Highest Open / Lowest Open Trade

Setup

No setup on EURJPY

Passing on this setup.
Too close to 1.4500
Intuition tells me 1.4500 is not going to hold.
But this is probably wrong.
Never trade if it doesn't feel right for you.

There is no rule that says you have to use the same chart to exit the trade as you used to enter the trade.

You may want to see something different.

Who got this?

I got the cad on the original break

Setup.

Closing the charts for today. This was a good week despite the losses of today.

I like this system. It fits my style and I will practice with the goal of consistency.

Thank you TooSlow for your time. Thank you too all the others for contributing as well.

Have a good weekend.

You are most welcome, Habo.
Enjoy your time away from the charts.

It happens quite often, only going up from the open less than a pip - one could hardly say that it's coming down...??

Possibilities

Here we go.

I have been getting questions about the rules in my inbox.
Better to post your questions here.

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.

Let me see if I can address areas of confusion.

First, read the rules.
Do not add anything to the rules.
Do not subtracted anything from the rules.
Do not modify the rules.
Read the rules, again.

The first line: Place a line at the highest H1 open and lowest H1 open for the current day.
Current day means today according to your broker.
My broker starts a new day at 5PM NY time which means when it is 5PM, I have to move the lines.

The second line: Sell short at the highest H1 open after price goes up through it and comes back down.
Price has to GO UP FIRST.
Price has to GO ABOVE the highest H1 open.
AFTER, price has risen above the highest H1 open, THEN AND ONLY THEN, do you enter a short trade when price falls back down to the highest H1 open.

The third line: Buy at the lowest H1 open after price goes down through it and comes back up.
Price has to GO DOWN FIRST.
Price has to GO BELOW the lowest H1 open.
AFTER, price has dropped below the lowest H1 open, THEN AND ONLY THEN, do you enter a long trade when price rises back up to the lowest H1 open.

The most difficult thing about this method is you have to WAIT.
For many traders, waiting does not come naturally.
Failure to wait, will in most cases, result in losses.
I suggest you literally sit on your hands while you wait to avoid entering a trade too soon.

There is no "trick" to this method.
No gimmicks.

Let me suggest at the end of the trading day you post your marked up charts here.
We can see how many days price closes above the highest H1 open and below the lowest H1 open.
Zero will mean there would not have been a loss when the rules were followed.

Many traders ask how I know when the highest open and lowest open occur during the day because the next bar may make a new high/low.
I do not know.
No one knows.
What we know, from the previous count, is the close is usually below the highest H1 open and below the lowest H1 open.
This is our "edge".
This is what allows us to bank pips on a daily basis.

stop moved to be+1

Chart showing the last 24 open prices.
Does this help you understand this method?

Chart showing the last 24 open prices.
Does this help you understand this method?

Chart showing the last 24 open prices.
Does this help you understand this method?

Chart showing the last 24 open prices.
Does this help you understand this method?

P.S. How many times could you have shorted the highest H1 open?

The 'X's mark the highest/lowest opens at the time.
Now, how many trading possibilities do you see?

Closed the trade.
Took the money off the table.