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Highest Open / Lowest Open Trade

  • #1,601
  • Jun 2, 2016 8:20am Jun 2, 2016 8:20am
Quoting tradebuddy
BE+5, cadjpy {image}
Well done
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,602
  • Jun 2, 2016 8:23am Jun 2, 2016 8:23am
Anyone else care to share a chart or 2?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,603
  • Jun 2, 2016 8:24am Jun 2, 2016 8:24am
My USDJPY long trade with full chart. You can see the order management EA I am using straight from the chart. It's called VR Stealth Pro, free version.
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  • #1,604
  • Jun 2, 2016 8:25am Jun 2, 2016 8:25am
Waiting Patiently BE+1 open is at red line. 5m chart.
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  • #1,605
  • Jun 2, 2016 8:26am Jun 2, 2016 8:26am
I Code EA according to your Strategy . I also add Martingule you may select it by true or false.
I hope you can find good TP and SL and Share it with us .
Attached File(s)
File Type: ex4 Open_HIGH_LOW_V2.ex4   16 KB | 663 downloads
Enter Signature
  • #1,606
  • Jun 2, 2016 8:37am Jun 2, 2016 8:37am
Quoting TooSlow
{quote} A new day. Price will go up and down. And up and down. There will be new daily highs. There will be new daily lows. Daily High - Daily Low = Daily Range. Many of you are familiar with average daily range. Some may know average true range. They are useless. What is useful is knowing the minimum daily range and the most likely daily range. The average daily range of eurusd for the last 24 days is 71 and a range between 70 - 79 occurred 8% of the time ( 2 times ). The most likely daily range of the eurusd is between 40 - 59 and occurred 41%...
Great post on the daily range, TooSlow.

Do you actually use the ADR to filter out trades?
Let's say that the current range for EURUSD is about 30pips nd you get a signal... Would you pass on the trade waiting for the ADR to reach its "usual" range?

Any other ways you use statistics with this method? Once again, thanks for sharing!! ;-)
TF1
  • #1,607
  • Jun 2, 2016 8:47am Jun 2, 2016 8:47am
Quoting trader-f1
{quote} Great post on the daily range, TooSlow. Do you actually use the ADR to filter out trades? Let's say that the current range for EURUSD is about 30pips nd you get a signal... Would you pass on the trade waiting for the ADR to reach its "usual" range? Any other ways you use statistics with this method? Once again, thanks for sharing!! ;-) TF1
As I stated in the post you quoted:
Many of you are familiar with average daily range.
Some may know average true range.
They are useless.

When it comes to trading, everything is in context.
Think of trading as a sport.
You study books and film.
You come up with a game plan.
You hone your skills by practice.
When the game starts, you anticipate and react.
You adjust to what is happening at the moment.
One game, everything goes according to plan and playing seems so easy.
Another game, nothing seems to work and you are constantly making adjustments.

To answer your question with a yes or no, would not be of any use and do more harm than good.
Don't want you heading down a blind alley or over the cliff.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,608
  • Jun 2, 2016 8:52am Jun 2, 2016 8:52am
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Who got to dance with usdjpy?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,609
  • Jun 2, 2016 8:54am Jun 2, 2016 8:54am
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Got off the roller coaster too soon
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,610
  • Jun 2, 2016 9:16am Jun 2, 2016 9:16am
Timing is everything.
Coincidence this was emailed to me since my post about trading and sports?

Conditions arent always perfect during competitions.

Rain, excessive heat, poor field or arena conditions, intrusive or obnoxious fans and broken equipment are just a few things that can steal your focus.

You have most likely been in a competition where an unexpected incident occurred... Did it knock you off your game?

Maybe it took you away from concentrating on what you were doing or needed to do... Or perhaps you were unable to regain your focus and, consequently, your performance suffered.

The problem is that most athletes practice and prepare for smooth-running events expecting everything to unfold according to plan.

While there may be ideal conditions for competing, rarely are those competition conditions perfect.

