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Highest Open / Lowest Open Trade

  • #2,201
  • Jun 12, 2016 7:16am Jun 12, 2016 7:16am
Quoting TooSlow
THANK YOU Allow me to take the time thank everyone who has read and commented on this thread. It is always nice to hear thanks, praise, and well wishes. The best is when someone says I have helped them to trade better. For those few who have come here to say this method will not work, can not work, or to disparage this thread in some way, shape or form, thanks. Thank you for giving me a chance to watch how I react to your negativity. Your posts challenge my resolve to stay focused instead of allowing you to distract me or knock me off course. Your...
What a brilliant post!
Read lots of threads and most get gobbled up in garbage ad negativity.
I just wish that I can develop your strength of resolve and learn to concentrate and perfect whatever I decide on as my way forward.

Just for me there are too many charts to pick my way through (and that is NOT knocking you in any way) but it is worth just to glean the snippets of wisdom that keep appearing from you or from your readings.

Simply marvelous; don't be distracted by any of the negatives.

Keep it up and retain your focus.

J.
If it was easy then I would do it !!
  • #2,202
  • Jun 12, 2016 7:35am Jun 12, 2016 7:35am
TooSlow, many thanks for sharing this strategy. I ve been following this thread but still confuse about your entry. Are you using a pending buy/sell stop order? Does your entry on the same candle and exit when the candle close? Sorry for being learning tooslow
  • #2,203
  • Jun 12, 2016 9:56am Jun 12, 2016 9:56am
Hello TooSlow, Thanks for your strategy and daily update, pls what is BE +1 stand for? Thanks
  • #2,204
  • Jun 12, 2016 11:27am Jun 12, 2016 11:27am
Quoting j11
{quote} Just for me there are too many charts to pick my way through (and that is NOT knocking you in any way) but it is worth just to glean the snippets of wisdom that keep appearing from you or from your readings.
Charts show how this methods looks and works.
Charts show the progression of the trade.
"A picture is worth a thousand words."
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,205
  • Jun 12, 2016 11:28am Jun 12, 2016 11:28am
Quoting mario777
TooSlow, many thanks for sharing this strategy. I ve been following this thread but still confuse about your entry. Are you using a pending buy/sell stop order? Does your entry on the same candle and exit when the candle close? Sorry for being learning tooslow
Are you using a pending buy/sell stop order?


No.
But you could if you like.



Does your entry on the same candle and exit when the candle close?

No.
Not usually.
Only on extreme cases like a news spike.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,206
  • Jun 12, 2016 11:30am Jun 12, 2016 11:30am
Quoting tolex55
Hello TooSlow, Thanks for your strategy and daily update, pls what is BE +1 stand for? Thanks
BE means BreakEven price where you can exit at zero gain, zero loss.

BE+1 means Breakeven price plus one pip.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,207
  • Jun 12, 2016 12:29pm Jun 12, 2016 12:29pm
Hi TooSlow.
Is it better to use ECN broker?
Do you have recommendations for which broker is good to use for scalping?

If I use for example 1% risk, and set SL to daily low or high, and it is for example 20 pips, and we trail stop 10 pips, then I made a 0.5% gain, right?
Do you enter in every trade if there is opportunity, or you look that the SL be few pips, not 20 for example?

And, if spread is for example 2 pips, and trade move 5 pips, then I move my SL to BE+1, I will be in profit? Or I need to set SL to BE+1 + spread?

Thank you!
  • #2,208
  • Jun 12, 2016 1:14pm Jun 12, 2016 1:14pm
Quoting skljsklj1
Hi TooSlow. Is it better to use ECN broker? Do you have recommendations for which broker is good to use for scalping? If I use for example 1% risk, and set SL to daily low or high, and it is for example 20 pips, and we trail stop 10 pips, then I made a 0.5% gain, right? Do you enter in every trade if there is opportunity, or you look that the SL be few pips, not 20 for example? And, if spread is for example 2 pips, and trade move 5 pips, then I move my SL to BE+1, I will be in profit? Or I need to set SL to BE+1 + spread? Thank you!
Is it better to use ECN broker?

