My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Highest Open / Lowest Open Trade
- #2,702
- Jun 29, 2016 2:08pm Jun 29, 2016 2:08pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
{quote} May we see your history from account, on the charts not possible see profitable orders. This is my history from 20.06.2016 Profit for 10 days about 20% {image}
Keep up the good trading.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,703
- Jun 29, 2016 2:49pm Jun 29, 2016 2:49pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,704
- Jun 29, 2016 3:06pm Jun 29, 2016 3:06pm
- Joined Feb 2006 | Status: Trader | 2,228 Posts
{quote} You have not read this thread. You are not following the rules. The entry is AT THE LINE. No where is it posted to wait for a bar to close. NO WHERE! Do not expect this method to be profitable if you do not know the rules. Do not expect this method to be profitable if you do not follow the rules.
TooSlow when I read this I went back in time to the Turtle Traders phenomenon. Many were trained in Richard Dennis's trend trading way,
but how many survived? Their demise was clearly from NOT FOLLOWING THE RULES. Those that saw the merits of following the rules,
well you know the rest of the story $$$$$$.
I have read the rules & they are very straight forward & concise. Thank you for sharing & may the pips rain down on your account my friend.
__________________________________
- #2,705
- Jun 29, 2016 3:09pm Jun 29, 2016 3:09pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,706
- Jun 29, 2016 3:25pm Jun 29, 2016 3:25pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,707
- Jun 29, 2016 3:25pm Jun 29, 2016 3:25pm
{quote} Rule N7 - Enter at line Rule N3 - Bar must open between extreme and Higher Open {image}
safrash I will try to explain you where you need to enter.
In the right corner you have numbers (1, 2, 3, 4, 5). This is number of picture. I write it, so it will be easier to follow.
Numbers which is below candle is number of candle. Current candle is number 0. Previous candle is number 1. ...
Picture 1: Candle #1 make a new daily low. 1.1500 is lowest H1 open. In TooSlow chart it is marked like this: H1[0] Open Low.
Picture 2: Candle #0 is current candle. This is entry candle. When this candle appear (for example at 15:00), it is just a line.
Picture 3: Then, current candle (#0) must to go below its open (1.1500) to test low of candle #1 (red wick of candle #1). But, current candle must not make a new daily low. It must to get near it.
Picture 4: Then,current candle (#0) need to go to its open. This is where you ENTER (it this case long)! You ENTER at open of current candle (#0)! In this case, you enter at 1.1500, beacuse this is open price of current candle.
Picture 5: And, thats it. And beacuse you dance with market, but market always lead, you will see if it will go in profit. In this situation (picture 5), you will be in profit.
This example is when we trade LONG. For SHORT, everything is same, just vice versa.
I hope this will help you and others traders. If something is not clear, please tell me.
TooSlow, please correct me if I write something wrong.
Thanks!
- #2,708
- Jun 29, 2016 3:39pm Jun 29, 2016 3:39pm
{quote} safrash I will try to explain you where you need to enter. In the right corner you have numbers (1, 2, 3, 4, 5). This is number of picture. I write it, so it will be easier to follow. Numbers which is below candle is number of candle. Current candle is number 0. Previous candle is number 1. ... Picture 1: Candle #1 make a new daily low. 1.1500 is lowest H1 open. In TooSlow chart it is marked like this: H1[0] Open Low. Picture 2: Candle #0 is current candle. This is entry candle. When this candle appear (for example at 15:00), it is just...
Thank you for explanation, you can write a full algorithm of trading. Do you see trade in big TF? Do you see resistance & support levels? Do you see Sessions? What is MM?
A more questions
- #2,709
- Jun 29, 2016 3:47pm Jun 29, 2016 3:47pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,710
- Edited 4:48pm Jun 29, 2016 4:25pm | Edited 4:48pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
In order to learn this method and use it profitably, you must abandon concepts having nothing to do with this method.
Forget about support/resistance.
Forget about multiple chart periods.
Forget about closed candles.
Forget about supply/demand.
Forget about trend.
These concepts will hinder your progress.
These concepts are obstacles in your way.
These concepts are blurring your vision.
Wipe them away.
Forget about support/resistance.
Forget about multiple chart periods.
Forget about closed candles.
Forget about supply/demand.
Forget about trend.
These concepts will hinder your progress.
These concepts are obstacles in your way.
These concepts are blurring your vision.
Wipe them away.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,711
- Jun 29, 2016 4:37pm Jun 29, 2016 4:37pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,712
- Jun 29, 2016 4:46pm Jun 29, 2016 4:46pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,713
- Jun 29, 2016 7:48pm Jun 29, 2016 7:48pm
- Joined Mar 2012 | Status: Trader | 14,314 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,714
- Jun 29, 2016 11:37pm Jun 29, 2016 11:37pm
Hi All,
I wanted to try to help explain the entry process in a "visual" fashion that may (or may not) be of assistance to some traders.
