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Highest Open / Lowest Open Trade

  • #1,181
  • May 27, 2016 12:49pm May 27, 2016 12:49pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,182
  • May 27, 2016 2:07pm May 27, 2016 2:07pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,183
  • May 27, 2016 2:16pm May 27, 2016 2:16pm
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Who got this?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,184
  • May 27, 2016 2:21pm May 27, 2016 2:21pm
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Not much time left today.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,185
  • May 27, 2016 3:31pm May 27, 2016 3:31pm
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A line for each of the 24 H1 opens today.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,186
  • May 28, 2016 6:44am May 28, 2016 6:44am
gotta admit tooslow, your stuff is gold! i had a 70% hit rate with your trading methodology, even though i am still trying to understand the reason behind it, but thanks for sharing! Goodstuff
  • #1,187
  • May 28, 2016 8:00am May 28, 2016 8:00am
Quoting TooSlow
{image} This may help those who are trigger happy to wait: M15 bar must open below the lowest H1 open before you can enter. M15 bar must open above the highest H1 open before you can enter. Price will be moving in your direction when you enter the trade. {image}
Quoting TooSlow
{image} This may help those who are trigger happy to wait: M15 bar must open below the lowest H1 open before you can enter. M15 bar must open above the highest H1 open before you can enter. Price will be moving in your direction when you enter the trade. Example: Bars 6 opened below the H1 lowest open. Long trades were profitable.
Hi Too Slow,
Nice idea to combine timeframes. A quick question if you don't mind:

Are you saying:
M15 bar must open below the lowest H1 open before you can enter = enter long?
M15 bar must open above the highest H1 open before you can enter = enter short?

Or did I get this backwards and it should be:

M15 bar must open below the lowest H1 open before you can enter = enter short?
M15 bar must open above the highest H1 open before you can enter = enter long?

Thank you for your help and have a good long weekend,
  • #1,188
  • May 28, 2016 11:51am May 28, 2016 11:51am
Quoting callmejack
gotta admit tooslow, your stuff is gold! i had a 70% hit rate with your trading methodology, even though i am still trying to understand the reason behind it, but thanks for sharing! Goodstuff
Reason? What reason?
Observe any chart.
Look at the highest open.
Doesn't price always fall below it?
Look at the lowest open.
Doesn't price always rise above it?
Your observations have nothing to do with support/resistance, supply/demand, formulas, divergence, etc.
Knowing the reason is not essential to trade profitably.
Executing the trade at the right place, at the right time, is the only essential element.

Just keep doing what you're doing.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,189
  • May 28, 2016 11:55am May 28, 2016 11:55am
Quoting courier12
{quote} {quote} Hi Too Slow, Nice idea to combine timeframes. A quick question if you don't mind: Are you saying: M15 bar must open below the lowest H1 open before you can enter = enter long? M15 bar must open above the highest H1 open before you can enter = enter short? Or did I get this backwards and it should be: M15 bar must open below the lowest H1 open before you can enter = enter short? M15 bar must open above the highest H1 open before you can enter = enter long? Thank you for your help and have a good long weekend,
This is not combining time frames.
The highest/lowest H1 opens are used as entry points.
This is a reversal trade method.
You did not get it backwards.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,190
  • May 28, 2016 12:19pm May 28, 2016 12:19pm
Quoting callmejack
gotta admit tooslow, your stuff is gold! i had a 70% hit rate with your trading methodology, even though i am still trying to understand the reason behind it, but thanks for sharing! Goodstuff
Maybe my first reply to you may seem flippant.
Was not the intention.

Price goes up.
Then price goes down.
Then price goes up again.
Then price goes down again.
And so on.
And so on.

Price does not tend to move in a straight line for long.
Reversals happen.
Some reversals are larger than others.

There is a rule of thumb stating trade long above the open and short below.
This method applies the rule of thumb to the H1 open.
Every hour price will move a certain number of pips.
Some hours price will move more than others.
Price will make a high and low for the day.
Price will reverse from the high and low of the day.

The advantage of this method is being based on these facts of price movement and nothing more.
Nothing new.
You have known these facts all along.
They may be assembled a little differently.
But that is all.

