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Highest Open / Lowest Open Trade

  • #3,581
  • Jul 16, 2016 11:20am Jul 16, 2016 11:20am
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Hindsight is 20/20.
What bars would you have entered a sell short?
What bars would you have entered a buy long?

The question before us is DO WE FILTER OUT SOME H1 HIGHEST/LOWEST OPEN TRADES?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,582
  • Jul 16, 2016 11:34am Jul 16, 2016 11:34am
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There are 3 trading sessions per day.
There are 6 H4 candles per day.
There are 2 H4 candles per session.

The second H4 candle of the session will either:
Continue in the same direction of the first H4 candle of the session or
Reverse direction.
How can we use this to our advantage?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,583
  • Jul 16, 2016 11:36am Jul 16, 2016 11:36am
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There are 3 trading sessions per day.
There are 6 H4 candles per day.
There are 2 H4 candles per session.

The second H4 candle of the session will either:
Continue in the same direction of the first H4 candle of the session or
Reverse direction.
How can we use this to our advantage?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,584
  • Jul 16, 2016 12:40pm Jul 16, 2016 12:40pm
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Count H4 candles in a row.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,585
  • Jul 16, 2016 1:18pm Jul 16, 2016 1:18pm
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Highest H4 Open / Lowest H4 Open

Longer wait.

Only 6 possible high/low levels per day.
What would be missed?
What would be gained?
What would be lost?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,586
  • Jul 17, 2016 3:53am Jul 17, 2016 3:53am
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Hi TooSlow,

Thank for the H4 open version, you're star. For above example of GBPAUD H1, price does open in area of interest, but confuse me a bit for not wait for candle close rules which shall I Sell at the next candle open at 1.7604 or after the candle reverse 1.7566?
  • #3,587
  • Jul 17, 2016 4:09am Jul 17, 2016 4:09am
Highest H4 Open
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Personally from my observation which usually H4 will dominant the trend of the day, if I use above charts EURUSD H4 as example:
1. We have H1 & M30 candles open within our's area of interest and close below indicate a reversal more likely happen.
2. Based on your method whom we are looking for price extreme and reversal setup, the H4 Higher Open chances can be the highest open and HIGH of the day.
3. H1 & M30 candles show sign of resist from both these H4 Highest Open & High level, and when price move away from these 2 level and true reversal will happen.

* I am still in a learning phrase, correct me if I am wrong, thank you and Good Day.
  • #3,588
  • Jul 17, 2016 7:10am Jul 17, 2016 7:10am
Quoting TooSlow
POSSIBILITIES The highest H1 open can be: Higher than the highest H4 open Same as the highest H4 open When higher, an area of interest is created. Enter sell short when price drops to highest H4 open. The lowest H1 open can be: Lower than the lowest H4 open Same as the lowest H4 open When lower, an area of interest is created. Enter buy long when price rises to lowest H4 open. Consider this a "breakout trade". The wait may be even longer.
Thanks Too Slow,

Wouldn't the risk increase from the highest high to the highest H4 open (or the lowest low to the lowest H4 open?)

Using H1 HO/LO our risk is lower, but if we use the H4 HO/LO our risk in terms of pips would increase?

Thank you
  • #3,589
  • Jul 17, 2016 4:03pm Jul 17, 2016 4:03pm
Quoting TooSlow
{image} Hindsight is 20/20. What bars would you have entered a sell short? What bars would you have entered a buy long? The question before us is DO WE FILTER OUT SOME H1 HIGHEST/LOWEST OPEN TRADES?
and for the benefit of the followers of this thread, can you please tell us the right answer or how would you have traded the scenario posted?

we are trying to study the strategy and have read all the rules. we may have not understood, but your guidance can help us. you tell us we are wrong yet you do not make remarks on what was wrong. a simple question about a certain rule can be answered by yes or no. so then we can proceed to trade by that rule and not trading it thinking that it's the proper way as we interpreted it.

