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Highest Open / Lowest Open Trade

  • #961
  • May 24, 2016 6:51pm May 24, 2016 6:51pm
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Possibility
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #962
  • May 24, 2016 6:52pm May 24, 2016 6:52pm
Quoting TooSlow
GBPUSD stalled
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Took profit after some movement.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #963
  • May 24, 2016 6:58pm May 24, 2016 6:58pm
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Hello Asian session traders.
Time for another round of fun.


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
  • #964
  • May 24, 2016 7:10pm May 24, 2016 7:10pm
Took +20 pips out of USYJPY Using my second computer to post on forums so no charts. I entered when price broke the highest open.
  • #965
  • May 24, 2016 7:12pm May 24, 2016 7:12pm
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Stop moved to BE+1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #966
  • May 24, 2016 7:13pm May 24, 2016 7:13pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #967
  • May 24, 2016 7:20pm May 24, 2016 7:20pm
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Stopped out BE+1.
You never know what will happen next.
Sometimes the stop is hit and price reverses and you wish you hadn't moved the stop.
Sometimes the stop is hit and price keeps going and you are thankful you moved the stop.
Have no emotion either way.
The plan was executed perfectly.
Sometimes you win.
Sometimes you win a little.
Sometimes you win a lot.
Sometimes you lose.
The outcome is not known at entry time.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #968
  • May 24, 2016 7:21pm May 24, 2016 7:21pm
Quoting TooSlow
{image} Stopped out BE+1. You never know what will happen next. Sometimes the stop is hit and price reverses and you wish you hadn't moved the stop. Sometimes the stop is hit and price keeps going and you are thankful you moved the stop. Have no emotion either way. The plan was executed perfectly. Sometimes you win. Sometimes you win a little. Sometimes you win a lot. Sometimes you lose. The outcome is not known at entry time.
Mine hit -10 pips the spread got me in at a bad spot.
  • #969
  • May 24, 2016 7:27pm May 24, 2016 7:27pm
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Trailing stop deployed.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #970
  • May 24, 2016 7:31pm May 24, 2016 7:31pm
Quoting wannalearn12
{quote} Mine hit -10 pips the spread got me in at a bad spot.
The spread got you in at a bad spot?
NO.
That is not what happened.
You did not execute the entry properly.
Either you enter at your price or you pass on the trade.
This must be permanently imprinted on your brain.
There will be another opportunity.
There always is another opportunity.
You have to be patient.
Do not chase the market.
You can't catch it.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #971
  • May 24, 2016 7:33pm May 24, 2016 7:33pm
usdcad m30.
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  • #972
  • May 24, 2016 7:35pm May 24, 2016 7:35pm
Quoting TooSlow
{quote} The spread got you in at a bad spot? NO. That is not what happened. You did not execute the entry properly. Either you enter at your price or you pass on the trade. This must be permanently imprinted on your brain. There will be another opportunity. There always is another opportunity. You have to be patient. Do not chase the market. You can't catch it.
When going long how do I compensate for the entry? I cannot initiate before it crosses the open correct?
  • #973
  • May 24, 2016 7:49pm May 24, 2016 7:49pm
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The market is providing another opportunity to short eurjpy.
Patience.
Patience.
Patience.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #974
  • May 24, 2016 7:51pm May 24, 2016 7:51pm
Quoting wannalearn12
{quote} When going long how do I compensate for the entry? I cannot initiate before it crosses the open correct?
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.



No.
Read the above again.
You can enter at the highest/lowest price.
You do not have to wait for price to cross it a second time.
You do not have to wait for a candle to close.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #975
  • May 24, 2016 7:52pm May 24, 2016 7:52pm
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Missed it because I was posting.
My choice.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #976
  • May 24, 2016 7:53pm May 24, 2016 7:53pm
17pips eurjpy
  • #977
  • May 24, 2016 7:53pm May 24, 2016 7:53pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #978
  • May 24, 2016 8:24pm May 24, 2016 8:24pm
Quoting wannalearn12
17pips eurjpy
Which way did you trade to make 17 pips??
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #979
  • May 24, 2016 8:44pm May 24, 2016 8:44pm
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Breakout to the upside.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #980
  • May 25, 2016 3:22am May 25, 2016 3:22am
Quoting TooSlow
{image} Breakout to the upside.
Do you trade the breakout?
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TooSlow