Highest Open / Lowest Open Trade

Does this mean I should not touch this pair until the next H1 candle starts forming?


Yes.
No need to take the risk.
Find another dance partner.

Thanks!!!!!

Rule #1.

Let me elaborate a bit.
The general idea is to enter the trade when price is reversing from the daily high or the daily low.
We all know price does not move in a straight line.
Price goes up and down and up and down etc.
Looking at H1 charts it is easy to see price, more often than not, ends the day below the highest H1 open and above the lowest H1 open.
We want to use that to our advantage.

Whenever price is between the daily high and highest H1 open, we can sell short.
Whenever price is between the daily low and lowest H1 open, we can buy long.
Sometimes this will produce winning trades.
Sometimes this will produce losing trades.
We want the winning trades.
We do not want the losing trades.
The rules attempt to eliminate the losing trades.
Sometimes winning trades get eliminated.

We know the best place enter the trades.
We do not know, in advance, the best time to enter the trades.
Trading with M5 may give 12 chances to enter.
Trading with M15 may give 4 chances to enter.
Trading with H1 gives 1 chance to enter.
Trading with the candle color rather than against it usually is prudent.

You may find another entry trigger that works for you.
Experiment.
The rules are guidelines.
Learn them first.
Follow them.
Master them.
Then bend them.
Then break them.
Do whatever enables you to bank pips.

The goal is to bank pips consistently.
Changing things is not consistent.
Find something that works for you and stick with it.
Do not deviate.

Stop moved to BE+1
Being greedy

After typing that, realized greedy stop needs to be placed at the high of the bar[1] candle and moved to the high of bar[0] when bar[0] closes.

HOW TO BEND THE RULES

Look at bar[18]
What happened?
Price dropped below the lowest open and crossed back up.

Look at bar[3]
What happened?
Price dropped below the lowest open and crossed back up.

Look at bar[2]
What happened?
Price dropped below the lowest open and crossed back up.

Sometimes history repeats itself.
There was about a 5 pip risk when the stop was placed below the daily low.
While you are waiting make sure you are engaged in the charts.
The market is telling you something.
Are you listening?
When you dance with the market, the market always leads.
Follow its lead.

This is how to bend the rules.

Bend the rules at your own risk.

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!

HOW TO BEND THE RULES

Look at bar[3]
What happened?
Price dropped below the lowest open and crossed back up.

Look at bar[4]
What happened?
Price dropped below the lowest open and crossed back up.

After prices stops going down, price starts going up.

This is how to bend the rules.

Bend the rules at your own risk.

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!
This is how to bend the rules.

HOW TO BEND THE RULES

Look at bar[3]
What happened?
Price dropped below 123.000, crossed back up and closed above 123.000.

After prices stops going down, price starts going up.

This is how to bend the rules.

Bend the rules at your own risk.

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!
This is how to bend the rules.

Now you know how to bend the rules.
Use discretion.
Wait until you are having success following the rules before you attempt to bend or break the rules.
Trust me, no one likes to see price go in their direction when they sat out that dance.
On the other hand, no one likes to jump in only to be run over by a break out.
Use discretion.

EURUSD, soon to have an opportunity

Thanks, hovedguy.

Next time, please post your chart showing the levels.

Hello TooSlow,
I found this thread over the weekend and spent yesterday walking through past charts bar-by-bar to be sure I understand it. My walk-through results were very positive, so today I applied the concept to the ES (mini S&P) contract. I inadvertently missed an entry but still had positive results for today (+ 22 ticks). Thank you for posting your trading approach and for explaining it so well. Am looking forward to trading it again tomorrow!

@TooSlow I will like to thank you for taking the time to share the system, interestingly a veteran trader in Bay Street net about 10% yearly using a very similar strategy like yourself. He had been in the game for almost 8 years now, but he trades only stocks, bonds and treasuries.

You are most welcome, militarymonk.
But, as you just pointed out, nothing here is new or original.
This is probably one of those plain looking, simple systems that has been around forever which get little or no attention.
Nothing glamorous or fancy here.

If someone were to present this at The Traders Expo Las Vegas, the room would probably be practically empty.

@TooSlow My experience in Bay Street taught me this, consistency and discipline is the key to proper risk management. What I do know is that, strategy such as yours remind me of the turtle traders.

God speed! Please update us on your pippinning. (I call dibs on coining this word)

See you around brother.

They must have heard my strategy.
Should have stuck with BE+1
No biggie

Been scanning some other threads.
Trading must be a religion.
Hard to believe what some traders believe and put their faith in.

@TooSlow I think cult sounds more appropriate, I had witnessed several followers who had donated their life income to the broker in hope of generating wealth by themselves.
However, I do agree trading must be categorize as a Religion , at this moment I am thinking of creating an award for fellow followers who had contributed a lot to this cult/religion.

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