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Trading is as simple as 1-2-3

  • #1,241
  • Jun 23, 2016 7:09am Jun 23, 2016 7:09am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,242
  • Jun 23, 2016 6:29pm Jun 23, 2016 6:29pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,243
  • Jun 23, 2016 11:35pm Jun 23, 2016 11:35pm
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  • #1,244
  • Jun 24, 2016 8:15am Jun 24, 2016 8:15am
USDCAD H1

Entry at 1.29721.
SL at 1.2965-1 pip (daily low).

Move SL to BE+1 at 5 pips, and trail stop to 15 points.

Exit at 1.29793.

Profit=7.2 pips.
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  • #1,245
  • Edited Jun 25, 2016 11:02am Jun 24, 2016 5:14pm | Edited Jun 25, 2016 11:02am
Hi TooSlow. How are you today? I dont see your charts today, everything is ok?

I decide to read your two threads, Trading is as simple as 1-2-3 & Highest Open/Lowest Open Trade. I read first 50 pages of Trading is as simple as 1-2-3. When I finish with reading this thread, then I will read Highest Open/Lowest Open Trade.

I looked carefully at every chart. And I see something. You probably seen this before, but I think no one ask.

I think, it is better to sell when Daily high is created by bullish candle, and when that candle close near Daily high. In this situation we have better risk/reward. So if our Sl was for example 10 pips, and we decide to move it to BE+5, we will bank 0.5%, right?. But if our SL is bigger, our reward (%) will be smaller. So I think it is better to have a small SL, and then when we move our SL to BE+1, BE+3 or BE+5 we will made nice profit.

Vice verse for Daily low.

I will put few pictures and mark what I think on chart.

Can you say me, if distance between bullish candle close and daily high is small, so we will have smaller SL... then is bigger chance to our SL be hit, and to candle make a new daily high??? If you can, answer on this question from your experiance.

I hope you will understand my question. If not, let me know to try to explain better.

Thank you!

EDIT 1: I put arrow on candle that make new daily high/low. I know that we enter on next candle when price test (get near) new daily high/low of previous candle and then return to open price of current candle.

EDIT 2: You said that, current candle [0] need to test (get near) previous high with 5 pips. But, if it tested it with 1 or 2 pips, is this enough???

EDIT 3: Question: Is currency strength indicator (gauge) which you use with this method helpful? It filter bad trades?
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  • #1,246
  • Jun 27, 2016 9:58am Jun 27, 2016 9:58am
Quoting skljsklj1
Hi TooSlow. How are you today? I dont see your charts today, everything is ok? I decide to read your two threads, Trading is as simple as 1-2-3 & Highest Open/Lowest Open Trade. I read first 50 pages of Trading is as simple as 1-2-3. When I finish with reading this thread, then I will read Highest Open/Lowest Open Trade. I looked carefully at every chart. And I see something. You probably seen this before, but I think no one ask. I think, it is better to sell when Daily high is created by bullish candle, and when that candle close near Daily...
Yes.
Everything ok.

Daily high can only be created by a bullish candle at the time the daily high is made.

Currency strength was being tested to find best pair to trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,247
  • Jun 27, 2016 10:04am Jun 27, 2016 10:04am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,248
  • Jun 27, 2016 10:16am Jun 27, 2016 10:16am
Quoting TooSlow
{quote} Yes. Everything ok. Daily high can only be created by a bullish candle at the time the daily high is made. Currency strength was being tested to find best pair to trade.
Yes I know that daily high is created by bullish candle, but when it create daily high it can turn abd become bearish candle. For example: Daily high is created at 16:30 with bullish candle, but at 17 it become bearish candle. And that our SL is usually bigger.Question 1: Currency strentgh indicator filter bad trades?Question 2: So for example EUR is strong and USD is weak. EURUSD make new daily low, and thwn you will looking to buy EURUSD, right? But if EURUSD make new daily high, you will not sell then, right?Question 3: If highest open is near daily high, and I want to sell after high is tested, so our SL is few pips, is it then higher chance to our SL be hit? I ask this, beacuse if our SL is small, then is better risk/reward, right?Thanl you for answers!
  • #1,249
  • Jun 27, 2016 11:43am Jun 27, 2016 11:43am
Quoting skljsklj1
{quote} Yes I know that daily high is created by bullish candle, but when it create daily high it can turn abd become bearish candle. For example: Daily high is created at 16:30 with bullish candle, but at 17 it become bearish candle. And that our SL is usually bigger.Question 1: Currency strentgh indicator filter bad trades?Question 2: So for example EUR is strong and USD is weak. EURUSD make new daily low, and thwn you will looking to buy EURUSD, right? But if EURUSD make new daily high, you will not sell then, right?Question 3: If highest open...
You are trying too hard.
You are thinking too much.
You will filter out all trades eventually.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,250
  • Jun 27, 2016 11:56am Jun 27, 2016 11:56am
Quoting TooSlow
{quote} You are trying too hard. You are thinking too much. You will filter out all trades eventually.
Ok. So, enter every trade when there is opportunity?
And, when your trade is at 5 pips, you close your half postion to take profit, and move your SL to BE+1 for other half position, right?

Thank you so much for your effort to answer on all my question.
  • #1,251
  • Jun 27, 2016 12:58pm Jun 27, 2016 12:58pm
Quoting skljsklj1
{quote} Ok. So, enter every trade when there is opportunity? And, when your trade is at 5 pips, you close your half postion to take profit, and move your SL to BE+1 for other half position, right? Thank you so much for your effort to answer on all my question.
Yes.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,252
  • Jun 27, 2016 2:56pm Jun 27, 2016 2:56pm
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  • #1,253
  • Jun 28, 2016 9:57am Jun 28, 2016 9:57am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,254
  • Jun 29, 2016 8:05am Jun 29, 2016 8:05am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,255
  • Jun 29, 2016 9:00am Jun 29, 2016 9:00am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,256
  • Jun 30, 2016 10:06am Jun 30, 2016 10:06am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,257
  • Jul 1, 2016 8:48am Jul 1, 2016 8:48am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,258
  • Jul 1, 2016 12:43pm Jul 1, 2016 12:43pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,259
  • Jul 4, 2016 8:07am Jul 4, 2016 8:07am
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  • #1,260
  • Jul 4, 2016 12:41pm Jul 4, 2016 12:41pm
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