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Highest Open / Lowest Open Trade

  • #2,621
  • Jun 28, 2016 11:07am Jun 28, 2016 11:07am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,622
  • Jun 28, 2016 11:42am Jun 28, 2016 11:42am
Quoting TooSlow
{image}
  • #2,623
  • Jun 28, 2016 11:56am Jun 28, 2016 11:56am
Quoting TooSlow
{quote} TP is set before it is reached. Move stop when TP triggered
Ok. But I dont understand it so well. I set 20 pips SL and 5 pips TP. And when my TP is hit, trade will be closed in profit, right? How I can move then my SL to BE+1 when trade will be closed. Sorry. I dont understand. Do you have multiple position then? You trade for example one lot but enter two trades with 0.5 lot, and on one trade you set TP 5 pips, but on antoher you move yor SL to BE+1?
  • #2,624
  • Jun 28, 2016 12:12pm Jun 28, 2016 12:12pm
Quoting skljsklj1
{quote} Ok. But I dont understand it so well. I set 20 pips SL and 5 pips TP. And when my TP is hit, trade will be closed in profit, right? How I can move then my SL to BE+1 when trade will be closed. Sorry. I dont understand. Do you have multiple position then? You trade for example one lot but enter two trades with 0.5 lot, and on one trade you set TP 5 pips, but on antoher you move yor SL to BE+1?

Rules - Post #1:

Stop loss is the current daily high or current daily low.
Adjust your position size accordingly.

Take profit by moving stop.
When trade is +5 or more, move stop to BE+1.
When trade is +10 or more, move to to BE+5, or switch to trailing stop.
Optional exit is to exit part of trade position with a profit to bank it, move stop to BE+1 and watch the market.

Either way, you get a free trade if it moves +5 pips or more. Take half off and move stop to +1, or move stop to +1 and see if it goes to +20 or more. Or, if only trading one lot, move stop to +1 as soon as you hit +5. Free trade.

Also, stop need not necessarily be 20 pips. In fact, if the high or low is 20 pips away, I usually just wait for the next trade. Just my opinion.
Follow the money --Mark Felt (Deepthroat)
  • #2,625
  • Jun 28, 2016 12:47pm Jun 28, 2016 12:47pm
Hi thanks for this amazing system, im a newbie .
can we use this rules of taking profit by moving stop with EA?
can teach me how?
Thanks again for sharing knowledge
  • #2,626
  • Jun 28, 2016 1:07pm Jun 28, 2016 1:07pm
Quoting skljsklj1
{quote} Ok. But I dont understand it so well. I set 20 pips SL and 5 pips TP. And when my TP is hit, trade will be closed in profit, right? How I can move then my SL to BE+1 when trade will be closed. Sorry. I dont understand. Do you have multiple position then? You trade for example one lot but enter two trades with 0.5 lot, and on one trade you set TP 5 pips, but on antoher you move yor SL to BE+1?
Stop loss is set at current daily high + 1 or current daily low - 1.
Seems you need to read through this thread.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,627
  • Jun 28, 2016 1:11pm Jun 28, 2016 1:11pm
Quoting TooSlow
{quote} Stop loss is set at current daily high + 1 or current daily low - 1. Seems you need to read through this thread.
I know this TooSlow. This is just for example. I understand this method now.Sorry, I ask so much question, but I only want to learn. Thank you for your effort to answer all my questions, my friend.
  • #2,628
  • Jun 28, 2016 1:16pm Jun 28, 2016 1:16pm
Quoting longfellow
{quote} Rules - Post #1: Stop loss is the current daily high or current daily low. Adjust your position size accordingly. Take profit by moving stop. When trade is +5 or more, move stop to BE+1. When trade is +10 or more, move to to BE+5, or switch to trailing stop. Optional exit is to exit part of trade position with a profit to bank it, move stop to BE+1 and watch the market. Either way, you get a free trade if it moves +5 pips or more. Take half off and move stop to +1, or move stop to +1 and see if it goes to +20 or more. Or, if only trading...
Yes I know this. I read rules and I understand this method. But TooSlow write "TP is set before it is reached. Move stop when TP is triggered". When TP is reached, trade isclosed then, right? This is what confuse me Thank you for help longfellow.
  • #2,629
  • Jun 28, 2016 3:03pm Jun 28, 2016 3:03pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,630
  • Jun 28, 2016 3:07pm Jun 28, 2016 3:07pm
AUDCAD BUY
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  • #2,631
  • Jun 28, 2016 4:22pm Jun 28, 2016 4:22pm
EURUSD M30 CHARTS .... 13 pips
Attached File(s)
File Type: rar M30 EURUSD OHLC.rar   255 KB | 749 downloads
  • #2,632
  • Jun 28, 2016 5:42pm Jun 28, 2016 5:42pm
Hi To slow what do you thinking about using the semafor as you can see on the chart when the semafor apeers there somwere is the end of down or up move only there you can look for daily high or low... thanc you? Allsow 10 MA is very good entry point after semafor apeers and pricese turns when candle tuches the 10 MA ..
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  • #2,633
  • Jun 28, 2016 8:48pm Jun 28, 2016 8:48pm
Quoting mizi123
Hi To slow what do you thinking about using the semafor as you can see on the chart when the semafor apeers there somwere is the end of down or up move only there you can look for daily high or low... thanc you? Allsow 10 MA is very good entry point after semafor apeers and pricese turns when candle tuches the 10 MA .. {image}

