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Highest Open / Lowest Open Trade

  • #1,061
  • May 26, 2016 3:54am May 26, 2016 3:54am
Hi Everybody,

A (very) good one ! Thanks TooSlow

Best regards

BBF
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BigBlackfeet Always on the(forex) war path !
  • #1,062
  • May 26, 2016 6:46am May 26, 2016 6:46am
Quoting TooSlow
{quote} No. Note to self: learn how to trade the news profitably. You can do this.
Hi TooSlow,

Please, Would you agree to elaborate ?

Best Regards.

BBF
BigBlackfeet Always on the(forex) war path !
  • #1,063
  • May 26, 2016 6:56am May 26, 2016 6:56am
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Possibility

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
  • #1,064
  • May 26, 2016 7:03am May 26, 2016 7:03am
Quoting BLACKFEET
{quote} Hi TooSlow, Please, Would you agree to elaborate ? Best Regards. BBF
That subject would be for another thread.
To elaborate would derail this thread.
Here's a HINT: PATIENCE.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,065
  • May 26, 2016 7:06am May 26, 2016 7:06am
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RED News at half past the hour.
Waiting
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,066
  • May 26, 2016 7:17am May 26, 2016 7:17am
Quoting TooSlow
{image} RED News at half past the hour. Waiting
What is the news? can you link? You talked about trading news properly.
  • #1,067
  • May 26, 2016 7:23am May 26, 2016 7:23am
Did anyone catch this?
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  • #1,068
  • May 26, 2016 7:40am May 26, 2016 7:40am
Quoting wannalearn12
{quote} What is the news? can you link? You talked about trading news properly.
Hi wannalearn12,
Check out the calendar link on this site. It shows the fundamental news releases for the G10 currencies. You should avoid trading prior to the red marked releases. Make sure your profile has your correct local time setting so the times are correct on the calendar for where you live.

edit. Sorry you should avoid trading the currency prior to a news release effecting that currency. Avoid trading all currencies before US Non-farm payrolls and FOMC
Everything will be okay in the end. If it's not okay, it's not the end.
  • #1,069
  • May 26, 2016 7:53am May 26, 2016 7:53am
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News did not generate volatility.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,070
  • May 26, 2016 7:55am May 26, 2016 7:55am
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Range bound.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,071
  • May 26, 2016 8:00am May 26, 2016 8:00am
Quoting TooSlow
{image} Range bound.
hi TooSlow, may I know when you draw a vertical pink color line over the candle stick, what does this pink color candle stick means ?
  • #1,072
  • May 26, 2016 8:07am May 26, 2016 8:07am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,073
  • May 26, 2016 8:08am May 26, 2016 8:08am
Quoting theras2000
{quote} Hi wannalearn12, Check out the calendar link on this site. It shows the fundamental news releases for the G10 currencies. You should avoid trading prior to the red marked releases. Make sure your profile has your correct local time setting so the times are correct on the calendar for where you live. edit. Sorry you should avoid trading the currency prior to a news release effecting that currency. Avoid trading all currencies before US Non-farm payrolls and FOMC
Trading prior to news is not the problem.
Not exiting before the news comes out is the problem when you are on the wrong side of the move.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,074
  • May 26, 2016 8:10am May 26, 2016 8:10am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,075
  • May 26, 2016 8:11am May 26, 2016 8:11am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,076
  • May 26, 2016 8:20am May 26, 2016 8:20am
Quoting TooSlow
{quote} Trading prior to news is not the problem. Not exiting before the news comes out is the problem when you are on the wrong side of the move.
I take your point. But if you don’t trade before the news event you can avoid having to close trades which may have gone into Drawdown for a loss before the news release.
Everything will be okay in the end. If it's not okay, it's not the end.
  • #1,077
  • May 26, 2016 8:24am May 26, 2016 8:24am
Quoting theras2000
{quote} I take your point. But if you dont trade before the news event you can avoid having to close trades which may have gone into Drawdown for a loss before the news release.
It is wise to avoid any trading situation when you feel uncomfortable or unsure.
No harm in waiting for your ideal setup to appear.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,078
  • May 26, 2016 8:27am May 26, 2016 8:27am
Quoting TooSlow
{quote} It is wise to avoid any trading situation when you feel uncomfortable or unsure. No harm in waiting for your ideal setup to appear.
Day in and day out my impatient ass loses pips. I feel like I am going to vomit
  • #1,079
  • May 26, 2016 8:33am May 26, 2016 8:33am
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Another
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,080
  • May 26, 2016 8:36am May 26, 2016 8:36am
Quoting wannalearn12
{quote} Day in and day out my impatient ass loses pips. I feel like I am going to vomit
You are choosing to be impatient.
FOMO has got the best of you.
Are you following your rules?
If not, why not?
For the rest of the week, only take "perfect" entries.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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