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Highest Open / Lowest Open Trade

  • #2,821
  • Jul 1, 2016 2:52pm Jul 1, 2016 2:52pm
Quoting trader-f1
{quote} Hi TooSlow, I don't think I can hear it I would appreciate it if you could detail a bit more your thought process and what "hints" you're a looking for in the lower TF such as M1. Looking back at the attached M1 chart, bar 22 had a long bottom wick and to me it looked like there was some buyer interest in this area. Would you have any specific reason not to enter on bar 21? Then bar 4 once again hinted at more buyers in this area but you could see sellers pushing price back down on bar 2... Sellers "won" this time and price made...
"what "hints" you're a looking for in the lower TF such as M1."

Please banish thoughts of lower/higher TF.
It is distorting your vision.
You can look at a clock.
You can look at a calendar.
They both "measure" and display the same thing - time.

A clock shows seconds, minutes, hours.
A calendar shows day, weeks, months, years.
Does anything change by looking at a clock or calendar?
Does time move any differently on a clock than it does on a calendar?

When you look at a clock, you see"time".
When you look at a calendar, you see "time".
A clock show time in smaller "chunks" than a calendar.
But what you see is still time.

Attached Image (click to enlarge)
Click to Enlarge Name: Bruce-Lee-Quote-Right-time.jpg Size: 40 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,822
  • Jul 1, 2016 2:54pm Jul 1, 2016 2:54pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 50 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,823
  • Jul 1, 2016 3:07pm Jul 1, 2016 3:07pm
Who is actually trading this method with real money?
Who is trading only one pair?
Who is having success trading this method?
Who is ready to abandon this method?
Who is afraid to trade this method?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,824
  • Jul 1, 2016 3:20pm Jul 1, 2016 3:20pm
Quoting TooSlow
Who is actually trading this method with real money? Who is trading only one pair? Who is having success trading this method? Who is ready to abandon this method? Who is afraid to trade this method?
Sincerely, I am little afraid. I dont want to you understand me wrong, but I am honest. I did not master this system, so I think my opinion is not important.
I am afraid, beacuse of risk/reward. I am little scared, beacuse I think BE+1, BE+5 is small profit, and one bad trade which hit SL will wipe these BE+ trades.

But, I like this method, more then any other which i tried. I'm sick of pattern, S/R, pivot points...

I am ready to give my best. I'M NOT THINKING ABOUT QUITTING.

Just my opinion.
Thank you TooSlow.
  • #2,825
  • Jul 1, 2016 3:57pm Jul 1, 2016 3:57pm
Quoting skljsklj1
{quote} Sincerely, I am little afraid. I dont want to you understand me wrong, but I am honest. I did not master this system, so I think my opinion is not important. I am afraid, beacuse of risk/reward. I am little scared, beacuse I think BE+1, BE+5 is small profit, and one bad trade which hit SL will wipe these BE+ trades. But, I like this method, more then any other which i tried. I'm sick of pattern, S/R, pivot points... I am ready to give my best. I'M NOT THINKING ABOUT QUITTING. Just my opinion. Thank you TooSlow.


BE+1 is a preventative measure.
BE+5 is a lock on profit.
There is the possibility of exiting at BE+10 or more.
Trade 0.01 ( a micro lot ).
That is 10 cents a pip.
A stop loss of 20 is usually the biggest you see with this method.
That's $2.00 USD.
Now, what exactly are you afraid of?

Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 49 KB


Does the above chart scare you?
Or do you wish you had entered that trade?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,826
  • Jul 1, 2016 4:00pm Jul 1, 2016 4:00pm
Quoting skljsklj1
{quote} Sincerely, I am little afraid. I dont want to you understand me wrong, but I am honest. I did not master this system, so I think my opinion is not important. I am afraid, beacuse of risk/reward. I am little scared, beacuse I think BE+1, BE+5 is small profit, and one bad trade which hit SL will wipe these BE+ trades. But, I like this method, more then any other which i tried. I'm sick of pattern, S/R, pivot points... I am ready to give my best. I'M NOT THINKING ABOUT QUITTING. Just my opinion. Thank you TooSlow.

Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 47 KB


Does the above chart scare you?
Or do you wish you had entered that trade?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,827
  • Jul 1, 2016 4:01pm Jul 1, 2016 4:01pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 47 KB



Does the above chart scare you?
Or do you wish you had entered that trade?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,828
  • Jul 1, 2016 4:03pm Jul 1, 2016 4:03pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 46 KB



Does the above chart scare you?
Or do you wish you had entered that trade?

You do realize, I could post every pair that my broker offers and you will see the chance to have banked pips with this method.
There is no excuse.
None.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,829
  • Edited 4:41pm Jul 1, 2016 4:08pm | Edited 4:41pm
Quoting TooSlow
{quote} BE+1 is a preventative measure. BE+5 is a lock on profit. There is the possibility of exiting at BE+10 or more. Trade 0.01 ( a micro lot ). That is 10 cents a pip. A stop loss of 20 is usually the biggest you see with this method. That's $2.00 USD. Now, what exactly are you afraid of? {image} Does the above chart scare you? Or do you wish you had entered that trade?
I wish I entered this trade. SL is small, so this trade have good chance for good risk/reward.Yes, loss is $2 when SL is 20 pips. Trades which bank 10 pips with BE+10 and have SL 20 pips, thats 1/0.5 risk reward ratio. That is what scare me. In long term, profits will be negative, right? TooSlow, I am beginner. I do not want to be rude with this posts. My english is not good, so it is little hard for me to write exactly how I mean it on my language
  • #2,830
  • Jul 1, 2016 4:51pm Jul 1, 2016 4:51pm
Quoting skljsklj1
{quote} I wish I entered this trade. SL is small, so this trade have good chance for good risk/reward.Yes, loss is $2 when SL is 20 pips. Trades which bank 10 pips with BE+10 and have SL 20 pips, thats 1/0.5 risk reward ratio. That is what scare me. In long term, profits will be negative, right? TooSlow, I am beginner. I do not want to be rude with this posts. My english is not good, so it is little hard for me to write exactly how I mean it on my language
Either trade in demo or trade with real money a dime a pip.
Trading is the only way.
Talk is just talk.
Do you want to dance?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,831
  • Edited 5:19pm Jul 1, 2016 5:03pm | Edited 5:19pm
Quoting TooSlow
{quote} Either trade in demo or trade with real money a dime a pip. Trading is the only way. Talk is just talk. Do you want to dance?
Im ready to dance! Probably I will not start now, but later... But, I am ready to learn this method.

1) This method is profitable for you?
2) 5-10% monthly is realistic with this method?

This is probably two less important question, but for me, it is very important.
I know, it is not good beacuse I think only about monthly return, and not about how to master this method, but this is question which is important for me.

Thank you, TOOSLOW!!!
  • #2,832
  • Jul 1, 2016 6:06pm Jul 1, 2016 6:06pm
Quoting TooSlow
Who is actually trading this method with real money? Who is trading only one pair? Who is having success trading this method? Who is ready to abandon this method? Who is afraid to trade this method?
Hello TooSlow

I'm ready to "dance" on a demo account because I did not still master this method but I'm struggling to find my way to apply it.
The problem is that when back from work NY is still open for about 2 hours where usually the market is almost flat. Asian session open (during the night for me) is still usually flat so difficult to find trade set up. I'm based in UK but cannot take advantage of the London session as at that time I'm starting my regular job.

Apart these issues, you can see many trade opportunities where instead I cannot. Probably it's just a question of training.
I like your system that is free from indicators but is NOT simple as it sound. It will require practice practice practice to be profitable like you.

For example, could you please explain your post 2825? Below is the chart you posted there:
The price did't go below "H1[6] Open Low" so where is the trade setup on that chart?
Please advice.

