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Highest Open / Lowest Open Trade

  • #1,761
  • Edited 6:27pm Jun 5, 2016 2:08pm | Edited 6:27pm
Quoting wga6
hi，tooslow。thank you very much。i like your trading style so much。but in the thread，you did not mention about moneymanagement。can you talk about it？ i think your method maybe leads to a high win ratio and a low r:r.and there will be a potential risk to total account capital. so what do you think about it?
MONEY MANAGEMENT



RISK = n% * ACCOUNT BALANCE

EXTREME = DAILY HIGH + SPREAD OR DAILY LOW - SPREAD

STOP LOSS = DISTANCE FROM ENTRY TO EXTREME


POSITION SIZE = RISK / STOP LOSS.




How much do you want to risk per trade?
Stop loss location is hod + spread and lod + spread.
Calculate the distance between entry and stop loss location.
Risk equals distance times position size.
Or position size equals risk divided by stop loss in pips.
That's all the money management there is to do.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,762
  • Jun 5, 2016 6:14pm Jun 5, 2016 6:14pm
Textbook Entry. Stop moved to BE + 1 EURUSD 5m Entry on Green Dotted Line. Stop Set Red Line.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5.png Size: 31 KB
  • #1,763
  • Jun 5, 2016 6:19pm Jun 5, 2016 6:19pm
FOMO: This Is The Best Way To Overcome Fear Of Missing Out:


http://www.bakadesuyo.com/2016/06/fomo/
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,764
  • Jun 5, 2016 6:24pm Jun 5, 2016 6:24pm
Quoting wannalearn12
Textbook Entry. Stop moved to BE + 1 EURUSD 5m Entry on Green Dotted Line. Stop Set Red Line. {image}
Be+1 Wonder if it will keep going happy for now.
  • #1,765
  • Jun 5, 2016 6:27pm Jun 5, 2016 6:27pm
Does it violate the rules to wait for potential re-entry on same bar if it follows the rules again? I know they are not set in stone, but I would rather ask for advice and look like a noob than lose money. EurUsd H1 highest open marked by red line.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH1.png Size: 29 KB
  • #1,766
  • Jun 5, 2016 6:42pm Jun 5, 2016 6:42pm
Quoting wannalearn12
Does it violate the rules to wait for potential re-entry on same bar if it follows the rules again? I know they are not set in stone, but I would rather ask for advice and look like a noob than lose money. EurUsd H1 highest open marked by red line. {image}
sorry line is on wrong open it's the open of the current bar.
  • #1,767
  • Jun 5, 2016 6:47pm Jun 5, 2016 6:47pm
Over the weekend I was thinking about the doubters of the system (and a small part of me is still in that group).

So I could do an experiment where whenever I get a so called signal from the TooSlow method I could just take the opposite trade on a different account. So instead of a reversal trade I would do a breakout trade. I would have to think about Stoploss, Breakeven, Trail and TakeProfit.
But what would the results be? Would they be better? And if breakout trading works so well why aren't we all doing it?
I have tried it. But now I am here. Why? Or am I just a bad breakout trader? Will that make me a better reversal trader?

I do know the answer to my last questions. They are within myself.

Thank you TooSlow for the inspiration. It helps hearing it over and over again.
  • #1,768
  • Jun 5, 2016 7:00pm Jun 5, 2016 7:00pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 43 KB


My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,769
  • Jun 5, 2016 7:11pm Jun 5, 2016 7:11pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 43 KB


BE+1 is your friend
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,770
  • Jun 5, 2016 7:17pm Jun 5, 2016 7:17pm
Quoting Habo
Over the weekend I was thinking about the doubters of the system (and a small part of me is still in that group). So I could do an experiment where whenever I get a so called signal from the TooSlow method I could just take the opposite trade on a different account. So instead of a reversal trade I would do a breakout trade. I would have to think about Stoploss, Breakeven, Trail and TakeProfit. But what would the results be? Would they be better? And if breakout trading works so well why aren't we all doing it? I have tried it. But now I am here....
Habo:

There is no need to doubt when you can experiment yourself either with a demo account or by trade 0.01 lot ( a dime a pip ).
Ten trades.
Worst case you lose $10.00.
Best case you find a system you can use everyday to bank pips.

You can think of this as a one-sided breakout.
It breaks out of the range between the two lines.
You always trade the breakout towards the daily open as price is reversing from the daily high or daily low.

This method is only one tool for your trading tool kit.
But master the use of ONE TRADING TOOL before you start learning another.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,771
  • Jun 5, 2016 7:21pm Jun 5, 2016 7:21pm
Apply to trading:

http://www.positivityblog.com/index....-me-in-school/
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,772
  • Jun 5, 2016 7:29pm Jun 5, 2016 7:29pm
Yes, I saw the post with your one-sided breakout earlier. And I totally agree. Your method is a break out as well.

Tomorrow starts a new week and I will trade this method here. I don't need anymore experiments. My whole trading "carrier" has been an experiment. Now is the time to focus on one method. So whenever my time permits I will focus really hard on taking the right entry at the right time.

That was in another of your posts from earlier today. I think in trading -besides learning the basic skills -that is the real hard part and the real challenge.
  • #1,773
  • Jun 5, 2016 8:10pm Jun 5, 2016 8:10pm
Yahoooooo
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPYM5.png Size: 26 KB
Click to Enlarge Name: EURAUDM5.png Size: 30 KB
  • #1,774
  • Jun 5, 2016 8:21pm Jun 5, 2016 8:21pm
Quoting Habo
Yes, I saw the post with your one-sided breakout earlier. And I totally agree. Your method is a break out as well. Tomorrow starts a new week and I will trade this method here. I don't need anymore experiments. My whole trading "carrier" has been an experiment. Now is the time to focus on one method. So whenever my time permits I will focus really hard on taking the right entry at the right time. That was in another of your posts from earlier today. I think in trading -besides learning the basic skills -that is the real hard part and the real challenge....
You see the real challenge when you look in the mirror.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,775
  • Jun 5, 2016 8:21pm Jun 5, 2016 8:21pm
Setting Up News on the 30 for AUD EurAud
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDM5.png Size: 31 KB
  • #1,776
  • Jun 5, 2016 8:24pm Jun 5, 2016 8:24pm
Quoting wannalearn12
Yahoooooo {image} {image}
Your charts are hard for me to read.
Your foreground is set to white, can not really see it (switch to black)
Can't tell where your entry is or where the highest/lowest open prices.
Please make adjustments.
Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,777
  • Jun 5, 2016 8:28pm Jun 5, 2016 8:28pm
Quoting TooSlow
{quote} Your charts are hard for me to read. Your foreground is set to white, can not really see it (switch to black) Can't tell where your entry is or where the highest/lowest open prices. Please make adjustments. Thank you.
I did.
  • #1,778
  • Jun 5, 2016 8:43pm Jun 5, 2016 8:43pm
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDM5.png Size: 28 KB
  • #1,779
  • Jun 5, 2016 8:47pm Jun 5, 2016 8:47pm
Quoting wannalearn12
{image}
Thanks.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,780
  • Jun 5, 2016 8:47pm Jun 5, 2016 8:47pm
Quoting TooSlow
{quote} Thanks.
I have the line set on the minute 30.
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