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Highest Open / Lowest Open Trade

  • #2,041
  • Jun 8, 2016 5:58am Jun 8, 2016 5:58am
Quoting rueda
{quote} rules when price breaks through yesterday's high or low or makes a new high or low today, that is a breakout! Trade the reversal with caution
yes, but he didn't trade the breakout bar
ALSO, THE FIRST TRADE ON MY CHART HAS NO REASON, THAT WAS A LOW OF THE DAY BAR
The quality of your life is brought about by the quality of your thinking.
  • #2,042
  • Jun 8, 2016 7:11am Jun 8, 2016 7:11am
Quoting gabo05
This is a fantastic sytem, but I have to practice more. Two loosing USDCAD trades in a row. What do I do wrong? {image}
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 41 KB




USDCAD broke through yesterday's low.
Have you read my warnings about trading against breakouts?

Use a H1 chart.
Use any pair.
Look at how many H1 bars in a row price continues in the breakout direction after a breakout.

Price ranges.
Price breaks out.
Price ranges.
Price breaks out.
Price ranges.
Etc.

It is called price action.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,043
  • Jun 8, 2016 7:21am Jun 8, 2016 7:21am
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There is always an exception

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,044
  • Jun 8, 2016 7:35am Jun 8, 2016 7:35am
Again good opprtunities this morning but I have no time to post charts. Concentrating on trading....EURUSD might be a good candidate today
  • #2,045
  • Jun 8, 2016 7:35am Jun 8, 2016 7:35am
Quoting gabo05
This is a fantastic sytem, but I have to practice more. Two loosing USDCAD trades in a row. What do I do wrong? {image}
Attached Image (click to enlarge)
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Hindsight.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,046
  • Jun 8, 2016 8:02am Jun 8, 2016 8:02am
If one follows the system then it works. i like this system. I have added a trendline to it plus I also look at the candle formation.full bodied , then better. just concentrate for first two hour of the opening trading day......and make your pips.....and have good amount of patience. also at a time just monitor three to four pairs only....everyday.....yes everyday....then you are sure to be successful.EURO/GBP pairs only.success is assured. this is a good system to start your day....goodluck.
  • #2,047
  • Jun 8, 2016 8:08am Jun 8, 2016 8:08am
Quoting Bruno333
If one follows the system then it works. i like this system. I have added a trendline to it plus I also look at the candle formation.full bodied , then better. just concentrate for first two hour of the opening trading day......and make your pips.....and have good amount of patience. also at a time just monitor three to four pairs only....everyday.....yes everyday....then you are sure to be successful.EURO/GBP pairs only.success is assured. this is a good system to start your day....goodluck.
Well done

Crawl.
Walk.
Run.

Newcomers should focus on one pair and not add, modify or change anything about this method until they have mastered it.
And then:

Attached Image (click to enlarge)
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Newcomers should focus on one pair and not add, modify or change anything about this method until they have mastered it.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,048
  • Jun 8, 2016 8:26am Jun 8, 2016 8:26am
Thank you all for your explanations!
If I understand correctly, then no trade if the price is above the yesterday's high or below the yesterday's low and also no trade in that hour when price makes a new daily high or low.
If I understand correctly, then
  • #2,049
  • Jun 8, 2016 8:42am Jun 8, 2016 8:42am
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Click to Enlarge Name: TooSlow.png Size: 42 KB


My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,050
  • Jun 8, 2016 8:45am Jun 8, 2016 8:45am
Quoting gabo05
Thank you all for your explanations! If I understand correctly, then no trade if the price is above the yesterday's high or below the yesterday's low and also no trade in that hour when price makes a new daily high or low. If I understand correctly, then

then no trade if the price is above the yesterday's high or below the yesterday's low

No.
Use caution.

no trade in that hour when price makes a new daily high or low.

Yes.
Wait patiently for next hour.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,051
  • Jun 8, 2016 8:49am Jun 8, 2016 8:49am
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Better for H1 to be red when shorting.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,052
  • Jun 8, 2016 8:51am Jun 8, 2016 8:51am
Attached Image (click to enlarge)
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1, 2, 3, 4, 5, 6 Green H1 candles in a row
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,053
  • Jun 8, 2016 9:10am Jun 8, 2016 9:10am
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7 green H1 in a row.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,054
  • Jun 8, 2016 9:27am Jun 8, 2016 9:27am
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Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,055
  • Jun 8, 2016 9:35am Jun 8, 2016 9:35am
Hi TooSlow,

Red news: Crude Oil Inventories, five minutes ago...
No major volatility on any of the USD pairs.
Do you stop trading for any RED NEWS announcement?

Thanks!!!
  • #2,056
  • Jun 8, 2016 9:47am Jun 8, 2016 9:47am
hi tooslow,

your method seems very simple and profitable.
by the way, have you backtested the method?
if so, could you show the result?
  • #2,057
  • Jun 8, 2016 9:51am Jun 8, 2016 9:51am
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The quality of your life is brought about by the quality of your thinking.
  • #2,058
  • Jun 8, 2016 9:52am Jun 8, 2016 9:52am
Attached Image (click to enlarge)
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,059
  • Jun 8, 2016 9:53am Jun 8, 2016 9:53am
Quoting trader-f1
Hi TooSlow, Red news: Crude Oil Inventories, five minutes ago... No major volatility on any of the USD pairs. Do you stop trading for any RED NEWS announcement? Thanks!!!
Preference is flat before news.
Trade after news released.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,060
  • Jun 8, 2016 10:26am Jun 8, 2016 10:26am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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