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Highest Open / Lowest Open Trade

  • #2,841
  • Jul 2, 2016 12:19pm Jul 2, 2016 12:19pm
Quoting acetrader
{quote} ... 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. ...
Reason for taking 25 pages?
Did it take you that long to empty your mind of concepts having nothing to do with this method?
Was it too simple to believe?

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,842
  • Jul 2, 2016 12:24pm Jul 2, 2016 12:24pm
Quoting acetrader
{quote} 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

simplistic

  1. treating complex issues and problems as if they were much simpler than they really are.

simple

 

  1. easily understood or done; presenting no difficulty.


Since you gave thanks, it is doubtful your intention was to insult.

​Simple, yes.
Simplistic, no.

Trading itself is simple.
Some traders make trading complex and complicated.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,843
  • Jul 2, 2016 1:22pm Jul 2, 2016 1:22pm
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...
Hi Mike i want just one clarification about area of interes to wich you refer: The idea behinde these is just to track the candels and if they dont breck the daily H or L depen on situation we enter trade right?
  • #2,844
  • Jul 2, 2016 6:28pm Jul 2, 2016 6:28pm
Quoting mizi123
{quote} Hi Mike i want just one clarification about area of interes to wich you refer: The idea behinde these is just to track the candels and if they dont breck the daily H or L depen on situation we enter trade right?
Hi Mizi,Yes that is right(if I understand your question correctly).
The reversals can happen on any candle at any time of the day. You may get a setup that fits the rules on any candle during the day.

You may have a setup that fits the rules when we get an M15 or M5 candle OPEN in our area of interest. But if price then rises, and creates a new Daily High, then we delete the trade, as this is considered a breakout.(trade reversals from breakouts with caution) So we just wait for the next H1 candle to open, and we start the process again.

We don't know which one will be a big move.....some reversals may be short moves.....some may be big moves......but if we follow the rules, then with most of the short moves, we will be at B/E + 1, so no loss.

That's one of the important things in trading, and you probably know it, but a key factor in being successful, is simply to limit your losses. Then the winners will take care of themselves when they come along.

TooSlow had provided the rules that allow us to trade this strategy in a way that really does limit our losses.
As he has said, B/E + 1 should put a smile on your face, because it is not a loss. It is, in fact, a win(though only 1 pip), but even a 1 pip, or 5 pip win is much, much better than taking a loss.

And when you think about it, all those 1 pip or 5 pip wins will add up. And if you do take a loss, these little wins along the way will help to keep those overall losses minimal.
I hope that helps. Cheers
  • #2,845
  • Jul 2, 2016 6:43pm Jul 2, 2016 6:43pm
Quoting MichaelG
{quote} TooSlow had provided the rules that allow us to trade this strategy in a way that really does limit our losses.
Yes, MichaelG, you are correct.
After one can profitably trade this method by following the rules, then and only then, should they abandon the rules if they so desire.
Any trade entered in the "area of interest" has the potential to be a winner.
The closer you enter to the daily high or daily low, the more pips you can bank.
And the tighter your stop.
Any entry method can be deployed in the "area of interest".

The entry shared in this thread has proved to be profitable and less risky.
As previously stated, the hardest part of this method is waiting.
You must overcome your desire to jump into the action.

As you gain experience using this method, you will begin to "sense" the market.
You will know when to dance and when to sit one out.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,846
  • Jul 2, 2016 7:13pm Jul 2, 2016 7:13pm
Hello TooSlow and MichaelG

Could you please explain where is the trade set up on the chart in my post 2832 originally posted by TooSlow?
Probably my eyes are not trained enough to spot what TooSlow wanted to say by posting that chart.

Yes I agree with you. The hardest part of this system is to WAIT.

Just a curiosity:
How many pairs are you trading?
How many setups are you having per day?

Regards
Merka
  • #2,847
  • Jul 2, 2016 7:20pm Jul 2, 2016 7:20pm
Quoting TooSlow
{quote} Yes, MichaelG, you are correct. After one can profitably trade this method by following the rules, then and only then, should they abandon the rules if they so desire. Any trade entered in the "area of interest" has the potential to be a winner. The closer you enter to the daily high or daily low, the more pips you can bank. And the tighter your stop. Any entry method can be deployed in the "area of interest". The entry shared in this thread has proved to be profitable and less risky. As previously stated, the hardest part of this method...
Thanks TooSlow.
I think you have described it best when you say.....
First, you must learn to crawl.....
Learn the rules.....know how to trade using ONLY the rules.....nothing more, nothing less.

Learn to walk....
Once you have mastered trading according to the rules, then it will become second nature, and the setups will jump off the chart at you.

