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Highest Open / Lowest Open Trade

  • #2,161
  • Jun 9, 2016 2:32pm Jun 9, 2016 2:32pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,162
  • Jun 9, 2016 2:45pm Jun 9, 2016 2:45pm
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FIXED VS MOVING

The lines we use can move throughout the day.
New highs and lows are established.
We adjust.

The alternative is using a fixed grid.
Simply trade out of the current grid section.
In other words, trade when the price breaks out of the grid.
Direction does not matter.

The stop loss would be at the next grid line.
Going long at 50 means you stop out at 40.
Going short at 50 means you stop out at 60.
Because you do not want to give up more than two lines.

Alternatively, you can space lines every 5, 25, or 100 pips.
Adjust your position size based on risk and stop loss pips.
You decide what works best for your account.

Do not let this confuse you.
This is just another example of price action.
And how to trade based on price action.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,163
  • Jun 9, 2016 2:57pm Jun 9, 2016 2:57pm
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Entering at the 1.4450 grid gets you in the trade 3 pips cheaper than waiting to enter at the lowest H1 open.
Experiment, only after, you have mastered the rules.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,164
  • Jun 9, 2016 3:03pm Jun 9, 2016 3:03pm
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  • #2,165
  • Jun 9, 2016 3:19pm Jun 9, 2016 3:19pm
Looking at the 4 hour, would this method work for long term reversals? I am not keen on tying up margin for a long time but just curious.
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  • #2,166
  • Jun 9, 2016 3:29pm Jun 9, 2016 3:29pm
UK Referendum

Dear Trader,


As you may be aware, the UK will vote on EU Membership (“Brexit” vote) on June 23rd 2016.

It is expected that this event may cause possible unusual increased market movements as well as significant price gaps and illiquidity periods.

Further to our previous email regarding “Brexit” (Monday, June 06) we would like to inform you that the increase in margin requirement to trade GBP pairs will occur on Thursday, June 16th (week today) during early European session at approximately 10:00 AM - MT4 Platform Time (or 03:00 AM New York Time; or 08:00 AM London Time; or 16:00 Tokyo Time).

The margin requirement for GBP pairs will be increased by four (4) times in relation to your account base leverage. In other words, if your account base leverage is 1:500 then the leverage of 1:125 will apply for orders on all GBP pairs. If your account base leverage is 1:400 then the leverage of 1:100 will apply for orders on all GBP pairs, and so on.

In order to be prepared for the “Brexit” event, we strongly advise that you are positioned properly and that you avoid overleveraging yourself. We also advise that you are aware of all potential risks and that you are careful and apply sound risk and position management when engaging in your trading activities.

During the time leading up to the referendum, please ensure that your account has adequate collateral to meet margin requirements. Heightened gap risk can possibly put your account on a margin call, therefore make sure that you manage your margin collateral during this period of increased volatility.

Availability of BID and ASK prices on all GBP pairs may differ during market’s abnormal liquidity periods. Please keep in mind that stop loss orders may not be filled at your desired level because they are in the end Market orders and could result in significant slippage.

Rest assured, any changes of margin requirements on GBP pairs will only be temporary. Normal levels should return to usual following the UK referendum.

We apologize for any inconvenience.


In other words, they don't want traders to make a killing.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,167
  • Jun 9, 2016 3:32pm Jun 9, 2016 3:32pm
Quoting wannalearn12
Looking at the 4 hour, would this method work for long term reversals? I am not keen on tying up margin for a long time but just curious. {image}
Yes.
Of course.
Why not?

What does price go?
Goes up and down and
up and down and
up and down and
up and down and