Regards
Merka
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow USDCAD H1.png Size: 49 KB
  • #2,833
  • Jul 1, 2016 6:32pm Jul 1, 2016 6:32pm
Quoting TooSlow
{quote} When Apple announces a new iPhone or Nike announces a new pair of Air Jordans, people queue up to purchase. Sometimes they will wait in line for days. When the stores open the doors, people rush in and there is a feeding frenzy. The clerks can not sell them phones or shoes fast enough. The store may run out before the line is empty. A long tail on a M1 candle and a big bullish M1 candle indicates there were enough buyers to raise the price in a short period of time. Do you think everyone got their phones or shoes at the price they wanted...
Thanks for the extensive response, TooSlow.

Your analogy with retail (iPhones and Air Jordans) makes perfect sense to me.

After reading your thread, although your method relies on the close of H1 bars to set the lowest/highest open of the day, it has become clearer to me that you may have an interesting point about timeframes. Price will always be the same regardless of what timeframe we're looking at.

Big move over short period of time indicates?
Buying or selling frenzy (panic) due to supply demand imbalance

Small move over long period of time indicates?
Price in equilibrium (consolidation) - market agrees on a "fair price" over specific period of time

Not sure if I got the answers right but even if I did I have to confess that at this moment I cannot use this information to trade more profitably.
Going back to the chart, should I have skipped the USDCAD setup because of the M1 price action?
Should I be bothering about additional "clues" before pulling/not pulling the trigger?
Am I overthinking this whole thing looking for more "certainty"?
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 48 KB
  • #2,834
  • Jul 1, 2016 6:54pm Jul 1, 2016 6:54pm
Quoting Merka
{quote} Hello TooSlow I'm ready to "dance" on a demo account because I did not still master this method but I'm struggling to find my way to apply it. The problem is that when back from work NY is still open for about 2 hours where usually the market is almost flat. Asian session open (during the night for me) is still usually flat so difficult to find trade set up. I'm based in UK but cannot take advantage of the London session as at that time I'm starting my regular job. Apart these issues, you can see many trade opportunities where instead I...
For me Japanes sesion work better beacuse somwere there starts everything..... japanese end US are the best for these system, London sesion allways comes in to the midle....
  • #2,835
  • Jul 1, 2016 7:20pm Jul 1, 2016 7:20pm
Quoting trader-f1
{quote} Thanks for the extensive response, TooSlow. Your analogy with retail (iPhones and Air Jordans) makes perfect sense to me. After reading your thread, although your method relies on the close of H1 bars to set the lowest/highest open of the day, it has become clearer to me that you may have an interesting point about timeframes. Price will always be the same regardless of what timeframe we're looking at. Big move over short period of time indicates? Buying or selling frenzy (panic) due to supply demand imbalance Small move over long period...
M1 price action?
There is only price action.
Don't look for clues.
Instead, observe the obvious.
This is trading.
Not rocket science.
Just dance with the market.
There is nothing to think about.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,836
  • Jul 1, 2016 7:52pm Jul 1, 2016 7:52pm
Quoting mizi123
{quote} For me Japanes sesion work better beacuse somwere there starts everything..... japanese end US are the best for these system, London sesion allways comes in to the midle....
Hi Mizi,
you can trade this strategy at any time of the trading day. I am in Australia, You are in Japan, TooSlow is in America(I think).
We all can't be awake for the whole 24 hours, but this strategy allows anyone, at any time of the trading day, wherever they might live, to trade this strategy.
If the conditions are right, then you can trade. If they are not, then you don't. It's that simple.

This chart shows only one chance for the trading day to enter. It happened during the Asian session. No other opportunity was given to enter a trade on this pair for that day if you followed the rules.
After candle A made the new Daily High, candle B gave us an opportunity when it pushed price up into our area of interest.
Did it make a new Daily High?....No. Was it above YESTERDAYS HIGH?....NO
Was there an M15 or M5 candle OPEN in our area of interest?.....On the M15.....NO.....On the M5....Yes.
So our setup conditions are met. We can trade this pair.

