = 1:1 for example?

No.
The goal is to make pips and not lose pips.
Look at the GBPUSD trade today.

Thanks for the questions.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #68
  • May 12, 2016 11:20am May 12, 2016 11:20am
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Failing to move to BE+1 on this trade would have you in the red.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #69
  • May 12, 2016 11:25am May 12, 2016 11:25am
Quoting diamonddbw
{quote} ++++++++++++++++++++++++++++++++ You got my number; Simple. Help me with the math on GU chart in post #53 please. Here's what I'm guessing, regarding your statement about being 20p in profit, and using H1 open price of 1.4520*: Entry 1p below H1 Open (1.4519). Broker adds spread, so my actual entry is 1.4521 Price falls 14p from open (1.4520) to (1.4506) @ +5 SL to +1 (1.4514) @ +10 SL to +5 (1.4509) Price, after falling 3 more pips, go back up to 1.4517 taking out the +5 Stop. Am I figuring this accurately according to my understanding...
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The white dashed lines are every 5 pips.
I enter when the bid drops to the highest open.
First stop at BE+1.
When at +10 pips, you have options.
Exit part of position to bank pips or move stop for entire position to BE+5.

Thanks for the question.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #70
  • May 12, 2016 11:26am May 12, 2016 11:26am
Quoting TooSlow
Why do you use fixed BE value (+5 pips) while SL is different distance in pis in each trade. It's your experiance with this system, or there is some logic behind? To prevent a profitable trade from becoming a loss. Did you try to move to BE when RR = 1:1 for example? No. The goal is to make pips and not lose pips. Look at the GBPUSD trade today. Thanks for the questions.
So you have a lot of BE trades then? Do you use 5 pip BE for all pairs? And are there any recomendations which pairs to trade and not to trade?

Thanks for your answers.
  • #71
  • May 12, 2016 11:35am May 12, 2016 11:35am
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Another opportunity.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #72
  • May 12, 2016 11:38am May 12, 2016 11:38am
So you have a lot of BE trades then?

A few BE+1 trades happen.
Better than a loss.
No reason to be upset when stopped out for BE+1.

Do you use 5 pip BE for all pairs?

After trade is +5 pips, stop is moved to BE+1.
After trade is +10, stop is moved to BE+5 or trailing stop, or exit part of position.

And are there any recomendations which pairs to trade and not to trade?

Avoid pairs when spread is over 3 pips.

Thanks for the questions, Dezil.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #73
  • May 12, 2016 11:39am May 12, 2016 11:39am
Quoting TooSlow
So you have a lot of BE trades then? A few BE+1 trades happen. Better than a loss. No reason to be upset when stopped out for BE+1. Do you use 5 pip BE for all pairs? After trade is +5 pips, stop is moved to BE+1. After trade is +10, stop is moved to BE+5 or trailing stop, or exit part of position. And are there any recomendations which pairs to trade and not to trade? Avoid pairs when spread is over 3 pips. Thanks for the questions, Dezil.
what ure saying is to just stick with the major pairs
  • #74
  • May 12, 2016 11:43am May 12, 2016 11:43am
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Did not trade USDJPY.
Showing chart so those who like trading this pair can see this system can work for them.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #75
  • May 12, 2016 12:00pm May 12, 2016 12:00pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #76
  • May 12, 2016 12:02pm May 12, 2016 12:02pm
Quoting macsoj
{quote} what ure saying is to just stick with the major pairs

No.
Not at all.
When the pair's spread is over 3, do not trade it.
At times, EURUSD and GBPUSD have spreads over 3.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #77
  • May 12, 2016 12:13pm May 12, 2016 12:13pm
There are several other lines on the chart which might have potential as well. I noticed you have many of the 'Usual' suspects marked.
• Daily Open
• Previous day Hi/Low
I'll be observing those as well.
  • #78
  • May 12, 2016 12:18pm May 12, 2016 12:18pm
Quoting diamonddbw
There are several other lines on the chart which might have potential as well. I noticed you have many of the 'Usual' suspects marked. Daily Open Previous day Hi/Low I'll be observing those as well.
Daily open is a cross over trade.
Previous day high/low are there to indicate a breakout.

Thanks for your observations.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #79
  • May 12, 2016 12:22pm May 12, 2016 12:22pm
[quote=TooSlow;8923415]{quote} Daily open is a cross over trade.
++++++++++++++++++++++++++++++++


By "Crossover Trade", do you mean, more likely to Crossover, bounce back to DO line, and then continue in direction of Cross?
  • #80
  • May 12, 2016 12:32pm May 12, 2016 12:32pm
[quote=diamonddbw;8923424]
Quoting TooSlow
{quote} Daily open is a cross over trade. ++++++++++++++++++++++++++++++++ By "Crossover Trade", do you mean, more likely to Crossover, bounce back to DO line, and then continue in direction of Cross?
No.
Price moves to a line and then crosses over it.
Hence, crossover trade.
Trading away from the line after the last cross over.

Price dropping from daily high back to open, short at open.
That would be a crossover trade.

Price rallying from daily low back to open, buy at open.
That would be a crossover trade.

Are my answers clear, diamonddbw?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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