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Highest Open / Lowest Open Trade

  • #1,381
  • May 31, 2016 12:54pm May 31, 2016 12:54pm
Quoting TooSlow
{quote} Extreme is daily high or daily low and not the previous H1 candle unless that candle's low is the daily low or that candle's high is the daily high. One must be precise.
Yes, it was off the D1 low as well as seen in the chart.
  • #1,382
  • May 31, 2016 1:14pm May 31, 2016 1:14pm
Quoting TooSlow
{quote} Extreme is daily high or daily low and not the previous H1 candle unless that candle's low is the daily low or that candle's high is the daily high. One must be precise.
So is the extreme the current one hour bar - that has made a new low for the day? The minute five bar has to open (hypothetical buy) below the current one hour bar making the lowest open and it's new daily low, be a bull candle in the 5m going towards the open. Is this correct?
  • #1,383
  • May 31, 2016 1:14pm May 31, 2016 1:14pm
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JPY pairs going down.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,384
  • May 31, 2016 1:18pm May 31, 2016 1:18pm
Quoting wannalearn12
{quote} So is the extreme the current one hour bar - that has made a new low for the day? The minute five bar has to open (hypothetical buy) below the current one hour bar making the lowest open and it's new daily low, be a bull candle in the 5m going towards the open. Is this correct?
So is the extreme the current one hour bar - that has made a new low for the day?

I used the word extreme in place of typing out current daily high and current daily low as in daily extremes.

The minute five bar has to open (hypothetical buy) below the current one hour bar making the lowest open and it's new daily low, be a bull candle in the 5m going towards the open. Is this correct?

Yes.
The M5 bar must open below the H1 lowest open.
The M5 bar will be a bull/green candle when it reaches the H1 lowest open BECAUSE it opened below the H1 lowest open.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,385
  • May 31, 2016 1:21pm May 31, 2016 1:21pm
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Waiting
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,386
  • May 31, 2016 1:32pm May 31, 2016 1:32pm
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Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,387
  • May 31, 2016 1:34pm May 31, 2016 1:34pm
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Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,388
  • May 31, 2016 1:34pm May 31, 2016 1:34pm
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Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,389
  • May 31, 2016 1:35pm May 31, 2016 1:35pm
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Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,390
  • May 31, 2016 1:36pm May 31, 2016 1:36pm
Who read the articles posted yesterday?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,391
  • May 31, 2016 1:39pm May 31, 2016 1:39pm
This may explain the GBP sell off:

http://www.zerohedge.com/news/2016-0...-poll-surprise
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,392
  • May 31, 2016 1:41pm May 31, 2016 1:41pm
Quoting TooSlow
{image} Rule #1
So rule #1- means all of the charts posted are done for the hour breaking rule 1, what about the next hour?
  • #1,393
  • May 31, 2016 1:50pm May 31, 2016 1:50pm
Quoting wannalearn12
{quote} So rule #1- means all of the charts posted are done for the hour breaking rule 1, what about the next hour?
We are waiting for the next hour.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,394
  • May 31, 2016 1:52pm May 31, 2016 1:52pm
Quoting wannalearn12
{quote} So rule #1- means all of the charts posted are done for the hour breaking rule 1, what about the next hour?
Do you understand how the rules keep you from entering losing trades unnecessarily?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,395
  • May 31, 2016 1:53pm May 31, 2016 1:53pm
Quoting TooSlow
Who read the articles posted yesterday?
Read the first one from Carl Frutia but fell asleep. Will finish it today.

About trading today...The big breakouts made me stay on the side lines. And I could not fully devote my attention to the screen anyway.

I did enter a short USDCAD with 17 pips but only after all conditions where met. That is enough for me today. Will stop by in the Asian session.
  • #1,396
  • May 31, 2016 2:02pm May 31, 2016 2:02pm
Quoting TooSlow
{quote} Do you understand how the rules keep you from entering losing trades unnecessarily?
Yes, they protect me so much more than when I first started.
  • #1,397
  • May 31, 2016 2:12pm May 31, 2016 2:12pm
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Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,398
  • May 31, 2016 2:12pm May 31, 2016 2:12pm
Hey TooSlow,

Just want to make sure I get the rule #1 correct...
In the attached chart for USDJPY I get a new daily low on the H1.
Does this mean I should not touch this pair until the next H1 candle starts forming?

Thanks again!!!
TF1
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  • #1,399
  • May 31, 2016 2:12pm May 31, 2016 2:12pm
Quoting TooSlow
{image} Waiting
So the next hour had no valid entry correct?
  • #1,400
  • May 31, 2016 2:14pm May 31, 2016 2:14pm
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No breakout.
Do you really want to dance with this one today?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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