Yes, in most cases.

Do you have recommendations for which broker is good to use for scalping?

Against FF forum rules for me to say.

If I use for example 1% risk, and set SL to daily low or high, and it is for example 20 pips, and we trail stop 10 pips, then I made a 0.5% gain, right?

The question / example is not clear.
When SL 20 pips = 1% risk then banking 20 pips is 1% gain, banking 10 pips is 0.5% gain.
Understand?

Do you enter in every trade if there is opportunity, or you look that the SL be few pips, not 20 for example?

No.
Depends.
Better for SL to be less than 20 pips than more than 20 pips even though risk the same.


if spread is for example 2 pips, and trade move 5 pips, then I move my SL to BE+1, I will be in profit? Or I need to set SL to BE+1 + spread?


When entering a buy at lowest H1 open, you enter at the ASK price.
Assume a 2 pip spread.
When BID price moves to lowest H1 open, it is at BreakEven (BE).
When BID price moves to lowest H1 open + 5 pips, the trade is at BE+5.
Moving the stop to BE+1 means when the BID price moves down to BE+1 you will be stopped out at BE+1.
Understand?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,209
  • Jun 12, 2016 1:19pm Jun 12, 2016 1:19pm
Quoting TooSlow
{quote} Is it better to use ECN broker? Yes, in most cases. Do you have recommendations for which broker is good to use for scalping? Against FF forum rules for me to say. If I use for example 1% risk, and set SL to daily low or high, and it is for example 20 pips, and we trail stop 10 pips, then I made a 0.5% gain, right? The question / example is not clear. When SL 20 pips = 1% risk then banking 20 pips is 1% gain, banking 10 pips is 0.5% gain. Understand? Do you enter in every trade if there is opportunity, or you look that the SL be few pips,...

Thank you. I understand answers. Will try tomorrow on demo, to understand better.
Thank you!
  • #2,210
  • Jun 12, 2016 1:24pm Jun 12, 2016 1:24pm
Quoting TooSlow
{quote} Is it better to use ECN broker? Yes, in most cases. Do you have recommendations for which broker is good to use for scalping? Against FF forum rules for me to say. If I use for example 1% risk, and set SL to daily low or high, and it is for example 20 pips, and we trail stop 10 pips, then I made a 0.5% gain, right? The question / example is not clear. When SL 20 pips = 1% risk then banking 20 pips is 1% gain, banking 10 pips is 0.5% gain. Understand? Do you enter in every trade if there is opportunity, or you look that the SL be few pips,...

Sorry, can you give me example for last question (spread)? For example with EURUSD. And, can example be with Round Numbers. Thank you!
  • #2,211
  • Jun 12, 2016 2:36pm Jun 12, 2016 2:36pm
Quoting skljsklj1
{quote} Sorry, can you give me example for last question (spread)? For example with EURUSD. And, can example be with Round Numbers. Thank you!

EURUSD lowest open 1.12000

ASK = 1.12000 BID 1.11980 SPREAD = 1.12000 - 1.11980 = 0.00020

You buy at the ASK PRICE of 1.12000

5 minutes later...

ASK = 1.12070 BID 1.12050 SPREAD = 1.12070 - 1.12050 = 0.00020

Your current profit/loss = BID - your entry price or 1.12050 - 1.12000 = 0.00050

Your break even is 1.12000

You move your stop to break even plus one pip (BE+1) which is 1.12010

If BID drops to 1.12010 then you are stopped out with a 1 pip profit.

10 minutes later

ASK = 1.12220 BID = 1.12200

Your current profit/loss = BID - your entry price which is 1.12200 - 1.12000 = 0.00200

You change your stop loss to a trailing stop of 10 pips or 0.00100.

Your current stop loss is now at 1.12100

If BID drops to 1.12100 then you are stopped out with a 10 pip profit.

