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Highest Open / Lowest Open Trade

  • #81
  • May 12, 2016 12:40pm May 12, 2016 12:40pm
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Price action dictates everything.
The questions about when to take profit are not always easy to explain.
Pick fruit when it is ripe.
Pick too soon, it is not edible.
Pick too late, it is decaying.

Look at the chart.
When would you have exited the trade?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #82
  • May 12, 2016 12:45pm May 12, 2016 12:45pm
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Look at the chart.
When would you have exited the trade?

Price rose and fell through the Bar[0] price.
Those who bought at Bar[1] open price did so because price went up.
Selling when price fell below Bar[0] open price would have taken the lion's share of the trade.
Make a note.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #83
  • May 12, 2016 12:49pm May 12, 2016 12:49pm
Quoting TooSlow
{quote} 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.
Guess i need an indicator that can show me current spread on my pairs
  • #84
  • May 12, 2016 1:00pm May 12, 2016 1:00pm
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.
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Did not trade this Daily Open crossover.
There were pips to be made.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #85
  • May 12, 2016 1:01pm May 12, 2016 1:01pm
Quoting macsoj
{quote} Guess i need an indicator that can show me current spread on my pairs
++++++++++++++++++++++++++++++++

Here you go:
Attached File(s)
File Type: ex4 SpreadMinMaxColor.ex4   9 KB | 1,218 downloads
File Type: mq4 SpreadMinMaxColor.mq4   5 KB | 1,400 downloads
  • #86
  • May 12, 2016 1:02pm May 12, 2016 1:02pm
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Here we go again!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #87
  • May 12, 2016 1:05pm May 12, 2016 1:05pm
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Daily open possibility.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #88
  • May 12, 2016 1:16pm May 12, 2016 1:16pm
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For your trade to get to +5 pips, price has to move 5 + spread in your direction.
This is a reason for trading when spread is under 3 pips.
Price has to move 7 or 8 pips.
BE+1 is what saves you from losing.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #89
  • May 12, 2016 1:19pm May 12, 2016 1:19pm
Quoting TooSlow
{image} Daily open possibility.
What SL will you use in this case? You enter at bar 1 when it touched dayli open?
  • #90
  • May 12, 2016 1:27pm May 12, 2016 1:27pm
TooSlow - so you finally made it over here where you belong.
  • #91
  • May 12, 2016 1:32pm May 12, 2016 1:32pm
Quoting handy148
TooSlow - so you finally made it over here where you belong.
++++++++++++++++++++++++++++++++

So did you, Mr. Late Show... lol
  • #92
  • May 12, 2016 1:32pm May 12, 2016 1:32pm
Quoting Dezil
{quote} What SL will you use in this case? You enter at bar 1 when it touched dayli open?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 36 KB


To determine a smart SL level requires analysis.
Buying at daily open. Use Bar[6] low. Price moved up and away.
Selling at daily open. Use Bar[2] high. Price moved down from there.

Look to the left of chart.
See the congestion?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #93
  • May 12, 2016 1:33pm May 12, 2016 1:33pm
Quoting handy148
TooSlow - so you finally made it over here where you belong.
Seems like this privilege has to be earned.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #94
  • May 12, 2016 1:42pm May 12, 2016 1:42pm
Quoting diamonddbw
{quote} ++++++++++++++++++++++++++++++++ Here you go: {file} {file}
Thanks man
  • #95
  • May 12, 2016 2:01pm May 12, 2016 2:01pm
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Waiting for liftoff
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #96
  • May 12, 2016 2:14pm May 12, 2016 2:14pm
Quoting TooSlow
{image} Waiting for liftoff
So you already entered this trade? Did price moved enough below lowest open? Looks like not more ten 2-3 pips.
  • #97
  • May 12, 2016 2:47pm May 12, 2016 2:47pm
Quoting Dezil
{quote} So you already entered this trade? Did price moved enough below lowest open? Looks like not more ten 2-3 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 36 KB


Yes.
Slow going.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #98
  • May 12, 2016 3:24pm May 12, 2016 3:24pm
"Stick to your plan up until to the moment when it is more dangerous to follow the plan, then improvise, adapt and modify your plan. Be ready that your plan can fall apart right at the beginning" - Selco


Wise words from other topics can be applied to trading.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #99
  • May 12, 2016 3:46pm May 12, 2016 3:46pm
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Slow, tough 5 pips.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #100
  • May 12, 2016 4:00pm May 12, 2016 4:00pm
Quoting TooSlow
{image} Slow, tough 5 pips.
Looks like you got SL with last trade and this is new? Post 97 and post 99 has different daily low
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