Attached Image (click to enlarge)
Click to Enlarge Name: HOLO O.jpg Size: 104 KB


As mentioned, there was no other opportunity to trade this pair on this trading day if you traded by the rules. There was no valid entry when price came down near the TODAYS LOWEST H1 OPEN price. The setup conditions were not met. We did not have an M15 or M5 candle open within our area of interest....so NO TRADE.

But there are always other opportunities on other pairs at any time of the day. It doesn't matter where you live. You cannot say that all reversals will occur during the London session....or the US session.....or the Asian session.......
The simple fact is, you do not know what price will do next....EVER.....so you simply trade if the strategy rules are met. On what ever time or candle that may be. Either the rules are met....or they are not.
I hope that helps......Cheers
  • #2,837
  • Edited 8:30pm Jul 1, 2016 8:06pm | Edited 8:30pm
TooSlow mentions that you need to have patience to trade this strategy. You need to sit on your hands. You need to WAIT.

You may have heard the analogy of Trading like a Sniper....
Think of yourself as the sniper....The sniper has to wait until ALL the conditions are perfect before the trigger is pulled. Correct?
So you need to do the same when trading. Not only with this strategy, but with all trading strategies. ALL trading strategies have rules. If you don't follow the rules, then you will probably fail.
The sniper follows his rules. He has to wait until the wind is in the right direction. The distance to the target has to be achievable. And the target has to be in the right spot.
If these conditions are not met, then the sniper will not pull the trigger. Usually, the sniper will have only one shot at the target, so everything has to be PERFECT, because he will probably not get another shot.
With trading, we are sometimes a bit luckier than the sniper. We might get more than one shot(trade) at the target, but we still need the conditions to be perfect BEFORE we pull the trigger. (place the trade)
Learn to trade like a sniper. Learn to wait for the conditions to be perfect BEFORE you pull the trigger.
Cheers
  • #2,838
  • Jul 2, 2016 3:31am Jul 2, 2016 3:31am
Quoting MichaelG
{quote} Hi Mizi, you can trade this strategy at any time of the trading day. I am in Australia, You are in Japan, TooSlow is in America(I think). We all can't be awake for the whole 24 hours, but this strategy allows anyone, at any time of the trading day, wherever they might live, to trade this strategy. If the conditions are right, then you can trade. If they are not, then you don't. It's that simple. This chart shows only one chance for the trading day to enter. It happened during the Asian session. No other opportunity was given to enter a trade...
Thanc you michael and ToSloow you are right about everything that's it What i like about these method besides all other things there are mentioned is that the risk about SL-ses is very low and gives me a chance to collect and keep pips, and really gives me some kinde of confidence when i em in
  • #2,839
  • Jul 2, 2016 5:36am Jul 2, 2016 5:36am
The harder the climb, the bigger the success. You must read these ppl is motivation and have some insedes wich are important for us
http://www.success.com/article/5-rea...ll-your-plan-b
  • #2,840
  • Jul 2, 2016 10:27am Jul 2, 2016 10:27am
Quoting TooSlow
Who is actually trading this method with real money? Who is trading only one pair? Who is having success trading this method? Who is ready to abandon this method? Who is afraid to trade this method?

TooSlow, Just wanted to share with you & everyone my views on this. Starting last Friday I put this method
to the test in demo mode after reading the entire thread. As of close on this Friday I had taken 10 trades with
8 being winners & 2 losers. The two losers were a result of me not reading what the indicator plotted on the
chart correctly. Totally my mistake.

This is a very simplistic approach to trading, but it took me at least to page 25 to get my mind around the
dynamics of the method. For me it was so simple that it was hard at first to understand.

The only concern I have is that some of the info plotted on the chart by the indicator is overlapping thereby
making it hard to read & at times the box part of the indicator does not show on the chart. Now maybe I am doing something
wrong to cause this. I'm open to suggestion on how to fix this.

Overall this is a great simplistic & concise way to trade. Just follow the rules & wait for the trades to setup. Being patient
is the key. Let the trades come to you.

Thank you TooSlow for sharing & inspiring others.
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