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Highest Open / Lowest Open Trade

  • #3,081
  • Jul 7, 2016 2:22pm Jul 7, 2016 2:22pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,082
  • Jul 7, 2016 2:34pm Jul 7, 2016 2:34pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,083
  • Jul 7, 2016 4:26pm Jul 7, 2016 4:26pm
Quoting Merka
Hello TooSlow A clarification about Rule1. When a "H1" bar print a new daily high (in the example below D1[0] High=1.29971) we are not allowed to take any trade for the rest of the hour on that pair even if at the end of the hour is remaining 59 minutes. In the example below "H1" will end after "0h 26m 14s" so is necessary to wait "0h 26m 14s" before considering any trade on that chart. In other words is necessary to wait for the next "H1" bar. Do I interprete correctly Rule1? Cheers Merka {image}
For H1 charts, yes.
For M15 or M5 charts, no.
As you gain experience, you will "read" the charts and determine when is appears "OK" to trade against the H1 candle color.
Understand?

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,084
  • Jul 7, 2016 4:32pm Jul 7, 2016 4:32pm
Quoting TooSlow
{quote} For H1 charts, yes. For M15 or M5 charts, no. As you gain experience, you will "read" the charts and determine when is appears "OK" to trade against the H1 candle color. Understand? {image}
Yes I did.

Thanks
Merka
  • #3,085
  • Jul 7, 2016 6:54pm Jul 7, 2016 6:54pm
hi all,

can someone share this indi that marks the zone between daily high/low and hourly open as seen on the picture below? thanks!
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Money is made by sitting, not trading. Jesse L. Livermore
  • #3,086
  • Jul 7, 2016 7:42pm Jul 7, 2016 7:42pm
Quoting sam69
hi all, can someone share this indi that marks the zone between daily high/low and hourly open as seen on the picture below? thanks! {image}
It's linked in the thread. Ill find the post.

post 1915 page 96
  • #3,087
  • Jul 7, 2016 7:56pm Jul 7, 2016 7:56pm
Quoting sam69
hi all, can someone share this indi that marks the zone between daily high/low and hourly open as seen on the picture below? thanks! {image}
Particular indicator used in chart can not be shared on this forum.
Coder asked for people to not repost the code.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,088
  • Jul 7, 2016 8:49pm Jul 7, 2016 8:49pm
Quoting wannalearn12
{quote} It's linked in the thread. Ill find the post. post 1915 page 96
thank you wannalearn12! but it can't draw zones, maybe can someone recode it...

Quote
TooSlow
Particular indicator used in chart can not be shared on this forum.
Coder asked for people to not repost the code.
thank you tooslow, i see ...
Money is made by sitting, not trading. Jesse L. Livermore
  • #3,089
  • Jul 7, 2016 9:44pm Jul 7, 2016 9:44pm
Quoting TooSlow
{quote} For H1 charts, yes. For M15 or M5 charts, no. As you gain experience, you will "read" the charts and determine when is appears "OK" to trade against the H1 candle color. Understand? {image}
So it seems I am apologising again.
Sorry to everyone if I have mislead you with my previous post about breakouts of the current days High or Low.

I was of the understanding that when a new daily high or low was printed, then that candle became redundant for the remainder of that hour.

TooSlows response to Merka changes my understanding.

So it appears that, at any time during the hour, if a new daily low/high is printed, then if the next M15, M5 candle open will determine a valid entry (or not).
So, as long as that new M15 or M5 candle opens between the NEW daily Low/High, and the Highest/Lowest H1 Open, then that validates the setup.
(I have not included the M1 in this, as TooSlow only mentioned the M15 and M5.)

1.....Could you confirm if my understanding is correct please TooSlow.

2...Could you confirm that the M1 would not be included in this particular setup.

3....Could you confirm if this is the same scenario/rule if Yesterdays High/Low is also breached.