"Perfection is not when you have nothing more to add, but when you have nothing more to take away." - Antoine De Saint Exupery

"It is not about adding on, but taking away. The less technique, the better you are." - Bruce Lee
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,634
  • Jun 28, 2016 8:52pm Jun 28, 2016 8:52pm
If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.
Bill Lipschutz


http://dailypriceaction.com/articles...s#comment-2728
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,635
  • Jun 28, 2016 11:07pm Jun 28, 2016 11:07pm
Quoting TooSlow
{quote} Welcome Merka. There is a widespread misconception amongst far too many traders. They are mistaken about what different time frames represent. They are also mistaken about trading on different time frames. First, changing chart time frames has no affect at all on the market. The price does not change when you change time frames. All that changes is how much price history you are viewing. Think of it like a zoom lens on a camera. When you zoom out, you get a wider, higher picture. When you zoom in, you get a narrower picture. Secondly, for...
Hi Too Slow,
Do you look at the higher time frames say daily or H4 to get a directional bias at all since one side on H1 is with trend and the other is counter trend?

Also, if you don't mind, what is your daily routine like? I believe you trade from around 10 am - 1 pm EST? How do you prep for your trading day? Thank you
  • #2,636
  • Jun 29, 2016 12:15am Jun 29, 2016 12:15am
Hi TooSlow,
I have been through all the posts on your thread, and I am reasonably confident that I have a grip on this strategy. That's not to say that I am an expert, but simply that I feel I understand the strategy according to the rules. Thankyou.
I notice throughout the thread, that there are a lot of "similar" styled questions being asked, and I wonder if I might be able to assist some traders in posting some "visual" explanations that relate directly to the rules. That may also reduce the duplication of questions that you have to respond to.
It is not my wish to "hijack" your thread, instead it is my experience that some people sometimes understand/respond more quickly with a visual representation of the rules, and that may help out a few people.
Please advise if that is okay, and if so, would you prefer me to email a copy of it to you for scrutiny first?
Thankyou for an enlightening thread.
Kind regards. Michael.
  • #2,637
  • Jun 29, 2016 12:18am Jun 29, 2016 12:18am
Quoting courier12
{quote} Hi Too Slow, Do you look at the higher time frames say daily or H4 to get a directional bias at all since one side on H1 is with trend and the other is counter trend? Also, if you don't mind, what is your daily routine like? I believe you trade from around 10 am - 1 pm EST? How do you prep for your trading day? Thank you
Look at my charts.
The current daily high/low are marked.
The daily open is marked.
For what reason do I need to look at a higher time frame for directional bias?

My usual session is from 8am NY time to 2 pm.
Prep is turning the computer on.
Check to see if there will be red news.
Then wait for trade.
What else is there?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,638
  • Jun 29, 2016 12:35am Jun 29, 2016 12:35am
USDJPY M15

Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow D.jpg Size: 72 KB


Waiting for an M15 open between Daily Low and H1 Lowest open.

EDIT....No trade. New Daily LOW formed.
  • #2,639
  • Jun 29, 2016 12:41am Jun 29, 2016 12:41am
EURJPY H1

Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow E.jpg Size: 65 KB


Looking now at the M15 TF for M15 candle open between the Daily LOW and the Lowest H1 OPEN

EDIT....No trade. Price pushed down and made a new Daily Low. Wait.....
  • #2,640
  • Jun 29, 2016 12:48am Jun 29, 2016 12:48am
Quoting TooSlow
{quote} Look at my charts. The current daily high/low are marked. The daily open is marked. For what reason do I need to look at a higher time frame for directional bias? My usual session is from 8am NY time to 2 pm. Prep is turning the computer on. Check to see if there will be red news. Then wait for trade. What else is there?
Thank you Too Slow. That's what I thought. I have been studying this for the past few days and honestly it just seems too simple with no need to look at multiple timeframes and with minimal preparation. The charts themselves are "naked" and with minimal preparation and analysis, I too felt almost unprepared.

Thank you for clarifying my doubts.
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