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Highest Open / Lowest Open Trade

  • #1,441
  • Jun 1, 2016 4:58am Jun 1, 2016 4:58am
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Glad I sat on my hands.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,442
  • Jun 1, 2016 5:09am Jun 1, 2016 5:09am
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Dance?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,443
  • Jun 1, 2016 5:16am Jun 1, 2016 5:16am
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BE+1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,444
  • Jun 1, 2016 5:51am Jun 1, 2016 5:51am
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Still dancing while the music is playing.
Stop moved to BE+1
Being greedy.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,445
  • Jun 1, 2016 5:53am Jun 1, 2016 5:53am
Quoting TooSlow
{image} Still dancing while the music is playing. Stop moved to BE+1 Being greedy.
Trailed stop loss hit at +10 pips.
  • #1,446
  • Jun 1, 2016 5:54am Jun 1, 2016 5:54am
Hi TooSlow and EveryBody

USD/CAD Taking off


EUR/USD : In the making ?
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BigBlackfeet Always on the(forex) war path !
  • #1,447
  • Jun 1, 2016 5:58am Jun 1, 2016 5:58am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,448
  • Jun 1, 2016 6:01am Jun 1, 2016 6:01am
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Closed 1/2 position.
Moved stop to BE+6.
Greedy
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,449
  • Jun 1, 2016 6:02am Jun 1, 2016 6:02am
Quoting BLACKFEET
Hi TooSlow and EveryBody USD/CAD Taking off EUR/USD : In the making ? {image} {image}
What is "WEAK SELLERS" on your chart?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,450
  • Jun 1, 2016 6:11am Jun 1, 2016 6:11am
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Stop moved to bar[0] open
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,451
  • Jun 1, 2016 6:12am Jun 1, 2016 6:12am
Mr. Too Slow, do I understand that correctly: if the new hour sets a new Open low or Open high and we want to apply the 5min bar or 15min bar rule, we can not enter right away at the beginning of the next hour?! We will have to wait for the next 5 or 15 min bars to open below or above the new Open.

Sometimes price turns around right at the open but sometimes price keeps moving. That rule just prevented me from entering a long USDCHF trade but it made me miss a potential short NZDUSD trade.
  • #1,452
  • Jun 1, 2016 6:13am Jun 1, 2016 6:13am
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Dancing.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,453
  • Jun 1, 2016 6:15am Jun 1, 2016 6:15am
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Stopped moved to BE+1 because price is pausing at yesterday's high.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,454
  • Jun 1, 2016 6:17am Jun 1, 2016 6:17am
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GREEDY
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,455
  • Jun 1, 2016 6:20am Jun 1, 2016 6:20am
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Stopped moved to yesterday's high + 1 pip.
Price returning to this level could trigger a breakout.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,456
  • Jun 1, 2016 6:22am Jun 1, 2016 6:22am
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Stop moved to bar[0] open - 1 pip.
Ratcheting the stop up.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,457
  • Jun 1, 2016 6:25am Jun 1, 2016 6:25am
It never hurts to wait.

USDCHF long trade entry on the 5min chart.

Purple line is the Open low. Stop is at BE +1. Now comes the task of managing the trade through trailing
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  • #1,458
  • Jun 1, 2016 6:27am Jun 1, 2016 6:27am
Quoting Habo
Mr. Too Slow, do I understand that correctly: if the new hour sets a new Open low or Open high and we want to apply the 5min bar or 15min bar rule, we can not enter right away at the beginning of the next hour?! We will have to wait for the next 5 or 15 min bars to open below or above the new Open. Sometimes price turns around right at the open but sometimes price keeps moving. That rule just prevented me from entering a long USDCHF trade but it made me miss a potential short NZDUSD trade.
Habo:

The rules are guidelines.
Methods of bending the rules have been posted.
There is no "right" or "wrong" way.
There is no way of knowing what price will do next.
It is a best guess.

The question is would you rather miss a few winners and eliminate a bunch of losers or take your chances?

Let experience be your guide.
As you gain experience, you will have a gut feel or spidey sense when to dance and when to sit the dance out.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,459
  • Jun 1, 2016 6:28am Jun 1, 2016 6:28am
Quoting TooSlow
{image} Stop moved to bar[0] open - 1 pip. Ratcheting the stop up.
Good work on that trade TooSlow! I trailed mine to close. Learning to give it some space....
  • #1,460
  • Jun 1, 2016 6:29am Jun 1, 2016 6:29am
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Price will dance around the open.
Have to wait to find out what happens next
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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