Thankyou.
  • #3,090
  • Jul 7, 2016 10:06pm Jul 7, 2016 10:06pm
Quoting MichaelG
{quote} So it seems I am apologising again. Sorry to everyone if I have mislead you with my previous post about breakouts of the current days High or Low. I was of the understanding that when a new daily high or low was printed, then that candle became redundant for the remainder of that hour. TooSlows response to Merka changes my understanding. So it appears that, at any time during the hour, if a new daily low/high is printed, then if the next M15, M5 candle open will determine a valid entry (or not). So, as long as that new M15 or M5 candle opens...
When new daily highs are made just trade them with discretion. Too slow posts over and over that the rules are general guidelines. Just watch the price action, I find most of the time when a new extreme is made a new higher one hour open follows, and then a great setup commenses. My biggest problem when I started was being trigger happy. The OP hasn't stressed it as much lately, but patience is the core theme he taught me. Don't be in a hurry to jump into a trade just to do it. Only take the perfect ones and follow the TP and MM, and I bet you will be on the winning side of trades more often than not.
  • #3,091
  • Edited 10:36pm Jul 7, 2016 10:24pm | Edited 10:36pm
Quoting MichaelG
{quote} So it seems I am apologising again. Sorry to everyone if I have mislead you with my previous post about breakouts of the current days High or Low. I was of the understanding that when a new daily high or low was printed, then that candle became redundant for the remainder of that hour. TooSlows response to Merka changes my understanding. So it appears that, at any time during the hour, if a new daily low/high is printed, then if the next M15, M5 candle open will determine a valid entry (or not). So, as long as that new M15 or M5 candle opens...
1.....Could you confirm if my understanding is correct please TooSlow.

Partially.
Beginners should start with H1 only.
There is no discretion.
It is either trade or no trade.
A new daily high/low is made or a cross of yesterday's high/low means no trade this hour.
Only after understanding should M15 or M5 charts be deployed.


2...Could you confirm that the M1 would not be included in this particular setup.

M1 can be deployed.
M1 is the most risky.
After your M1 entry, the next few M1 candles could stop you out.

3....Could you confirm if this is the same scenario/rule if Yesterdays High/Low is also breached.

Whenever a new daily high/low is made or yesterday's high/low is crossed, use extreme caution.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,092
  • Jul 7, 2016 10:26pm Jul 7, 2016 10:26pm
Quoting wannalearn12
{quote} When new daily highs are made just trade them with discretion. Too slow posts over and over that the rules are general guidelines. Just watch the price action, I find most of the time when a new extreme is made a new higher one hour open follows, and then a great setup commenses. My biggest problem when I started was being trigger happy. The OP hasn't stressed it as much lately, but patience is the core theme he taught me. Don't be in a hurry to jump into a trade just to do it. Only take the perfect ones...
Waiting is the hardest part of this method.
wannalearn12 you are self taught.
You learned to wait the hard way.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,093
  • Jul 7, 2016 11:04pm Jul 7, 2016 11:04pm
Quoting TooSlow
{quote} Particular indicator used in chart can not be shared on this forum. Coder asked for people to not repost the code.
How do you even effectively use those zones? Just to see what the other time frames are doing at a glance?
  • #3,094
  • Jul 7, 2016 11:15pm Jul 7, 2016 11:15pm
Hi too slow is it correct set up though nz is too bluish? ?let me know please
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  • #3,095
  • Edited Jul 8, 2016 12:00am Jul 7, 2016 11:25pm | Edited Jul 8, 2016 12:00am
update ..wow +9 ....let's see
i deleted my chart .now tell me is it correct set up?
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  • #3,096
  • Jul 7, 2016 11:29pm Jul 7, 2016 11:29pm
Quoting wannalearn12
{quote} How do you even effectively use those zones? Just to see what the other time frames are doing at a glance?
The zones are the "area of interest" between the current daily high and highest H1 open and current daily low and lowest H1 open.
When price is in the zone, you wait for price to get to the highest H1 open or lowest H1 open.
Then you enter.
Nothing different.
Just for posting.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,097
  • Edited 11:43pm Jul 7, 2016 11:30pm | Edited 11:43pm
Quoting classy
Hi too slow is it correct set up though nz is too bluish? ?let me know please {image}
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There is too much noise on your chart.
Please post charts without unnecessary lines.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,098
  • Jul 7, 2016 11:42pm Jul 7, 2016 11:42pm
Quoting wannalearn12
{quote} When new daily highs are made just trade them with discretion. Too slow posts over and over that the rules are general guidelines. Just watch the price action, I find most of the time when a new extreme is made a new higher one hour open follows, and then a great setup commenses. My biggest problem when I started was being trigger happy. The OP hasn't stressed it as much lately, but patience is the core theme he taught me. Don't be in a hurry to jump into a trade just to do it. Only take the perfect ones and follow the TP and MM, and I bet...
Hi wannalearn,
just something if may.
I know that TooSlow has mentioned on numerous occasions that the rules are "general guidelines", but he also has mentioned on numerous occasions that you need to FIRSTLY understand the rules(as a benchmark) before you can bend them to suit your own style.
Now I thought my understanding of the basic rules was sound. It appears that is/was not the case.

