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Highest Open / Lowest Open Trade

  • #1,121
  • May 26, 2016 9:00am May 26, 2016 9:00am
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Since we waited, we may get a better entry.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,122
  • May 26, 2016 9:12am May 26, 2016 9:12am
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Waiting
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,123
  • May 26, 2016 9:21am May 26, 2016 9:21am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,124
  • May 26, 2016 9:29am May 26, 2016 9:29am
hi TooSlow, sometimes there is a pink color drawn on the candle sticks, does the pink color candle means the trade entry ?
  • #1,125
  • May 26, 2016 9:39am May 26, 2016 9:39am
Quoting tradebuddy
hi TooSlow, sometimes there is a pink color drawn on the candle sticks, does the pink color candle means the trade entry ?
No.
Those are inside bars.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,126
  • May 26, 2016 9:46am May 26, 2016 9:46am
Make Your Trading Fit Your Personality Or Go Broke:

http://www.tradeciety.com/make-your-...y-or-go-broke/
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,127
  • May 26, 2016 10:00am May 26, 2016 10:00am
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Waiting
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,128
  • May 26, 2016 10:09am May 26, 2016 10:09am
Thanks for the detailed explanation, TooSlow.
Going back to the USDCAD trade, I marked on the attached H1 chart where I think the buy stop should have been once price had gone below the H1 low (1.2946)
On the M1 I would have entered after 4 consecutive green candles on the candle marked with the red "X".
I still don't get why the entry wouldn't be valid.

Thanks for your patience
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  • #1,129
  • May 26, 2016 10:16am May 26, 2016 10:16am
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Was it hard to wait for over an hour for the setup?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,130
  • May 26, 2016 10:19am May 26, 2016 10:19am
Quoting trader-f1
Thanks for the detailed explanation, TooSlow. Going back to the USDCAD trade, I marked on the attached H1 chart where I think the buy stop should have been once price had gone below the H1 low (1.2946) On the M1 I would have entered after 4 consecutive green candles on the candle marked with the red "X". I still don't get why the entry wouldn't be valid. Thanks for your patience {image} {image}
The point I was trying to make is the entry is at the open price.
There is no need to wait for the candle to close or to pay more than the open price.
Clear?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,131
  • May 26, 2016 10:31am May 26, 2016 10:31am
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Lift off.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,132
  • May 26, 2016 10:33am May 26, 2016 10:33am
Quoting TooSlow
{quote} The point I was trying to make is the entry is at the open price. There is no need to wait for the candle to close or to pay more than the open price. Clear?
That is 100% clear, no need to wait for bar close...

I just wanted to make clear on post 1.081:
http://www.forexfactory.com/showthre...67#post8947467
On the posted chart, "Bar 0" and "Bar 2" were valid entries, correct??
  • #1,133
  • May 26, 2016 10:37am May 26, 2016 10:37am
Quoting trader-f1
{quote} That is 100% clear, no need to wait for bar close... I just wanted to make clear on post 1.081: http://www.forexfactory.com/showthre...67#post8947467 On the posted chart, "Bar 0" and "Bar 2" were valid entries, correct??
Yes.
Valid entries.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,134
  • May 26, 2016 10:39am May 26, 2016 10:39am
Quoting TooSlow
{quote} Yes. Valid entries.
Thanks!!!!
  • #1,135
  • May 26, 2016 11:04am May 26, 2016 11:04am
One thing I have noticed while reading threads is how some people can't seem to wait to show the method being presented does not work. It is as though they get some kind of perverse pleasure when they point out a failure. Some do it under the guise of protecting newbies from nefarious characters as if we are children who need parental guidance. Every thread is take-it-or-leave-it just like the market. Take or leave any trade you want. You get to choose. The decision is yours.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,136
  • May 26, 2016 11:05am May 26, 2016 11:05am
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Bar[1] is an inside bar.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,137
  • May 26, 2016 11:14am May 26, 2016 11:14am
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Inching back up.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,138
  • May 26, 2016 11:46am May 26, 2016 11:46am
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Lift off.
Who got some?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,139
  • May 26, 2016 1:35pm May 26, 2016 1:35pm
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Let me know if this real time example helped you understand.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,140
  • May 26, 2016 3:13pm May 26, 2016 3:13pm
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
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