This is a series of charts looking at each step in the process of identifying possible setups, identifying actual valid setups, and activating the trade. There are notations on each chart....starting with the H1....and ending at the M15. I am specifically looking at a SELL trade in this example. The EXACT REVERSE will be true for a BUY trade. I trust this will be of assistance.
Regards
Michael
In the above chart, we need to concern ourselves with 4 basic price levels. YESTERDAYS HIGH......YESTERDAYS LOW.
If current price is above the HIGH or below the LOW, then that would be seen as a breakout, and to be traded with caution. This example does not look at breakouts.
So if price is within YESTERDAYS HIGH AND LOW price, we can then look at where price is in relation to TODAYS HIGH.....and TODAYS HIGHEST H1 OPEN price.
The above chart looks at the situation just prior to the close of that H1 candle.
The next chart looks at the situation just AFTER the new H1 candle opens.
I wanted to try to help explain the entry process in a "visual" fashion that may (or may not) be of assistance to some traders.
This is a series of charts looking at each step in the process of identifying possible setups, identifying actual valid setups, and activating the trade. There are notations on each chart....starting with the H1....and ending at the M15. I am specifically looking at a SELL trade in this example. The EXACT REVERSE will be true for a BUY trade. I trust this will be of assistance.
Regards
Michael
In the above chart, we need to concern ourselves with 4 basic price levels. YESTERDAYS HIGH......YESTERDAYS LOW.
If current price is above the HIGH or below the LOW, then that would be seen as a breakout, and to be traded with caution. This example does not look at breakouts.
So if price is within YESTERDAYS HIGH AND LOW price, we can then look at where price is in relation to TODAYS HIGH.....and TODAYS HIGHEST H1 OPEN price.
The above chart looks at the situation just prior to the close of that H1 candle.
The next chart looks at the situation just AFTER the new H1 candle opens.
- #2,717
- Jun 30, 2016 2:02am Jun 30, 2016 2:02am
- Joined Jan 2015 | Status: Never underestimate value of an pip | 4,677 Posts
Hi All, I wanted to try to help explain the entry process in a "visual" fashion that may (or may not) be of assistance to some traders. This is a series of charts looking at each step in the process of identifying possible setups, identifying actual valid setups, and activating the trade. There are notations on each chart....starting with the H1....and ending at the M15. I am specifically looking at a SELL trade in this example. The EXACT REVERSE will be true for a BUY trade. I trust this will be of assistance. Regards Michael {image} In the above...
- #2,718
- Jun 30, 2016 2:32am Jun 30, 2016 2:32am
Hi, me again.....
I just want to touch on the BREAKOUTS. There are TWO types of breakouts.
One is where YESTERDAYS HIGH or LOW price is taken out. As TooSlow says, trade reversals from breakouts with caution.
The second type is the breakouts we regularly see when trading this strategy. That is, where consecutive H1 candles, make new daily highs(TODAYS HIGH). As soon as price takes out the previous daily high, it is considered a breakout, and a reversal trade should be traded with caution.
(The example below also demonstrates why we use rules)
Regards
Michael
I just want to touch on the BREAKOUTS. There are TWO types of breakouts.
One is where YESTERDAYS HIGH or LOW price is taken out. As TooSlow says, trade reversals from breakouts with caution.
The second type is the breakouts we regularly see when trading this strategy. That is, where consecutive H1 candles, make new daily highs(TODAYS HIGH). As soon as price takes out the previous daily high, it is considered a breakout, and a reversal trade should be traded with caution.
(The example below also demonstrates why we use rules)
Regards
Michael
- #2,719
- Jun 30, 2016 3:08am Jun 30, 2016 3:08am
- Joined Mar 2007 | Status: Trader | 1,086 Posts
The quality of your life is brought about by the quality of your thinking.
- #2,720
- Jun 30, 2016 3:31am Jun 30, 2016 3:31am
Hi,
Thanks to all for your kind words. Much appreciated.
Now just one last post for now, for those who may struggle with the difference between the ASK price and the BID price.
This is not "on thread topic", but I think it is relevant to this type of strategy.
Forgive me if you know this. Just something that might help new traders. Hope it helps.
Regards
Michael
Thanks to all for your kind words. Much appreciated.
Now just one last post for now, for those who may struggle with the difference between the ASK price and the BID price.
This is not "on thread topic", but I think it is relevant to this type of strategy.
Forgive me if you know this. Just something that might help new traders. Hope it helps.
Regards
Michael