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Highest Open / Lowest Open Trade

  • #1,661
  • Jun 3, 2016 10:44am Jun 3, 2016 10:44am
More waiting
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  • #1,662
  • Jun 3, 2016 10:45am Jun 3, 2016 10:45am
be+1, usdjpy
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  • #1,663
  • Jun 3, 2016 10:45am Jun 3, 2016 10:45am
Moved to BE+5
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  • #1,664
  • Jun 3, 2016 11:03am Jun 3, 2016 11:03am
Quoting natnimrey
TS, can you elaborate more on how to be careful when price gets past previous day's high/low?
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gbpusd provides an excellent example.
NFP release triggered a rapid rise in price.
Waiting for the buyers to get exhausted, provided sellers a chance to profit.
The wait was over 30 minutes long.
But you had to wait.
The highest H1 open setup appeared afterward.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,665
  • Jun 3, 2016 11:16am Jun 3, 2016 11:16am
Quoting TooSlow
{quote} {image} gbpusd provides an excellent example. NFP release triggered a rapid rise in price. Waiting for the buyers to get exhausted, provided sellers a chance to profit. The wait was over 30 minutes long. But you had to wait. The highest H1 open setup appeared afterward.
Hi TooSlow,

I was watching GBPUSD at that time but I thought I would be violating rule number 3 as I didn't see any close between H1 Open High and the extreme...
Am I correct here?

Thanks!!!
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  • #1,666
  • Jun 3, 2016 11:36am Jun 3, 2016 11:36am
Can anyone give me some guidance on what I should have done differently? Entry was at the cross of the H1 open exactly. This is the 5m chart. Green arrow points to entry trigger. I am still in the trade with my stop at the high of the day. Not sure what to do at this moment.
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  • #1,667
  • Jun 3, 2016 11:39am Jun 3, 2016 11:39am
Quoting trader-f1
{quote} Hi TooSlow, I was watching GBPUSD at that time but I thought I would be violating rule number 3 as I didn't see any close between H1 Open High and the extreme... Am I correct here? Thanks!!! {image}
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Yes.
You are correct.

Please understand the rules are guidelines.
Let's recap what happened:

Bar[46] NFP released.
Price went up.
Price went up through yesterday's daily high.
Rule 1 means you do not trade during that H1/M15/M5 candle.

Bar[37] Price made new daily high.
Price retreated from yesterday's high and the H1 candle closed.

Bar[36] H1 candle open is now the highest H1 open.
At the time of the H1 candle open, which way was price moving?
DOWN!

Bar[28] Price reversed and went up from the H1 candle open.
Price failed to make a new daily high.
Price retreated.
Which way was price moving?
DOWN!

Which way was price moving when it reached the highest H1 open?
DOWN!

Remember, trading is not an exact science.
There are nuances.

No one can tell you what will happen next.
Best guess.
The setup can appear exactly the way the rules state.
And you can enter exactly the way the rules state.
Only time will determine whether this trade will result in profit or loss (assuming you follow the exit rules).

The rules are an attempt to identify what a profitable setup should look like on the chart.
Entering a short below the high of the day and at the highest H1 open can you a chance to profit.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,668
  • Jun 3, 2016 11:40am Jun 3, 2016 11:40am
Quoting wannalearn12
Can anyone give me some guidance on what I should have done differently? Entry was at the cross of the H1 open exactly. This is the 5m chart. Green arrow points to entry trigger. I am still in the trade with my stop at the high of the day. Not sure what to do at this moment. {image}
TS USE M15
  • #1,669
  • Jun 3, 2016 11:41am Jun 3, 2016 11:41am
Quoting wannalearn12
Can anyone give me some guidance on what I should have done differently? Entry was at the cross of the H1 open exactly. This is the 5m chart. Green arrow points to entry trigger. I am still in the trade with my stop at the high of the day. Not sure what to do at this moment. {image}
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Did you count candles?
The count is 5 red M5 candles in a row.
How often are there 6 or more red M5 candles in a row?