Understand?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,212
  • Jun 12, 2016 2:44pm Jun 12, 2016 2:44pm
SECOND CHANCE
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 65 KB


Looking at the M5 chart with H1 shading.
It appears the best entry is the second chance entry when the current candle is the candle making the highest/lowest H1 open.
Yellow is the lowest H1 open.
Orange is the highest H1 open.

There are very few instances where there not a second chance.
Many of the first chance entries show draw down which sometimes leads to getting stopped out.
The second chance entry does not appear to have draw down leading to stopping out.

When the current candle is not making a highest/lowest H1 open, first chance appears to be a profitable entry with little draw down and stops.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,213
  • Jun 12, 2016 2:55pm Jun 12, 2016 2:55pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 56 KB


This chart may be easier to see.

From the left
The first green H1 candle made the lowest H1 open at the time. yellow X
The first M5 bar would have stopped out when it made a new daily low. blue X

The second entry would have allowed BE+1 to be employed.

The third entry, after almost making a another new daily low, would have be very profitable.

Three hours later a red H1 candle closed.
The next candle did not make a new lowest H1 open.
Price dipped through the lowest H1 open and gave the chance for another lowest H1 open entry.
The trade would have been very profitable.

The takeaway is to wait for a second chance when the H1 open of the current H1 candle is making a new highest/lowest open.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,214
  • Jun 12, 2016 3:10pm Jun 12, 2016 3:10pm
A search of other threads for possible ideas to improve this method yielded no results.
Hopefully, that does not sound bad and you do not take it the wrong way.
All it means is my search failed.
Does not mean your search, if you choose to look elsewhere, will have the same results.

Putting their indicators on my charts did not offer any benefits.
There was nothing to improve the timing.
Nothing to filter out losers.

A closer examination of the price action within the H1 bars is what led the way to the discovery.
The new "rule" is simple and clear.

Unfortunately, the new rule requires us to do the hardest part of this method - WAIT.
Not only must we wait for price to establish a new highest/lowest H1 open,
But we must also wait for it to cross over and back before we enter.
Literally, sitting on our hands may be the best thing we can do.
We have to suppress the urge to click.

The few profitable trades getting filtered out by this rule, would not offset the losses due to stopping out.
Sorry it took me so long to figure this out.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,215
  • Jun 12, 2016 5:11pm Jun 12, 2016 5:11pm
https://www.quora.com/What-are-five-...elf-discipline
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,216
  • Jun 12, 2016 6:25pm Jun 12, 2016 6:25pm
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 46 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,217
  • Jun 12, 2016 6:55pm Jun 12, 2016 6:55pm
Quoting TooSlow
A search of other threads for possible ideas to improve this method yielded no results. Hopefully, that does not sound bad and you do not take it the wrong way. All it means is my search failed. Does not mean your search, if you choose to look elsewhere, will have the same results. Putting their indicators on my charts did not offer any benefits. There was nothing to improve the timing. Nothing to filter out losers. A closer examination of the price action within the H1 bars is what led the way to the discovery. The new "rule" is simple and clear....
But we must also wait for it to cross over and back before we enter. You wait for the drawback now?
  • #2,218
  • Jun 12, 2016 6:56pm Jun 12, 2016 6:56pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 44 KB


Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,219
  • Jun 12, 2016 6:57pm Jun 12, 2016 6:57pm
Quoting wannalearn12
{quote} But we must also wait for it to cross over and back before we enter. You wait for the drawback now?
Suggesting observe the price action and see if this makes sense.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,220
  • Jun 12, 2016 7:02pm Jun 12, 2016 7:02pm
Quoting TooSlow
A search of other threads for possible ideas to improve this method yielded no results. Hopefully, that does not sound bad and you do not take it the wrong way. All it means is my search failed. Does not mean your search, if you choose to look elsewhere, will have the same results. Putting their indicators on my charts did not offer any benefits. There was nothing to improve the timing. Nothing to filter out losers. A closer examination of the price action within the H1 bars is what led the way to the discovery. The new "rule" is simple and clear....
You did not think a TDI could filter out fakeouts? Or waiting covers this for you?
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