Learn to run or dance....
After you have mastered this strategy, you will begin to get a feel for situations/setups that may not be "quite" according to the rules, but your earned experience tells you that it is still a good setup. (bending the rules)

But you have to learn to crawl first....One move at a time....have patience. Learn patience. Learn to crawl first because it will make you a much better dancer. Cheers
  • #2,848
  • Jul 2, 2016 9:06pm Jul 2, 2016 9:06pm
Quoting MichaelG
{quote} Hi safrash, please refer to the chart below. Unfortunately, on this occasion, we did not get a valid setup, so no trade I'm sorry my friend. {image}
If an M15 candle opened in area of interest and candle A didn't print a new TODAY LOWEST H1 OPEN. Is it valid setup?
  • #2,849
  • Jul 2, 2016 10:50pm Jul 2, 2016 10:50pm
Quoting Sae
{quote} If an M15 candle opened in area of interest and candle A didn't print a new TODAY LOWEST H1 OPEN. Is it valid setup?
Yes.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,850
  • Jul 2, 2016 10:53pm Jul 2, 2016 10:53pm
Quoting Merka
Hello TooSlow and MichaelG Could you please explain where is the trade set up on the chart in my post 2832 originally posted by TooSlow? Probably my eyes are not trained enough to spot what TooSlow wanted to say by posting that chart. Yes I agree with you. The hardest part of this system is to WAIT. Just a curiosity: How many pairs are you trading? How many setups are you having per day? Regards Merka
Bar(6)
One pair at a time.
Usually 2 or more.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #2,851
  • Jul 2, 2016 11:14pm Jul 2, 2016 11:14pm
Quoting TooSlow
{quote} Bar(6) One pair at a time. Usually 2 or more.
TooSlow, in connection to your answer to Merka's question, do you mean after the 6 bar candle went down a bit and created a wick, that is where you have enter long? Its just about half of a pip.
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  • #2,852
  • Jul 3, 2016 2:33am Jul 3, 2016 2:33am
Quoting mario777
{quote} TooSlow, in connection to your answer to Merka's question, do you mean after the 6 bar candle went down a bit and created a wick, that is where you have enter long? Its just about half of a pip. {image}
Exactly.I didn't spot that setup on the chart posted by TooSlow.Thanks.Merka
  • #2,853
  • Jul 3, 2016 5:07am Jul 3, 2016 5:07am
I have been reading this strategy for the last 5 days.
Still not sure if I am getting this right.
Usually I am not this slow

Check out the pic below just to make sure I got the concept correctly.

Thanks in advance to TS and Mike.

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Baby needs love, milk, and money.
  • #2,854
  • Jul 3, 2016 5:57am Jul 3, 2016 5:57am
Quoting bpran
I have been reading this strategy for the last 5 days. Still not sure if I am getting this right. Usually I am not this slow Check out the pic below just to make sure I got the concept correctly. Thanks in advance to TS and Mike. {image}
bpran from what i have understand sl shoul be as i pointed on right side and entry in candle that i have spoted
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  • #2,855
  • Jul 3, 2016 6:05am Jul 3, 2016 6:05am
Quoting bpran
I have been reading this strategy for the last 5 days. Still not sure if I am getting this right. Usually I am not this slow Check out the pic below just to make sure I got the concept correctly. Thanks in advance to TS and Mike. {image}
Check this out and compare to post 1 rules:

Place a line at the highest H1 open and lowest H1 open for the current day.

Sell short at the highest H1 open after price goes up through it and comes back down.


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It takes courage to grow up and become who you really are - E.E. Cummings
  • #2,856
  • Jul 3, 2016 6:10am Jul 3, 2016 6:10am
Quoting mizi123
{quote} bpran from what i have understand sl shoul be as i pointed on right side and entry in candle that i have spoted {image}
Rules below copy/paste from post 1.

Hope this helps

Place a line at the highest H1 open and lowest H1 open for the current day.

Sell short at the highest H1 open after price goes up through it and comes back down.


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It takes courage to grow up and become who you really are - E.E. Cummings
  • #2,857
  • Jul 3, 2016 6:13am Jul 3, 2016 6:13am
Should have added this, my bad.

Notice the word CURRENT.

Stop loss is the current daily high or current daily low.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #2,858
  • Jul 3, 2016 6:16am Jul 3, 2016 6:16am
Quoting PippyTheGrt
{quote} Rules below copy/paste from post 1. Hope this helps Place a line at the highest H1 open and lowest H1 open for the current day. Sell short at the highest H1 open after price goes up through it and comes back down. {image}
You are right bro devil stay hiden behinde details but anyway i think if entry signal comes in H1, sl and entry should be selected acording to that timeframe, in these case i spoted that signal has appere in 15 min TF and because of that i have put my entry there..
  • #2,859
  • Jul 3, 2016 6:35am Jul 3, 2016 6:35am
Quoting mizi123
{quote} You are right bro devil stay hiden behinde details but anyway i think if entry signal comes in H1, sl and entry should be selected acording to that timeframe, in these case i spoted that signal has appere in 15 min TF and because of that i have put my entry there..
That may be your rule, but not the rule from post 1. It says:

Sell short at the highest H1 open after price goes up through it and comes back down.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #2,860
  • Jul 3, 2016 6:40am Jul 3, 2016 6:40am
Quoting TooSlow
{quote} Reason for taking 25 pages? Did it take you that long to empty your mind of concepts having nothing to do with this method? Was it too simple to believe? {image}
TooSlow that is its exactly. Had to empty other ways out first. Then it becomes simple. NO insult intended at all.
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