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Highest Open / Lowest Open Trade

  • #721
  • May 19, 2016 11:40am May 19, 2016 11:40am
Quoting TooSlow
{quote} The trading sequence is always wait, enter, wait, exit, repeat. Enter and exit takes a second or 2. All the rest is waiting. Learn to wait for the setup. You are your own worst enemy when you fail to wait.
You are right. Tomorrow morning I will only take the best set ups.
  • #722
  • May 19, 2016 7:31pm May 19, 2016 7:31pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #723
  • May 19, 2016 7:32pm May 19, 2016 7:32pm
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Anyone catch this?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #724
  • May 19, 2016 7:35pm May 19, 2016 7:35pm
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Or this?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #725
  • May 19, 2016 7:39pm May 19, 2016 7:39pm
I got the cad one on my phone but I don't like doing that much.
  • #726
  • May 19, 2016 8:19pm May 19, 2016 8:19pm
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Stop moved BE+1.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #727
  • May 19, 2016 9:31pm May 19, 2016 9:31pm
Or this one: AUDUSD long. The lines are sill from yesterday.

But I am going to bed after this.
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  • #728
  • May 20, 2016 6:20am May 20, 2016 6:20am
Hi folks, couple of trades, now short GJ...

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  • #729
  • May 20, 2016 6:26am May 20, 2016 6:26am
Good morning. Took my first 5 pips this morning. On GBPUSD long.

I am a little wary of the tide ranges that are still in place. So I might wait an hour or two. What are you guys thinking?
Attached Image
  • #730
  • May 20, 2016 6:39am May 20, 2016 6:39am
Closed for 10
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  • #731
  • May 20, 2016 6:50am May 20, 2016 6:50am
Quoting Go5
Closed for 10 {image}
Nice, but you opened a position on the bar that made a new daily high without waiting for the close of that bar. Isn't that bending the rules?
  • #732
  • May 20, 2016 6:56am May 20, 2016 6:56am
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Possibilities
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #733
  • May 20, 2016 6:57am May 20, 2016 6:57am
Quoting HermanV
{quote} Nice, but you opened a position on the bar that made a new daily high without waiting for the close of that bar. Isn't that bending the rules?
No.
That would be bending the 123 rules.

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.



The "rules" do not say to wait for close of H1 bar.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #734
  • May 20, 2016 6:59am May 20, 2016 6:59am
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Attached Image (click to enlarge)
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Possibilities.


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.
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.

To the NO voters in the poll. Please post the reason you believe this is not simple. Thank you.


"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
  • #735
  • May 20, 2016 7:06am May 20, 2016 7:06am
+8, GU
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  • #736
  • May 20, 2016 7:20am May 20, 2016 7:20am
Entered UsdCad on 1st pull back. Missed 2nd pull back. Note self, "Pay Attention"
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  • #737
  • May 20, 2016 7:20am May 20, 2016 7:20am
Quoting TooSlow
{quote} The "rules" do not say to wait for close of H1 bar.
Thanks, I got confused by the "rules" in post 703. With that in mind the trade examples were very hard to understand.
  • #738
  • May 20, 2016 7:28am May 20, 2016 7:28am
usdcad news - 2 minute warning
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #739
  • May 20, 2016 7:35am May 20, 2016 7:35am
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Not much movement due to news.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #740
  • May 20, 2016 7:44am May 20, 2016 7:44am
Quoting HermanV
{quote} Thanks, I got confused by the "rules" in post 703. With that in mind the trade examples were very hard to understand.
I apologize for any confusion.

The 123 rules are a subset of these rules.
Depending on how price is moving at the time, I my employ one or the other method.
In this case, price was near the highest open, so the trade rules of this thread would not apply.
The 123 rules allowed for an entry.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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