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Highest Open / Lowest Open Trade

  • #1,461
  • Jun 1, 2016 6:31am Jun 1, 2016 6:31am
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Stopped move to 1.3089.
Either price is going up or it is coming down.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,462
  • Jun 1, 2016 6:34am Jun 1, 2016 6:34am
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Deployed trailing stop.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,463
  • Jun 1, 2016 6:39am Jun 1, 2016 6:39am
Quoting TooSlow
{quote} What is "WEAK SELLERS" on your chart?
Hi TooSlow

It's an (ancient) indicator, showing & qualifying Support & Resistance, I keep on my charts.

Best regards

BBF
BigBlackfeet Always on the(forex) war path !
  • #1,464
  • Jun 1, 2016 6:40am Jun 1, 2016 6:40am
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Stopped out 5 pips from the high
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,465
  • Edited 7:24am Jun 1, 2016 6:50am | Edited 7:24am
TooSlow ...
Saw your informative thread as was intrigued so made an indi to screen for opportunities.
If you do not want it on here just delete my post.

To add more pairs just set AddPrs to number you want to add and then put pair names under AddP1 .... etc.

BS shows when current bar has Open H/L
5m shows when 5m min opens above/below
Go! shows when 5m cross the H/L
D1 shows when current bar straddles D1 H/L

Put indi onto separate chart and set chart min (under properties/ scale fix) to higher value than usual highest price then candles will not interfere with indi. Any TF chart.

J.

EDIT: Screenshot added
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If it was easy then I would do it !!
  • #1,466
  • Jun 1, 2016 6:50am Jun 1, 2016 6:50am
Quoting TooSlow
{quote} 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.

The answer is very clear for me: I'd rather miss a few winners! :-)
  • #1,467
  • Jun 1, 2016 6:52am Jun 1, 2016 6:52am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,468
  • Jun 1, 2016 6:57am Jun 1, 2016 6:57am
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My bad.
Pips should have been banked after bar[1] closed.
Was not focused on the trade.
Instead my BE+4 stop got hit.

Learn from my mistake.
Focus on your open trades.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,469
  • Jun 1, 2016 6:58am Jun 1, 2016 6:58am
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Get ready to dance.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,470
  • Jun 1, 2016 6:59am Jun 1, 2016 6:59am
Quoting TooSlow
{image}
How did you enter this trade? I don't see the setup.
  • #1,471
  • Jun 1, 2016 7:01am Jun 1, 2016 7:01am
Too many rules.Trading is instinct and flexibility. This method seems stiff, unsure and complex.
  • #1,472
  • Jun 1, 2016 7:10am Jun 1, 2016 7:10am
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There was news at the top of the hour.
Better not to jump in trades in front of the news.
When you do, it is called gambling.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,473
  • Jun 1, 2016 7:11am Jun 1, 2016 7:11am
Quoting wannalearn12
{quote} How did you enter this trade? I don't see the setup.
That was not an entry.
That is what happened after my trailing stop go hit.
Price continued down.
Made me
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,474
  • Jun 1, 2016 7:11am Jun 1, 2016 7:11am
Quoting TooSlow
{image} There was news at the top of the hour. Better not to jump in trades in front of the news. When you do, it is called gambling.
I was watching the EurUSD price action, I sold the opposite direction and banked pips!!!!!! I waited for the bear movement of course. No gambling.
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  • #1,475
  • Jun 1, 2016 7:12am Jun 1, 2016 7:12am
Quoting RFMagus1
Too many rules.Trading is instinct and flexibility. This method seems stiff, unsure and complex.
You cannot trade this method without very fast planning and instinct. It's a general guideline that is very easy to follow mentally.
  • #1,476
  • Jun 1, 2016 7:13am Jun 1, 2016 7:13am
Quoting RFMagus1
Too many rules.Trading is instinct and flexibility. This method seems stiff, unsure and complex.
Thank you for the feedback, RFMagus1.

Let me work on condensing the rules.
Can anyone restate the rules?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,477
  • Jun 1, 2016 7:16am Jun 1, 2016 7:16am
Quoting wannalearn12
{quote} I was watching the EurUSD price action, I sold the opposite direction and banked pips!!!!!! I waited for the bear movement of course. No gambling. {image}
Bravo
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,478
  • Jun 1, 2016 7:18am Jun 1, 2016 7:18am
Quoting wannalearn12
{quote} You cannot trade this method without very fast planning and instinct. It's a general guideline that is very easy to follow mentally.
What do you plan fast?
What instinct are you talking about?

Maybe there is something we can all learn from you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,479
  • Jun 1, 2016 7:18am Jun 1, 2016 7:18am
Quoting TooSlow
{quote} Thank you for the feedback, RFMagus1. Let me work on condensing the rules. Can anyone restate the rules?
A bar makes a new high open or new low open for the current day on the H1 chart. ( any time frame can be used, usually the H1 makes most sense)
Rule #1 Watch for breakouts and be careful around them. No entries on breakouts.
Rule #2 After the price action has moved through the H1 open low / open high switch to 5m chart for entry. Wait for 5m bar to be going in the correct direction between the high or low of the day moving towards the open. as it crosses the high open / low open enter the trade. Do not hesitate or be one pip late.
At +5 pips Be+1 at +10 either exit half and leave be+1 and let it ride, or secure more with a be+5/5pip trail.
It's very simple.
  • #1,480
  • Jun 1, 2016 7:22am Jun 1, 2016 7:22am
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Dancing madly backwards

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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