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Highest Open / Lowest Open Trade

  • #141
  • May 13, 2016 10:23am May 13, 2016 10:23am
TooSlow... do you use stop orders plus spread to enter your trades or do you watch the price action around the opening when price comes back to it?
  • #142
  • May 13, 2016 10:25am May 13, 2016 10:25am
Quoting tradertron
TooSlow... do you use stop orders plus spread to enter your trades or do you watch the price action around the opening when price comes back to it?
Use market orders on MT4.
Wait for open price to appear.
Have to be patient and let price come to you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #143
  • May 13, 2016 10:37am May 13, 2016 10:37am
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Patience.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #144
  • May 13, 2016 10:40am May 13, 2016 10:40am
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Waiting...
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #145
  • May 13, 2016 10:48am May 13, 2016 10:48am
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Next hour.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #146
  • May 13, 2016 10:49am May 13, 2016 10:49am
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  • #147
  • May 13, 2016 10:54am May 13, 2016 10:54am
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Not a pair that I trade.
Next hour setup.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #148
  • May 13, 2016 10:55am May 13, 2016 10:55am
Quoting Dezil
{image}
From my 1-2-3 thread:



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.


Dezil, do you understand?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #149
  • May 13, 2016 10:57am May 13, 2016 10:57am
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Patience... Pays off
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #150
  • May 13, 2016 11:05am May 13, 2016 11:05am
Quoting TooSlow
So to place a trade you use 5m chart and when 5m candle closes above 1h lowest open you enter a trade? In case of buy trade.

No, I usually look at the H1 bar chart and look at the time on the clock. I can see what time it is. At X:05 price above the highest open means I can short when price comes back down. Or at X:06 Or at X:11 Etc...
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.
  • #151
  • May 13, 2016 11:07am May 13, 2016 11:07am
Took this one off the bottom for +10 pips
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  • #152
  • May 13, 2016 11:15am May 13, 2016 11:15am
Quoting Dezil
{quote} 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.
Dezil, seemed like you were having problem so I posted the rules from my other thread that would help keep you out of difficult trades.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #153
  • May 13, 2016 11:16am May 13, 2016 11:16am
Quoting pip-boss
Took this one off the bottom for +10 pips {image}
Good trading, pip-boss.
Please help explain how this works to Dezil.
Maybe you can do a better job than I can.
We have to help each other.
Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #154
  • May 13, 2016 11:20am May 13, 2016 11:20am
I understand 123, but i thought the system of this thread is different.
  • #155
  • May 13, 2016 11:20am May 13, 2016 11:20am
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Waiting.

Dezil:

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.

Do you understand how EURUSD is a possibility in the chart?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #156
  • May 13, 2016 11:22am May 13, 2016 11:22am
Quoting Dezil
I understand 123, but i thought the system of this thread is different.
Yes, it is different, Dezil.
This is more inclusive (advanced) than the 1-2-3 thread.
The 1-2-3 is a subset of this.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #157
  • May 13, 2016 11:27am May 13, 2016 11:27am
Quoting TooSlow
{image} Waiting. Dezil: 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. Do you understand how EURUSD is a possibility in the chart?
How close price has to go to bar 1 low before we start to wait for pullback to bar 0 open. If after opening of bar 0 price move down only 1,2 paps and then goes above open, should i open a buy?
  • #158
  • May 13, 2016 11:28am May 13, 2016 11:28am
Quoting TooSlow
{quote} Yes, it is different, Dezil. This is more inclusive (advanced) than the 1-2-3 thread. The 1-2-3 is a subset of this.
What is the difference then?
  • #159
  • May 13, 2016 11:33am May 13, 2016 11:33am
Quoting Dezil
{quote} What is the difference then?
1-2-3 you do not enter the trade on the bar that makes the daily high/low.
This method, you can enter the trade on the bar that makes the daily high/low.
That is the difference.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #160
  • May 13, 2016 11:35am May 13, 2016 11:35am
Quoting Dezil
{quote} How close price has to go to bar 1 low before we start to wait for pullback to bar 0 open. If after opening of bar 0 price move down only 1,2 paps and then goes above open, should i open a buy?
Depends on how much room between the open and the extreme.

A suggestion - pick a pair that is a setup and watch ( paper trade ).
When you get the hang of it, start trading.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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