i'll go with @stychong question as well, as this confuses me. "can you please elaborate more on "do not wait for the bar to close"?
  • #3,590
  • Jul 17, 2016 4:19pm Jul 17, 2016 4:19pm
Quoting stychong
{image} Hi TooSlow, Thank for the H4 open version, you're star. For above example of GBPAUD H1, price does open in area of interest, but confuse me a bit for not wait for candle close rules which shall I Sell at the next candle open at 1.7604 or after the candle reverse 1.7566?
The sell is at the highest open price 1.75937.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,591
  • Jul 17, 2016 4:23pm Jul 17, 2016 4:23pm
Quoting courier12
{quote} Thanks Too Slow, Wouldn't the risk increase from the highest high to the highest H4 open (or the lowest low to the lowest H4 open?) Using H1 HO/LO our risk is lower, but if we use the H4 HO/LO our risk in terms of pips would increase? Thank you

RISK = POSITION SIZE * STOP LOSS.

Risk should be kept CONSTANT.
The larger the stop loss, the smaller the position size.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,592
  • Jul 17, 2016 4:30pm Jul 17, 2016 4:30pm
Quoting mike_g
{quote} and for the benefit of the followers of this thread, can you please tell us the right answer or how would you have traded the scenario posted? we are trying to study the strategy and have read all the rules. we may have not understood, but your guidance can help us. you tell us we are wrong yet you do not make remarks on what was wrong. a simple question about a certain rule can be answered by yes or no. so then we can proceed to trade by that rule and not trading it thinking that it's the proper way...
There is no "right answer".
One time the result is profit.
The next time, the result is loss.
Trading is not certain.

Sell short at the highest H4 or H1 open.
Buy long at the lowest H4 or H1 open.
"Wrong" is when you do not enter the trade at the highest/lowest open line.

When deploying this method, you DO NOT WAIT FOR THE BAR TO CLOSE to enter the trade.

a simple question about a certain rule can be answered by yes or no.

Only if it is the right question.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,593
  • Edited 5:00pm Jul 17, 2016 4:49pm | Edited 5:00pm
Quoting TooSlow
{image} Hindsight is 20/20. What bars would you have entered a sell short? What bars would you have entered a buy long? The question before us is DO WE FILTER OUT SOME H1 HIGHEST/LOWEST OPEN TRADES?
Alright, asking the right question is essential. So please answer the questions you posted, as I would assume that they are the correct questions. This will give us more clarity regarding this method.

edit: by the way, the question is not for @TooSlow alone, but to the rest of the traders following this thread. To be honest, im a noob here. i do trade price action, but the beliefs still creeps in. beliefs like price formations, s/r levels.
  • #3,594
  • Jul 17, 2016 5:05pm Jul 17, 2016 5:05pm
And i missed 2 trades already. There will always be another setup. I am focusing all my attention to eurusd.
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  • #3,595
  • Jul 17, 2016 5:08pm Jul 17, 2016 5:08pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,596
  • Jul 17, 2016 5:10pm Jul 17, 2016 5:10pm
Quoting mike_g
{quote} Alright, asking the right question is essential. So please answer the questions you posted, as I would assume that they are the correct questions. This will give us more clarity regarding this method. edit: by the way, the question is not for @TooSlow alone, but to the rest of the traders following this thread. To be honest, im a noob here. i do trade price action, but the beliefs still creeps in. beliefs like price formations, s/r levels.
No.
You answer the questions.
You will learn.

"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.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,597
  • Jul 17, 2016 5:15pm Jul 17, 2016 5:15pm
Quoting mike_g
And i missed 2 trades already. There will always be another setup. I am focusing all my attention to eurusd. {image}
You don't need 4 charts.
You have the indicator that draws the lines you need.
Strive to keep trading simple.


"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

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,598
  • Jul 17, 2016 5:17pm Jul 17, 2016 5:17pm
Quoting TooSlow
{quote} No. You answer the questions. You will learn. "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.
and this would be my answer. waiting for a feedback til i get it right.
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  • #3,599
  • Jul 17, 2016 5:21pm Jul 17, 2016 5:21pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,600
  • Jul 17, 2016 5:21pm Jul 17, 2016 5:21pm
Quoting mike_g
{quote} and this would be my answer. waiting for a feedback til i get it right. {image}
Good job
You only missed one sell and one buy.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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