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Highest Open / Lowest Open Trade

  • #1,041
  • May 25, 2016 10:37am May 25, 2016 10:37am
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Considering using the highest/lowest M15 levels along with the H1 levels.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,042
  • May 25, 2016 10:42am May 25, 2016 10:42am
Today: 1 SL, 7BE+1, 1*TS 5pips and closed the short EU for 2 before it headed into my SL....
  • #1,043
  • May 25, 2016 12:48pm May 25, 2016 12:48pm
Quoting Go5
Today: 1 SL, 7BE+1, 1*TS 5pips and closed the short EU for 2 before it headed into my SL....
7 BE+1 that is great.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,044
  • May 25, 2016 12:54pm May 25, 2016 12:54pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,045
  • May 25, 2016 12:58pm May 25, 2016 12:58pm
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Stupid Windows 8 computer...
Messed up while I was posting.
Couldn't get back to MT4
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,046
  • May 25, 2016 1:04pm May 25, 2016 1:04pm
Hi TooSlow,

Not trading myself at the moment but reading your thread with great interest and hopefully I'll have some time to demo trade your strategy in the near future.
Do you have any rules regarding how late in a trading day you would open a trade?
Just asking because of the USDCAD chart you posted as with my broker I only have two more candles before the start of a new trading day.
Thanks for your willingness to help!!!

TF1
  • #1,047
  • May 25, 2016 1:13pm May 25, 2016 1:13pm
Quoting trader-f1
Hi TooSlow, Not trading myself at the moment but reading your thread with great interest and hopefully I'll have some time to demo trade your strategy in the near future. Do you have any rules regarding how late in a trading day you would open a trade? Just asking because of the USDCAD chart you posted as with my broker I only have two more candles before the start of a new trading day. Thanks for your willingness to help!!! TF1
Welcome trader-f1.
No exact rules.
More important to be trading the pairs which best fit the session you are trading.

In this case, usdcad at low of day.
Looking for a "bounce".
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,048
  • May 25, 2016 1:28pm May 25, 2016 1:28pm
Quoting TooSlow
{quote} 7 BE+1 that is great.
Well, for a start - but I am wondering how to convert this into some profit
I am tempted to:
Limit SL to some 6..7 pips, 10 at the most because of a relatively poor R/R ratio, certainly with a trailing stop.
TP at 10 pips (maybe even 5??).
Unfortunately, these things can only be decided statistically after some 2000+ trades over 10 (low spread) pairs; I bet this is how you came up with your exit strategy?
  • #1,049
  • May 25, 2016 1:39pm May 25, 2016 1:39pm
Quoting Go5
{quote} Well, for a start - but I am wondering how to convert this into some profit I am tempted to: Limit SL to some 6..7 pips, 10 at the most because of a relatively poor R/R ratio, certainly with a trailing stop. TP at 10 pips (maybe even 5??). Unfortunately, these things can only be decided statistically after some 2000+ trades over 10 (low spread) pairs; I bet this is how you came up with your exit strategy?
7 pips IS PROFIT!
Small position and large pips is how most traders trade.
Large position and small pips is how some traders trade.
What would happen is you traded the max position size your account balance would allow and you gained 7 pips?
What would the percent return be?
You would get margined out whenever you let the trade run against you without stops.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,050
  • May 25, 2016 2:27pm May 25, 2016 2:27pm
Quoting TooSlow
{quote} 7 pips IS PROFIT! Small position and large pips is how most traders trade. Large position and small pips is how some traders trade. What would happen is you traded the max position size your account balance would allow and you gained 7 pips? What would the percent return be? You would get margined out whenever you let the trade run against you without stops.
If you gain 7 pips with 7 *BE+1 you hardly gain anything due to the commission.
Why would I let run a trade without stops?
  • #1,051
  • May 25, 2016 2:56pm May 25, 2016 2:56pm
Quoting TooSlow
More important to be trading the pairs which best fit the session you are trading.
Took this trade at 16.13 EST (4.13 pm) towards the end of the NY session. This is the 5 min chart to illustrate the trade better.

NZDUSD short.

It gave me 16 pips and I am very proud!

TooSlow thank you for explaining your exit strategy in detail. I am not sure if I am ready for all this multi time frame juggling. :-)

But I can clearly see you give your trailing some space when the market allows. Let the winners run....
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  • #1,052
  • May 25, 2016 3:05pm May 25, 2016 3:05pm
Quoting Habo
{quote} Took this trade at 16.13 EST (4.13 pm) towards the end of the NY session. This is the 5 min chart to illustrate the trade better. NZDUSD short. It gave me 16 pips and I am very proud! TooSlow thank you for explaining your exit strategy in detail. I am not sure if I am ready for all this multi time frame juggling. :-) But I can clearly see you give your trailing some space when the market allows. Let the winners run.... {image}
Nice catch Habo! I took that one as well for 20 pips!
  • #1,053
  • May 25, 2016 4:46pm May 25, 2016 4:46pm
Quoting Habo
{quote} Took this trade at 16.13 EST (4.13 pm) towards the end of the NY session. This is the 5 min chart to illustrate the trade better. NZDUSD short. It gave me 16 pips and I am very proud! TooSlow thank you for explaining your exit strategy in detail. I am not sure if I am ready for all this multi time frame juggling. :-) But I can clearly see you give your trailing some space when the market allows. Let the winners run.... {image}
Well done
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,054
  • May 25, 2016 4:47pm May 25, 2016 4:47pm
Quoting Go5
{quote} If you gain 7 pips with 7 *BE+1 you hardly gain anything due to the commission. Why would I let run a trade without stops?
Depends on your broker.
Find one with no commission or low commission.
Those 7 pips should be all yours.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,055
  • May 25, 2016 6:49pm May 25, 2016 6:49pm
Have fun trading the NZD pairs at the top of the hour.
Red news.
Caution advised.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,056
  • May 25, 2016 7:20pm May 25, 2016 7:20pm
Quoting Habo
{quote} Took this trade at 16.13 EST (4.13 pm) towards the end of the NY session. This is the 5 min chart to illustrate the trade better. NZDUSD short. It gave me 16 pips and I am very proud! TooSlow thank you for explaining your exit strategy in detail. I am not sure if I am ready for all this multi time frame juggling. :-) But I can clearly see you give your trailing some space when the market allows. Let the winners run.... {image}
Can you quote the exit strategy I can't find it.
  • #1,057
  • May 25, 2016 8:05pm May 25, 2016 8:05pm
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Who got this?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,058
  • May 25, 2016 8:10pm May 25, 2016 8:10pm
Quoting wannalearn12
{quote} Can you quote the exit strategy I can't find it.


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.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,059
  • May 25, 2016 8:12pm May 25, 2016 8:12pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,060
  • May 25, 2016 10:56pm May 25, 2016 10:56pm
Surest way to make a thread with LOTS of posts very quickly? Make it a scalping one. BE +1 at 3 pips and trail.

You've given up on linear regression already? Get those shirts ironed
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