I'm Waiting like a fisherman!!!
Highest Open / Lowest Open Trade
- #2,984
- Edited 4:24am Jul 6, 2016 4:08am | Edited 4:24am
- Joined Jan 2008 | Status: Always do whatever's next. | 788 Posts
Ger30 @London open.{image}
EDIT: no, wait a minute - I was too quick, my bad.
M1 must open between extreme and H1 open.
EDIT2: no idea where yesterday's low was; if it is a breakout then rule 1 would apply; see also MichaelG's post 2985 below).
It takes courage to grow up and become who you really are - E.E. Cummings
I'm Waiting like a fisherman!!! {image}
I hope you don't mind. I'm not trying to be a smart **s, but this is one of the points that may be getting misinterpreted.
As you know, we have Yesterdays HIGH and Yesterday LOW that act as a bit of a barrier for us. That is, TooSlow recommends that the break of those price levels is considered a breakout, and reversal trades from breakouts should be traded with caution.
The same breakout concept is used during the days price movement.
So if we look at your H1 chart.....Before the latest H1 candle was active, todays low was at the bottom of candle A.
So when candle B opened, and then pushed down, it took out TODAYS LOW from candle A, and then printed a new Daily Low at C.
Because it took out the Daily low, it is considered to be a breakout. So, you would trade the reversal with caution.
So, essentially, if you follow the rules, then as soon as any candle prints a new Daily Low, it might be suggested that you should ignore that candle for the remainder of that hour. Once the NEW H1 candle opens, then you can start looking for a setup on that pair again.
Again, apologies for butting in.
Cheers
Michael
- #2,986
- Jul 6, 2016 4:18am Jul 6, 2016 4:18am
- Joined Jan 2008 | Status: Always do whatever's next. | 788 Posts
{quote} Hi Franky, I hope you don't mind. I'm not trying to be a smart **s, but this is one of the points that may be getting misinterpreted. As you know, we have Yesterdays HIGH and Yesterday LOW that act as a bit of a barrier for us. That is, TooSlow recommends that the break of those price levels is considered a breakout, and reversal trades from breakouts should be traded with caution. The same breakout concept is used during the days price movement. So if we look at your H1 chart.....Before the latest H1 candle was active, todays low was at...
EDIT actually, I don't have RisingSun GER30 charts but this (breakout from yesterday's LOTD) might also be the case in the example above (post 2984)
It takes courage to grow up and become who you really are - E.E. Cummings
{quote} First, tell me what you believe it means.
it is evident because you mentioned the count several times in order to verify PA, but I hope to be wrong in my interpretation ( in the pic) because would emerge an observation: if the close above the lower (or below higher) opening is far away from it, could not so often created the sets ups required for trading and we have to wait more to trade, which would not be all bad because we would be selective.
Humble & Kalcker CLO2 = Covid killer
- #2,988
- Jul 6, 2016 4:46am Jul 6, 2016 4:46am
- Joined Jan 2015 | Status: Never underestimate value of an pip | 4,677 Posts
Best pair for today with 2 exellent opportunitys CAD/CHF
CAD/CHF
- #2,989
- Jul 6, 2016 4:55am Jul 6, 2016 4:55am
- Joined Jan 2015 | Status: Never underestimate value of an pip | 4,677 Posts
Guys as soon as you (together with me) are not familiar with the system these chart is the best just take care when you chose a pair to price respect yestraduys support and resistance, as soon as you spot a pair like these traded it is my humble opinion 
- #2,990
- Jul 6, 2016 5:12am Jul 6, 2016 5:12am
- Joined Mar 2007 | Status: Trader | 1,086 Posts
The quality of your life is brought about by the quality of your thinking.
- #2,991
- Jul 6, 2016 5:15am Jul 6, 2016 5:15am
- Joined Mar 2007 | Status: Trader | 1,086 Posts
The quality of your life is brought about by the quality of your thinking.
- #2,992
- Jul 6, 2016 5:43am Jul 6, 2016 5:43am
- Joined Mar 2012 | Status: Trader | 14,323 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,993
- Jul 6, 2016 5:44am Jul 6, 2016 5:44am
- Joined Mar 2007 | Status: Trader | 1,086 Posts
The quality of your life is brought about by the quality of your thinking.
- #2,994
- Jul 6, 2016 5:51am Jul 6, 2016 5:51am
- | Joined May 2016 | Status: Keep on rockin' me babe | 1,711 Posts
- #2,995
- Jul 6, 2016 6:00am Jul 6, 2016 6:00am
- Joined Mar 2012 | Status: Trader | 14,323 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,997
- Jul 6, 2016 7:15am Jul 6, 2016 7:15am
- Joined Mar 2012 | Status: Trader | 14,323 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,998
- Jul 6, 2016 7:29am Jul 6, 2016 7:29am
- Joined Mar 2012 | Status: Trader | 14,323 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,999
- Jul 6, 2016 7:32am Jul 6, 2016 7:32am
- Joined Mar 2012 | Status: Trader | 14,323 Posts
Are you getting stopped out at BE+1 after price moves to BE+5 more often than not?
What is the market telling you to do?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #3,000
- Jul 6, 2016 7:33am Jul 6, 2016 7:33am
{quote} Hi Franky, I hope you don't mind. I'm not trying to be a smart **s, but this is one of the points that may be getting misinterpreted. As you know, we have Yesterdays HIGH and Yesterday LOW that act as a bit of a barrier for us. That is, TooSlow recommends that the break of those price levels is considered a breakout, and reversal trades from breakouts should be traded with caution. The same breakout concept is used during the days price movement. So if we look at your H1 chart.....Before the latest H1 candle was active, todays low was at...
