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As complicated as necessary: Highest Open / Lowest Open Trade 861 replies

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Highest Open / Lowest Open Trade

  • #1,541
  • Jun 1, 2016 9:14am Jun 1, 2016 9:14am
and it bounced.
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  • #1,542
  • Jun 1, 2016 9:15am Jun 1, 2016 9:15am
Quoting wannalearn12
and it bounced. {image}
I got my hand burned 0.0
  • #1,543
  • Jun 1, 2016 9:18am Jun 1, 2016 9:18am
Late entry EURUSD - BE+3
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  • #1,544
  • Edited 10:16am Jun 1, 2016 9:58am | Edited 10:16am
GBPUSD +15 off of S1 & M5 entry
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  • #1,545
  • Jun 1, 2016 10:35am Jun 1, 2016 10:35am
Quoting Habo
{quote} Or you can automate it and let it jump to BE +xx after yy. Same for SL, TP or Trailing SL
I don't want to hijack the thread with 3rd party software. But with automation I mean you can pre-set your parameters and the EA manages your order for you. You still have to open the actual trade or set a limit or stop order. There is a ton of them out there I just happen to like the one I posted.
The Mt4 platform offers the same functions, I just like to have everything condensed and on one-click.

The disadvantage like all EAs is that if you lose power or the internet, you can not control it anymore. Some people use vpns for that reason.

But I think this leads too far for this thread. As we should focus on the method, the rest is just technicalities. Trust me, that EA will not make you more profitable trader. It's just a little helper.

You can write me directly.
  • #1,546
  • Jun 1, 2016 3:05pm Jun 1, 2016 3:05pm
Quoting Habo
{quote} I don't want to hijack the thread with 3rd party software. But with automation I mean you can pre-set your parameters and the EA manages your order for you. You still have to open the actual trade or set a limit or stop order. There is a ton of them out there I just happen to like the one I posted. The Mt4 platform offers the same functions, I just like to have everything condensed and on one-click. The disadvantage like all EAs is that if you lose power or the internet, you can not control it anymore. Some people use vpns for that reason....
Habo:

Please, by all means, post whatever you think would be beneficial to your fellow traders especially if it is an aid to this method.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,547
  • Jun 1, 2016 4:52pm Jun 1, 2016 4:52pm
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Asian pairs want to dance.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,548
  • Jun 1, 2016 5:40pm Jun 1, 2016 5:40pm
Quoting TooSlow
{quote} Habo: Please, by all means, post whatever you think would be beneficial to your fellow traders especially if it is an aid to this method.
Thanks so much. Just wanted to show proper etiquette. I will show some full charts tomorrow when there is more action.
  • #1,549
  • Jun 1, 2016 5:51pm Jun 1, 2016 5:51pm
In the meantime I wanted to philosophize about my "conflicts" I have with this method. It's the breakouts.

I am very reluctant to trade the reversal back from breakouts, once a prev. day's high or low was broken. I am looking to stay in a range of the prev. day. But that actually increases my chance of ending up in a breakout because the longer we are in a range the more likely we will break out.
If I do trade the reversals of the breakouts I have a good chance of not hitting the reversal bar but get caught in the up or down move.

The solution I have found so far is to move stoploss to BE fast. Which is the actual essence of the method.

But I also sometimes decide to not take a trade because of where the price is. This non-consistency and discretion is what I struggle with.....
  • #1,550
  • Jun 1, 2016 5:52pm Jun 1, 2016 5:52pm
PS: Too slow, love your music videos. Cool stuff and real music! But you know you are dating yourself with those.
  • #1,551
  • Jun 1, 2016 6:08pm Jun 1, 2016 6:08pm
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Who is dancing with usdjpy?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,552
  • Jun 1, 2016 6:22pm Jun 1, 2016 6:22pm
Quoting Habo
In the meantime I wanted to philosophize about my "conflicts" I have with this method. It's the breakouts. I am very reluctant to trade the reversal back from breakouts, once a prev. day's high or low was broken. I am looking to stay in a range of the prev. day. But that actually increases my chance of ending up in a breakout because the longer we are in a range the more likely we will break out. If I do trade the reversals of the breakouts I have a good chance of not hitting the reversal bar but get caught in the up or down move. The solution I...
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Sticking to the rules will prevent losses.
During a breakout, it is best to let the candle close.
Which candle is up to you.
H1 is the safest.
M15 gives more entry chances.
M5 is for the daring.

Look at an H1 chart.
Find the breakout H1 candle(s) for the day.
After the dust settles, there usually is another H1 candle where you could have banked some pips.

The chart shows the daily highs/lows for the past 3 days.
Can you determine the ideal H1 candles to trade after the breakouts for each day?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,553
  • Jun 1, 2016 6:25pm Jun 1, 2016 6:25pm
Quoting Habo
PS: Too slow, love your music videos. Cool stuff and real music! But you know you are dating yourself with those.
How do you know a search for YouTube videos with the word "dance" in the title wasn't executed?
Never assume.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,554
  • Jun 1, 2016 6:27pm Jun 1, 2016 6:27pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,555
  • Jun 1, 2016 6:28pm Jun 1, 2016 6:28pm
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Didn't take long
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,556
  • Jun 1, 2016 6:31pm Jun 1, 2016 6:31pm
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NZD pairs active.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,557
  • Jun 1, 2016 6:37pm Jun 1, 2016 6:37pm
Quoting Habo
In the meantime I wanted to philosophize about my "conflicts" I have with this method. It's the breakouts. I am very reluctant to trade the reversal back from breakouts, once a prev. day's high or low was broken. I am looking to stay in a range of the prev. day. But that actually increases my chance of ending up in a breakout because the longer we are in a range the more likely we will break out. If I do trade the reversals of the breakouts I have a good chance of not hitting the reversal bar but get caught in the up or down move. The solution I...
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As I mentioned before, nothing is preventing you from trading the breakout.
Does not matter this is not a breakout method.
Use the right tool for the job.

Hint: yesterday's high/low lines are the only things necessary to trade breakouts today.
There are the weekly and monthly breakouts, too.
There are always trades to be made.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,558
  • Jun 1, 2016 7:09pm Jun 1, 2016 7:09pm
Thanks for the answers. I agree to trade the breakouts as well, esp. in the Asian session. To your question on post #1552. With hindsight I can say I would have ideally traded the green up bars, but at time I would not have known. So I go back in time, and try to find a bar that does not make another low, maybe 41 and 30. I could say 9 but at the time I don't think I would have entered.

Also, I did not say what date, just a date, unless you have no age. ;-)
  • #1,559
  • Jun 1, 2016 8:31pm Jun 1, 2016 8:31pm
Hi everyone, I like how this thread is so active, and top marks to TooSlow for constantly posting charts

Let me know if I'm getting this right:

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A long entry on the second 15min candle after London open. Is that correct?
  • #1,560
  • Jun 1, 2016 8:37pm Jun 1, 2016 8:37pm
Here's another winning trade this morning if I'm not mistaken:

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