My background was in Production Planning. That is, making sure that during the production of an item, all components are available, all the different manufacturing areas are available to complete their particular tasks within given parameters, and that assembly of the item can take place, again, within given lead times, to make the items available for shipment.
To do that, I needed to know everything that had an influence on the outcome of that plan.
So I continue to use that "mind set" in nearly anything I do. That includes trading.

So when I am learning a new strategy like this, I like to know ALL the rules, and any other "bits" that will have an affect on whether I should place a trade or not.
After having read ALL the posts here, it has only now become clear to me that my initial understanding of the breakout rule, was in fact (partially) wrong.

So now I am better armed. And some others here may also be better armed to react to these situations when they are presented.

Everybody is a newbie at some stage......in WHATEVER they do in life.....be it tennis, darts, typing, toasting bread, driving......everybody had to do that one thing for the VERY FIRST TIME at some point. I have been trading for a while now, and I recognise that some people that are new to trading, sometimes need a bit of a "leg up". I noticed on this thread that there appeared to be a number of people in that situation. So I tried to help out.
As I mentioned, by the time I had read the entire thread, I was pretty happy that I had a grasp of things, and so was in a position(I thought) to give a bit back.
BUT, I didn't know, that I didn't know everything there was to know about the rules.

Again, TooSlow mentions the need to understand the basic rules FIRST. Then, and only then, should you digress from those rules. That's all I am trying to do here. Understand what the rules are first......Enough crap from me.
Cheers
  • #3,099
  • Jul 7, 2016 11:49pm Jul 7, 2016 11:49pm
Quoting TooSlow
{quote} {image} There is too much noise on your chart. Please post charts without unnecessary lines.
Sorry mate that line and Ao is just to check divergence=confluence (i love it)and i will not post this type of chart again your thread
Say something meaningful or Silence!!
  • #3,100
  • Jul 7, 2016 11:53pm Jul 7, 2016 11:53pm
Quoting MichaelG
{quote} Enough crap from me. Cheers
MichaelG, please continue to post.
Your posts have helped many here.

This is a very simple concept.
Just a few flat lines on the chart.
No hardcore calculations.

Many come here with things they learned elsewhere.
They try to apply it here.
They are hindered and handicapped by previous knowledge.
They want to "add".
They want to "improve".
They need to subtract.
They need to learn.
They need to practice.
They need to wait.
Ego gets in the way.
They remain "stuck".

There are many methods on the internet trading forums.
There are many methods in trading books.
There are many methods in trading videos.
There are many methods in trading chat rooms.

I, too, take a look around.
I may learn something.
I almost always do.
I learn to stick with what I know.
I learn to stick with what works for me.

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