Maybe that answers the reason why this works ( some of the time ).
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,191
  • May 28, 2016 1:10pm May 28, 2016 1:10pm
After reading some other threads, I know what is wrong with this method:
There is nothing to learn here.
Absolutely, positively, nothing.

Plot a couple of lines.
Wait.
Move a line when necessary.
Wait.
Enter a trade and set stop.
Wait.
Possibly, move the stop.
Possibly, bank pips.
Possibly, switch to trailing stop.
Wait.

How can you call yourself a trader when that is all you do?
You don't study charts.
You don't use formulas or indicators.
You don't analyze anything.
You don't look at multiple time frames.
How can you expect anyone to take you seriously?
Anyone can do this, so how can it possibly be any good?

Sorry to disappoint you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,192
  • May 28, 2016 2:59pm May 28, 2016 2:59pm
Amazing post , one of the best i've ever read..thumbs up
  • #1,193
  • May 28, 2016 3:40pm May 28, 2016 3:40pm
Quoting gigioforex
Amazing post , one of the best i've ever read..thumbs up
Thanks.
Which post?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,194
  • May 28, 2016 4:53pm May 28, 2016 4:53pm
This is a reply sent via PM to a subscriber:

Yes, you can do this.
All you have to do is wait.
That is the hardest part.
Lots of waiting.

Plotting the high/low open lines is simple and easy.
Waiting can be a bitch..
Clicking buy/sell is simple and easy.
Waiting for profit to show can be frustrating, nerve racking, emotionally draining, etc. If you allow it to be.

Moving your stop to BE+1 is simple and easy to do, not to mention, somewhat pleasant.

Switching to a trailing stop is simple, easy to do and may bring a big smile to your face.

Yes, you can do this!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,195
  • May 28, 2016 5:46pm May 28, 2016 5:46pm
Quoting TooSlow
After reading some other threads, I know what is wrong with this method: There is nothing to learn here. Absolutely, positively, nothing. Plot a couple of lines. Wait. Move a line when necessary. Wait. Enter a trade and set stop. Wait. Possibly, move the stop. Possibly, bank pips. Possibly, switch to trailing stop. Wait. How can you call yourself a trader when that is all you do? You don't study charts. You don't use formulas or indicators. You don't analyze anything. You don't look at multiple time frames. How can you expect anyone to take you...
  • #1,196
  • May 28, 2016 7:19pm May 28, 2016 7:19pm
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Added notes to chart.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,197
  • May 28, 2016 7:24pm May 28, 2016 7:24pm
Quoting TooSlow
{image} Added notes to chart.
I am applying these notes. I have learned so much. I believe next week will be my best week yet! Thank you for posting, I am not sure why you do; but I greatly appreciate it.
  • #1,198
  • May 28, 2016 7:28pm May 28, 2016 7:28pm
When entering long, say the price action went and tested the low and is now reversing towards the open, do I (A). Wait for the price to exactly hit the open or (B). Do I buy when the ask is at the open(AKA the price has not yet fully made it to the open but close).? I find it hard to trade the long trades as opposed to the short trades due to the big pip difference. I can try to explain it differently if this is not understood.
  • #1,199
  • May 28, 2016 8:11pm May 28, 2016 8:11pm
Quoting wannalearn12
{quote} I am applying these notes. I have learned so much. I believe next week will be my best week yet! Thank you for posting, I am not sure why you do; but I greatly appreciate it.
I have learned so much.

What did you learn?

I am not sure why you do

Paying it forward.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,200
  • May 28, 2016 8:13pm May 28, 2016 8:13pm
Quoting wannalearn12
When entering long, say the price action went and tested the low and is now reversing towards the open, do I (A). Wait for the price to exactly hit the open or (B). Do I buy when the ask is at the open(AKA the price has not yet fully made it to the open but close).? I find it hard to trade the long trades as opposed to the short trades due to the big pip difference. I can try to explain it differently if this is not understood.
When the ask price is at the lowest open price.
There is about a 2 pip spread.
Forget about candle.
Get you price.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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