Price ranges and
break out of range and
ranges and
break out of range and

Please understand price has no knowledge of what chart period you use.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,168
  • Jun 9, 2016 3:37pm Jun 9, 2016 3:37pm
Quoting TooSlow
UK Referendum Dear Trader, As you may be aware, the UK will vote on EU Membership (Brexit vote) on June 23rd 2016. It is expected that this event may cause possible unusual increased market movements as well as significant price gaps and illiquidity periods. Further to our previous email regarding Brexit (Monday, June 06) we would like to inform you that the increase in margin requirement to trade GBP pairs will occur on Thursday, June 16th (week today) during early European session at approximately 10:00 AM - MT4 Platform Time (or 03:00 AM New...
Is this only during the voting event and then will return back to normal? What a shame.
  • #2,169
  • Jun 9, 2016 3:38pm Jun 9, 2016 3:38pm
Can you clarify the model with the following example:
1. day high and low are set
2. on the hour set H1 high and low
3. if setting up to short, red bar must open between DH & open H1 on 15m?
5. track trade on 1m?
4. once the red bar breaks the H1, place trade,with SL at DH?
5. if bar immediately pulls back but trade has been initiated, wait for SL or retrace across entry point?
6. if it passes by DH then scrub that attempt for the hour? day?
7. what if DH,DL are significantly distant? Use discretion for SL?
Thank you
  • #2,170
  • Jun 9, 2016 4:11pm Jun 9, 2016 4:11pm
Quoting stxth
Can you clarify the model with the following example: 1. day high and low are set 2. on the hour set H1 high and low 3. if setting up to short, red bar must open between DH & open H1 on 15m? 5. track trade on 1m? 4. once the red bar breaks the H1, place trade,with SL at DH? 5. if bar immediately pulls back but trade has been initiated, wait for SL or retrace across entry point? 6. if it passes by DH then scrub that attempt for the hour? day? 7. what if DH,DL are significantly distant? Use discretion for SL? Thank you
1. day high and low are set

The only time the day high/low are "set" is when the day is over assuming set as in set in stone.
During the day they can be moved.

2. on the hour set H1 high and low

Yes.
Every hour check to see if a new highest or lowest H1 open has been made.
There is an indicator to do that.


3. if setting up to short, red bar must open between DH & open H1 on 15m?

Yes.
Or on the M5 or M1.
Or you can take the trade if you believe you have momentum behind you.


5. track trade on 1m?

You can track the trade on any chart.
Or just look at your P/L column.
Why is Q5 before Q4?


4. once the red bar breaks the H1, place trade,with SL at DH?

No.
You are entering at the H1 open.
When price breaks the HI open, you should be in the trade otherwise you are late.

5. if bar immediately pulls back but trade has been initiated, wait for SL or retrace across entry point?

Yes.
Wait.
And why is there a second Q5?

6. if it passes by DH then scrub that attempt for the hour? day?

Hour, Yes.
But of course, if you see a change in momentum heading back to the open, you can enter.
Remember, the rules are like those water wings on children, safety devices until you learn how to swim or trade.

7. what if DH,DL are significantly distant? Use discretion for SL?

You can.
Better to adjust your position size.

You are welcome and thank you for the questions.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,171
  • Jun 9, 2016 5:02pm Jun 9, 2016 5:02pm
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  • #2,172
  • Jun 9, 2016 5:33pm Jun 9, 2016 5:33pm
When the pattern presents itself how are we to choose what trade to not take or to take? How do we know which one will be the winner or loser? Should we take all perfect setups to stay true to the edge? if we don't take the setups every time how will the win/losses balance out and turn profit?
  • #2,173
  • Jun 9, 2016 6:58pm Jun 9, 2016 6:58pm
Quoting wannalearn12
When the pattern presents itself how are we to choose what trade to not take or to take? How do we know which one will be the winner or loser? Should we take all perfect setups to stay true to the edge? if we don't take the setups every time how will the win/losses balance out and turn profit?
Before I answer, you answer.Other people answer.You know the answer.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,174
  • Jun 10, 2016 12:05am Jun 10, 2016 12:05am
Quoting wannalearn12
When the pattern presents itself how are we to choose what trade to not take or to take? How do we know which one will be the winner or loser? Should we take all perfect setups to stay true to the edge? if we don't take the setups every time how will the win/losses balance out and turn profit?
These questions have no reason to be, not one of them.....
I say this with respect
The quality of your life is brought about by the quality of your thinking.
  • #2,175
  • Jun 10, 2016 3:56am Jun 10, 2016 3:56am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,176
  • Jun 10, 2016 4:15am Jun 10, 2016 4:15am
anyone has any comment on the below chart ?
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  • #2,177
  • Jun 10, 2016 4:23am Jun 10, 2016 4:23am
Quoting tradebuddy
anyone has any comment on the below chart ? {image}

Where's the pair name?
Should be in upper left corner.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,178
  • Jun 10, 2016 4:24am Jun 10, 2016 4:24am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,179
  • Jun 10, 2016 4:27am Jun 10, 2016 4:27am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,180
  • Jun 10, 2016 4:30am Jun 10, 2016 4:30am
Quoting TooSlow
{quote} Where's the pair name? Should be in upper left corner.
gbpusd
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