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Highest Open / Lowest Open Trade

  • #3,701
  • Jul 18, 2016 11:37am Jul 18, 2016 11:37am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,702
  • Jul 18, 2016 11:46am Jul 18, 2016 11:46am
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Highest Open/Lowest Open Trade
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,703
  • Jul 18, 2016 12:25pm Jul 18, 2016 12:25pm
Hi guys Monday is tricky but anyway these is my trade for today
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  • #3,704
  • Jul 18, 2016 12:57pm Jul 18, 2016 12:57pm
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There were 3 chances to enter short at a highest open.

M5 highest open >= M15 highest open >= H1 highest open >= H4 highest open
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,705
  • Jul 18, 2016 1:00pm Jul 18, 2016 1:00pm
Quoting GibbonsFx
Another one from London session. This is my first time trading this method live (Demo and Live (for cherry-picked trades)) and I must say I am very impressed so far. About as simple as it gets and all sorts of opportunities on the dozen or so pairs I trade just using the H1 method. I use the 5 minute chart as I am most comfortable reading PA on that time frame (H1 also, to some extent). The others not so much. I use PA to filter trades and only take those that I have a good 'gut' feeling about. Kinda hard to explain.....
Can you explain how PA is used to filter trades?
Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,706
  • Jul 18, 2016 1:04pm Jul 18, 2016 1:04pm
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M1 lowest open <= M5 lowest open <= M15 lowest open <= M30 lowest open <= H1 lowest open <= H4 lowest open
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,707
  • Jul 18, 2016 1:07pm Jul 18, 2016 1:07pm
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M1 highest open >= M5 highest open >= M15 highest open >= M30 highest open >= H1 highest open >= H4 highest open
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,708
  • Jul 18, 2016 1:18pm Jul 18, 2016 1:18pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,709
  • Jul 18, 2016 1:32pm Jul 18, 2016 1:32pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,710
  • Jul 18, 2016 1:34pm Jul 18, 2016 1:34pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,711
  • Jul 18, 2016 1:40pm Jul 18, 2016 1:40pm
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M1 highest open >= M5 highest open >= M15 highest open >= M30 highest open >= H1 highest open >= H4 highest open
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,712
  • Jul 18, 2016 1:55pm Jul 18, 2016 1:55pm
Hello

Can you pleas help me.
I have got something wrong with my setting in MT4.
Do you know, how to solve it?

Thank you
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  • #3,713
  • Edited 2:47pm Jul 18, 2016 2:03pm | Edited 2:47pm
Quoting Slovaktrader
Hello Can you pleas help me. I have got something wrong with my setting in MT4. Do you know, how to solve it? Thank you {image}
Shut down MT4.
Download latest indicator and template.
Start over with a new chart.
Load indicator on chart.
Attached File(s)
File Type: tpl tooslow_template_share3.tpl   25 KB | 620 downloads
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,714
  • Jul 18, 2016 2:06pm Jul 18, 2016 2:06pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,715
  • Jul 18, 2016 2:12pm Jul 18, 2016 2:12pm
Quoting Slovaktrader
Hello Can you pleas help me. I have got something wrong with my setting in MT4. Do you know, how to solve it? Thank you {image}
Your chart need to be on H1, M30. M15 time frame! I think these witch you have upload is in D1
  • #3,716
  • Jul 18, 2016 2:15pm Jul 18, 2016 2:15pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,717
  • Jul 18, 2016 2:18pm Jul 18, 2016 2:18pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,718
  • Jul 18, 2016 2:34pm Jul 18, 2016 2:34pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,719
  • Jul 18, 2016 2:37pm Jul 18, 2016 2:37pm
Trader Training - Good Traders Are Fussy

Traders, particularly those who need to make money rather than those who would like to make money, tend to have a fear of missing out. They hear about a trading idea or find an opportunity with their own effort and make the trade with less thought than they might put into buying a microwave. They can invest thousands of dollars on an impulse, much like the drunken gambler who throws down $1000 on Five Red.

One reason for this sort of reckless approach to trading is the belief that trading ideas are like gifts. They only come along from time to time and you should feel grateful for the opportunity. If you spend 10 hours researching a company or receive the occasional bit of insight from someone who should know more than the rest of us, it's easy to understand why you wouldn't want to let a seemingly promising trade slip through your fingers. The problem is that this gratitude for trading ideas leads you to lower your standards and place trades that are not much more than a gamble.

Have you ever made a trade and then, just a few minutes or days later, asked yourself what the heck you were thinking? If you are normal, then it's likely that you have because it is easy to focus on the dream of making a profit. You should focus your attention on the trading situation as it has been presented to you by the market rather than the words of an expert. Some trading opportunities are so well marketed that it's hard to see the truth because you fixate on the profit potential that has been dangled before you as the prize.

It is critical to only take trades that meet the criteria of a strategy that you have found to have a positive expected value. Rather than look for a reason to take the trade, which is easy, look for a reason not to. Ask yourself, "If I buy this stock, who will be selling to me, and what does she know that I don't know?" Looking at the other side of the argument will often highlight considerations that you have missed.

Being fussy is a lot easier when you recognize that the market-even a slow market-will give you opportunities. The markets have been pretty quiet this year but there are still stocks outperforming the market every day.

And if you can't find a trade today, tomorrow or in the next week, eventually you will. There is always another bus coming down the road. If you miss one, just wait for the next.

I have found that you will actually make more money by trading less. If you maintain a very high standard for what trades you make, you will always pass on some trades that end up doing very well. By being selective, however, you will also avoid many marginal trades that would tie up your capital and then incur a loss. By being fussy and trading less, you end up taking only the very best trades and your results will be better overall.

It is easy to be fussy when the market is strong and there are lots of opportunities. It's like fishing when every time you cast your line you get a bite. With that kind of success, you will quickly throw back any fish that is too small because you know there's going to be something better coming along soon. You only take the best of the best.

When the fish stop biting and you spend hours with no bounty, you take the first fish that grabs your hook. It could be a tiny fish that you would never keep on even an average day, but with your desire to catch something, you keep it anyway. It would be better to have just not gone fishing at all.

You'll do the same thing when trading a slow market. Eager to make a profit, you will take trades that show some potential even if they don't meet all of your requirements. You will work hard to uncover a trade rather than wait for the obvious no-brainer trades that you take when the market is in a giving mood.

I like to say that in trading, when the going gets tough, the tough get lazy. You can't control the market, so if the market is not giving you opportunities, it's better to do nothing. Your hard work will not change what the market does.

This is hard for many people who have been programmed to relate hard work to success. If you try harder than the next person in a sport, you should get a better result. If you study harder for an exam, you should get a better mark. If you work longer hours at your job, you should make more money. In the stock market, if you work harder to find good trades, you will probably lose money.

The best trades are easy to find. Working hard to uncover something leads you to find questionable trades that you have to talk yourself into. It's better to walk away when you have doubts.

This is not to say that hard work is not rewarded in trading. Traders who work hard at practicing their analytical skills or developing new strategies will be rewarded. People who devote their time and effort to improving their emotional control will be better traders. These are things that you can control and affect with hard work, but hard work won't change what the stock market does.

- Stockscores
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,720
  • Jul 18, 2016 2:40pm Jul 18, 2016 2:40pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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