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Highest Open / Lowest Open Trade

  • #2,781
  • Jul 1, 2016 7:37am Jul 1, 2016 7:37am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,782
  • Jul 1, 2016 7:52am Jul 1, 2016 7:52am
USD ISM Manufacturing PMI .....RED card news out in just over 1 Hours time.
  • #2,783
  • Edited 8:13am Jul 1, 2016 7:56am | Edited 8:13am
EDIT....A probability of a new Higher H1 Open......so will have to wait until 15Minutes past the hour for an M15 open in that new area.

Edit....no trade again.....another new daily high made, (breakout)

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  • #2,784
  • Jul 1, 2016 8:02am Jul 1, 2016 8:02am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,785
  • Jul 1, 2016 8:12am Jul 1, 2016 8:12am
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What is the reason for not entering at the lowest H1 open?
HINT: Price action.

Thinking we should call the lowest H1 open the BUY LINE and the highest H1 open the SELL LINE for simplicity and clarity.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,786
  • Jul 1, 2016 8:15am Jul 1, 2016 8:15am
Quoting TooSlow
{image}
Hi TooSlow, I was watching this earlier, but it took out Yesterdays Low. Any tips on trading it from here please?
Thanks
  • #2,787
  • Jul 1, 2016 8:16am Jul 1, 2016 8:16am
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M1 charts show price action in detail.
Some traders call this "noise".
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,788
  • Jul 1, 2016 8:16am Jul 1, 2016 8:16am
Quoting MichaelG
{quote} Hi TooSlow, I was watching this earlier, but it took out Yesterdays Low. Any tips on trading it from here please? Thanks
Observe the price action.
Count red/green candles in a row.
Have patience.
Remember, the only certainty is price will go up and down.

The market is your teacher.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,789
  • Jul 1, 2016 8:22am Jul 1, 2016 8:22am
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Can you tell me what price did?
What did the market tell you with that last long tail (bottom wick)?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,790
  • Jul 1, 2016 8:23am Jul 1, 2016 8:23am
Quoting TooSlow
{quote} Observe the price action. Count red/green candles in a row. Have patience. Remember, the only certainty is price will go up and down. The market is your teacher. {image}
Thanks TooSlow. Based on USD Red card news out in a little over half an hour, and that means volatility, I might just watch and learn something here.
Have a great weekend. Cheers
  • #2,791
  • Jul 1, 2016 8:24am Jul 1, 2016 8:24am
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Can you tell me what price did?
What did the market tell you with that last long wick (top wick)?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,792
  • Jul 1, 2016 8:25am Jul 1, 2016 8:25am
Quoting MichaelG
{quote} Thanks TooSlow. Based on USD Red card news out in a little over half an hour, and that means volatility, I might just watch and learn something here. Have a great weekend. Cheers
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The market is shouting.
Can you hear it?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,793
  • Jul 1, 2016 8:26am Jul 1, 2016 8:26am
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Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,794
  • Jul 1, 2016 8:26am Jul 1, 2016 8:26am
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Rule #1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,795
  • Jul 1, 2016 8:30am Jul 1, 2016 8:30am
What causes price to move?
What causes price to move a little?
What causes price to move a lot?
What usually happens after price moves a little?
What usually happens after price moves a lot?


"Successful people ask better questions, and as a result, they get better answers." - Tony Robbins

Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.

"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
  • #2,796
  • Jul 1, 2016 8:33am Jul 1, 2016 8:33am
Hi , often happen this , so learn a method and study a daily plane/routine with a good money plane.



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  • #2,797
  • Jul 1, 2016 8:36am Jul 1, 2016 8:36am
Quoting TooSlow
{image} Can you tell me what price did? What did the market tell you with that last long tail (bottom wick)?
For me, the M1 is just too quick, but that's just my preference. Doesn't mean I am right. But certainly ignoring the rules of this strategy, and if I was to look at what higher time frames might be suggesting to me from a price action perspective, then I would have been looking to sell this pair from todays high price.
But I wouldn't have been able to justify an entry there using this strategy, as there was no M15 or M5 entry available at that level (that I have seen from a quick look)
Anyway, again, have a great weekend. It's moving towards midnight here in Aus, and with the red card news out soon, I will call it a night. Cheers
  • #2,798
  • Jul 1, 2016 8:40am Jul 1, 2016 8:40am
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You are trading price.
You are not trading M1, M5, M15, M30, H1, H4, D1, W1 or MN1 charts.
YOU ARE TRADING PRICE.

When price makes a new daily high or daily low, it does not matter what chart you are viewing.
When a new bar/candle open at the top of the hour, it is an arbitrary line in the sand at a moment in time.
Nothing more.
Nothing less.
There is nothing magical about the H1 open.

Price may go up.
Price may go down.
Price may criss cross the H1 open.
Price will move.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,799
  • Jul 1, 2016 8:44am Jul 1, 2016 8:44am
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The flaw in your thinking is believing price will always behave the same way.
The solution is to quit thinking.
Instead, follow the market's lead.
When dancing with the market, the market always leads.

The rules and guidelines presented in this thread are based on one trader's experience.
That is all.
Nothing set in stone.
Nothing holy or sacred.


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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,800
  • Jul 1, 2016 8:46am Jul 1, 2016 8:46am
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At the end of the day, price usually closes above the BUY LINE (lowest H1 open) and below the SELL LINE (highest H1 open).
We attempt to profit from this simple observation.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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