Something unexpected will happen... There will always be a bump in the road somewhere during the course of the competition, if not several bumps.

But an unexpected incident does not need to be an unfortunate incident as long as you prepare for the unexpected.

Most athletes do not plan for the unexpected, erroneously believing this invites unfavorable conditions. There is nothing further from the truth.

Top athletes mentally prepare for some unexpected events, thus, training their minds to cope with distractions and adapt to circumstances.

As athletes gear up for the 2016 Rio Olympics, they are well aware of the unexpected events that have occurred throughout the history of the Olympics.

These elite athletes spend a lot of time getting ready for the out-of-the-blue occurrence and how they will react to those circumstances.

Elite athletes understand the need for training their focus so they are mentally prepared to block out distractions.

Sports psychologist Karen Cogan works with Olympic athletes helping them prepare to deal with unexpected circumstances so they are optimally ready when they hit the Olympic stage in Rio.

COGAN: "It's not so important that we nail the things that are going to happen, but it's the process about going through the 'what-ifs,' and what would you do. That's something they take with them, and then they're ready to deal with whatever comes their way."

Furthermore, the ability to block out distractions can be improved through training for every athlete at any level.

COGAN: "You can see how [training your brain to focus] is helpful in competition, when [athletes are] distracted by somebody else, or something going on in the stands, or there's some delay of some sort. They want to regain their focus so their performance isn't affected. It's a learned skill, and something they have to practice in competition and develop as part of their skill set."

The mental skill of focus helps you stay in your athletic cocoon where you are fully immersed in what you are doing in the moment. It is this type of focus that produces optimal performance.

Tip for managing the unexpected during competitions:

Create some if/then scenarios... For example, If someone screams out before I am about to do my routine, then I will pause, take a deep breath and re-focus on the first thing I am going to do.

After you have some scenarios created, rehearse them in practice. Have a teammate cause a distraction by screaming, then perform your re-focusing strategy.

Always keep in mind, peak performance is more than physical training... It requires training your mind.

Your Mental Coach,

Dr. Patrick Cohn
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,611
  • Jun 2, 2016 9:39am Jun 2, 2016 9:39am
The EURUSD has 9 bears in a row what in the world.
  • #1,612
  • Jun 2, 2016 9:41am Jun 2, 2016 9:41am
Quoting wannalearn12
The EURUSD has 9 bears in a row what in the world.
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What period are you counting?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,613
  • Jun 2, 2016 9:41am Jun 2, 2016 9:41am
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Not a usual dance partner for me.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,614
  • Jun 2, 2016 9:44am Jun 2, 2016 9:44am
Quoting TooSlow
{quote} {image} What period are you counting?
I consider the news trade to be obsolete in counting the bars.
  • #1,615
  • Jun 2, 2016 9:57am Jun 2, 2016 9:57am
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Who is dancing?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,616
  • Jun 2, 2016 9:59am Jun 2, 2016 9:59am
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Liftoff.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,617
  • Jun 2, 2016 10:04am Jun 2, 2016 10:04am
Quoting TooSlow
{image} Liftoff.
did you get be +1? Or are you waiting on it to rise.
  • #1,618
  • Jun 2, 2016 10:08am Jun 2, 2016 10:08am
Quoting wannalearn12
{quote} did you get be +1? Or are you waiting on it to rise.
BE+1.
Does not bother me.
There is always another trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,619
  • Jun 2, 2016 10:09am Jun 2, 2016 10:09am
Quoting TooSlow
{quote} BE+1. Does not bother me. There is always another trade.
I see.
  • #1,620
  • Jun 2, 2016 10:15am Jun 2, 2016 10:15am
Quoting wannalearn12
{quote} I see.
Protecting the money is priority #1.
Price can go your way.
Price can go against you.
Price does not care about you or your money.

Look at the possible outcomes:

Price stops trade at BE+1 and reverses for many pips.
Are you ?

Price stops trade at BE+1 and keeps going for many pips
Are you ?

Sooner or later, price will go your way

Your emotion should be no matter what happens.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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