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Highest Open / Lowest Open Trade

  • #361
  • May 16, 2016 10:02pm May 16, 2016 10:02pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #362
  • May 16, 2016 10:13pm May 16, 2016 10:13pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #363
  • May 17, 2016 1:39am May 17, 2016 1:39am
Quoting tradertron
{quote} Hey Go5... how did you exit your trades? Trailing or target hit? Did you move to BE?
Got 2 losers, SL hit, rest BE+1 or closed manually due to the slow market and the result would have been better had the Trailing worked, I am using the manual trader ea...
  • #364
  • May 17, 2016 3:39am May 17, 2016 3:39am
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Possibility???
  • #365
  • May 17, 2016 3:50am May 17, 2016 3:50am
Hi TooSlow nice thread thanks. Is the following trade entry correct ?
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  • #366
  • May 17, 2016 3:55am May 17, 2016 3:55am
Quoting shiva
Hi TooSlow nice thread thanks. Is the following trade entry correct ? {image}
The way I probably misunderstand it, is that your orange line is now not the highest open anymore and you would have to wait for PA going over it first?
  • #367
  • Edited 6:38am May 17, 2016 6:28am | Edited 6:38am
Will be in and out today but hope to post some trades. Currently eyeing a short set up on USDCHF and USDCAD. Also the unusual wide ranges that were made during the Asian and early EU session should give us good retrace opportunities. Edit : Never mind. I take my last sentence back. Too much analysis. Old habit are hard to break.
  • #368
  • May 17, 2016 6:52am May 17, 2016 6:52am
Quoting shiva
Hi TooSlow nice thread thanks. Is the following trade entry correct ? {image}
No.
Line should be at highest open which is above R3 on your chart.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #369
  • May 17, 2016 7:03am May 17, 2016 7:03am
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I repeat each day this 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
  • #370
  • May 17, 2016 7:04am May 17, 2016 7:04am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #371
  • May 17, 2016 7:23am May 17, 2016 7:23am
Hello Too Slow,

You may have answered this before but I am not sure.

You say ''Proceed with caution when there is a breakout''. Does it mean you dont trade at all? If you trade anyway, what are the things you do differently?

One day ''breakouts'' happen all the time btw...


One more question. Sometimes price will make a Daily low open bar but does not go any lower right away. It may take a few bars before the trade can be taken. (Price pushes lower then the lower open bar and goes through it on upside). How long can you wait for the setup to be still valid?

Is there a minimum of pips over-under open bar for the setup to be valid. Ex: Higher open bar is 1.5000. Price goes to 1.5002 and back down through 1.5000. Would that be enough?

Regards and thank you.

Insider
  • #372
  • May 17, 2016 7:42am May 17, 2016 7:42am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #373
  • May 17, 2016 7:47am May 17, 2016 7:47am
Quoting insider999
Hello Too Slow, You may have answered this before but I am not sure. You say ''Proceed with caution when there is a breakout''. Does it mean you dont trade at all? If you trade anyway, what are the things you do differently? One day ''breakouts'' happen all the time btw... One more question. Sometimes price will make a Daily low open bar but does not go any lower right away. It may take a few bars before the trade can be taken. (Price pushes lower then the lower open bar and goes through it on upside). How long can you wait for the setup to be still...
Does it mean you dont trade at all?

No.
You have to make sure you react quickly.


How long can you wait for the setup to be still valid?

As long as it takes.

Is there a minimum of pips over-under open bar for the setup to be valid.

No.
But patience usually pays off.
Do not rush into the trade.
Missing one trade entry is not the end of your trading career.
Rushing into a trade might mean the end of your trading career.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #374
  • May 17, 2016 7:56am May 17, 2016 7:56am
Hi Mr. tooSlow

could you please share with indicator that you used.

highly appreciated will come to you dear.
  • #375
  • May 17, 2016 8:11am May 17, 2016 8:11am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #376
  • May 17, 2016 8:13am May 17, 2016 8:13am
Quoting TooSlow
{quote} No. Line should be at highest open which is above R3 on your chart.
Yes, but when the trade was opened, the highest open was that of the previous bar.
  • #377
  • May 17, 2016 8:21am May 17, 2016 8:21am
Took a little loss on that USDCHF short: - 5pips.

Too Slow I have a question regarding that set up. At the moment USDCHF is below the open. Price did not move higher than the open of the current hour. Although price is going down, I assume that would not qualify as a correct trade entry as the price was not higher and did not came down in price through the open.
Am I correct to wait for a better second chance? Thanks
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  • #378
  • May 17, 2016 8:40am May 17, 2016 8:40am
+ 5.9 pips for a short USDCAD trailed trade. Interesting how price turned around at 9.30am exactly.
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  • #379
  • May 17, 2016 8:42am May 17, 2016 8:42am
Quoting apen
Hi Mr. tooSlow could you please share with indicator that you used. highly appreciated will come to you dear.
You do not need indicators to trade this method.
The indicators are not mine to share.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #380
  • May 17, 2016 8:44am May 17, 2016 8:44am
Quoting Habo
Took a little loss on that USDCHF short: - 5pips. Too Slow I have a question regarding that set up. At the moment USDCHF is below the open. Price did not move higher than the open of the current hour. Although price is going down, I assume that would not qualify as a correct trade entry as the price was not higher and did not came down in price through the open. Am I correct to wait for a better second chance? Thanks {image}
There is no such thing as a "correct trade entry".

There are only entries.
Sometimes you exit with a profit.
Sometimes you exit with a loss.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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