What to do?
Wait.
Your stop is in place.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,670
  • Jun 3, 2016 11:43am Jun 3, 2016 11:43am
Okay, I should have noticed.
  • #1,671
  • Jun 3, 2016 11:44am Jun 3, 2016 11:44am
Quoting TooSlow
{quote} {image} Yes. You are correct. Please understand the rules are guidelines. Let's recap what happened: Bar[46] NFP released. Price went up. Price went up through yesterday's daily high. Rule 1 means you do not trade during that H1/M15/M5 candle. Bar[37] Price made new daily high. Price retreated from yesterday's high and the H1 candle closed. Bar[36] H1 candle open is now the highest H1 open. At the time of the H1 candle open, which way was price moving? DOWN! Bar[28] Price reversed and went up from the H1 candle open. Price failed to make...
Thanks for the detailed explanation.
I was tempted to go in and later I saw that M1 would have given me a signal.
I need to make sure I get the "basic system" to be profitable for myself before working on the nuances and bending the rules.
Thanks again!!!
  • #1,672
  • Jun 3, 2016 11:48am Jun 3, 2016 11:48am
Quoting Neo1
{quote} TS USE M15
H1, M15, or M5.
Does not matter.
Highest/Lowest H1 open level is the same no matter what chart period you are using.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,673
  • Jun 3, 2016 11:53am Jun 3, 2016 11:53am
Quoting trader-f1
{quote} Thanks for the detailed explanation. I was tempted to go in and later I saw that M1 would have given me a signal. I need to make sure I get the "basic system" to be profitable for myself before working on the nuances and bending the rules. Thanks again!!!
What is the reason you are bending the rules?
Is it FOMO?
Fear Of Missing Out?
What do you think you are going to miss?
The chance to trade?
So what if you miss a trade?
I miss trades.
It is OK to miss trades now and then.
Missing trades is caused by lack of focus more often than not.
Trying to trade too many pairs.
Trying to get every possible trade.
As soon as you take your eyes off one pair to look at another, you miss the trade.
Hasn't that happened to you at least once?

Learn to wait.
Be patient.
The trades will appear.
Do not get "trigger happy".
Relax.
Breathe.

I asked the question, HOW LONG ARE YOU WILLING TO WAIT FOR THE SETUP TO APPEAR?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,674
  • Jun 3, 2016 11:56am Jun 3, 2016 11:56am
Quoting wannalearn12
Can anyone give me some guidance on what I should have done differently? Entry was at the cross of the H1 open exactly. This is the 5m chart. Green arrow points to entry trigger. I am still in the trade with my stop at the high of the day. Not sure what to do at this moment. {image}
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Are you still in the trade?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,675
  • Jun 3, 2016 11:58am Jun 3, 2016 11:58am
Quoting TooSlow
{quote} {image} Did you count candles? The count is 5 red M5 candles in a row. How often are there 6 or more red M5 candles in a row? What to do? Wait. Your stop is in place.
Be+1
  • #1,676
  • Jun 3, 2016 11:59am Jun 3, 2016 11:59am
Quoting wannalearn12
{quote} Be+1
Would you please share what EMOTIONS you felt and what SELF TALK was going on inside your head during this time?
Thanks.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,677
  • Jun 3, 2016 11:59am Jun 3, 2016 11:59am
Quoting tooslow
{quote} {image} are you still in the trade?
was there any attempt to code this idea??
  • #1,678
  • Jun 3, 2016 12:02pm Jun 3, 2016 12:02pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,679
  • Jun 3, 2016 12:03pm Jun 3, 2016 12:03pm
Quoting TooSlow
{quote} Would you please share what EMOTIONS you felt and what SELF TALK was going on inside your head during this time? Thanks.
My insides were hurting seeing something surge 180 pips against myself. I nearly cut my loss short but confided in the forum.
  • #1,680
  • Jun 3, 2016 12:07pm Jun 3, 2016 12:07pm
Quoting Neo1
{quote}was there any attempt to code this idea??
Neo1:

Please do not take this the wrong way.
Giving a new driver a Ferrari usually won't end well.
Giving a new soldier a machine gun usually won't end well.
Giving a new student a scientific calculator usually won't end well.

The basics must be learned and mastered, first.
The time and effort must be put in.
Then understanding happens.

Have you read all the way through this thread?
What good would having this coded do anyone, if they can't do it themselves?
You have to crawl before you walk.
Walk before you run.
Otherwise, it usually won't end well.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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