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Highest Open / Lowest Open Trade

  • #3,821
  • Jul 20, 2016 7:09am Jul 20, 2016 7:09am
Quoting mike_g
Candles 1, 2 and 3 are all asian sessions. The highest open of the day is still the highest h4 and h1 open as of this post. {image}
Thanks
  • #3,822
  • Jul 20, 2016 7:25am Jul 20, 2016 7:25am
Hello Michael and Traders

Do you understand the new rules after the strategy been upgraded?
Whit the H1 strategy we cleared defined an area of interest and we were waiting for a bar to open in that area and after to buy/sell on the line of Higest/Lowest H1 open.
With the new lines added, I guess we have different "area of interest".
What are these new " area of interest " for H4, M30, M5, M1 entries?
What about the new breakout rule?
Do we need before entering to wait for lines stacked? For example M1>=M5>=M15>=M30>=H1>=H4 and viceversa?

Regards
Merka
  • #3,823
  • Jul 20, 2016 8:04am Jul 20, 2016 8:04am
Quoting Merka
Hello Michael and welcome back. Could you please tell me how many opportunities are you finding during the Asian season? I'm forced to trade only during the Asian session for work reasons and usually I don't find any. Cheers. Merka
Hi Merka,
whatever answer I give you will not be a good answer. So I will give you this.
I will sometimes look at the Asian session, given I am in Australia.
But as I am involved in other trading strategies, I do not get too involved during the Asian session very much.
My (limited) advice would be to find a strategy that suits when you can trade. That may not be this one.
Having said that, you might like to look at TooSlow's recent introduction of the H4 as a means of getting on a trade using the same strategy.
As you know, there are only 6 X H4 candle in a day. You may be in the position to take advantage of those candles before you start work.....or when you have finished work.
At least you know ONE thing for certain. EVERYDAY will have a HIGH, and a LOW. Everyday will have a HIGHEST/LOWEST H1 (or H4) open price.

Do some homework. As you are probably aware, the Asian session will have Highs and Lows. You will also probably know that AFTER the Asian session, you will more than likely have a NEW higher high or a NEW lower low (Or Both).

So if you can't trade the Asian session, look at it later.
I don't know your personal situation (married with kids, grandfather, golf pro, movie maker, bartender, King, Flight Attendant, Mining Magnate, Queen, cab driver). At the end of the day, you have to decide if this strategy suits you. The time frame, the amount of time you want to commit to the charts (or are able to commit).

Doesn't mean you have to throw it in the rubbish. Maybe you can adapt it to suit you situation. Like trading the H4.........but instead of moving your stop after 5 pips, you might choose 20, 35 whatever.
You have to have a look at individual pairs and how they react. A hint might be to know what the Average Daily Range of that pair is. That might help you decide if you want to trade it off the H4, or when you might want to move your stop to B/E....etc.

Again, if you chose that H4, then you will need to adjust your risk per pip to fit in with your overall risk management strategy.
(On a H1 trade, if you were putting $50 on a 25 pip risk. Then 1 pip = $2. On a H4 trade, you might be looking at 100 pips of risk. then $50 = 50 cents per pip)

Everything is relative. Adjust your risk to what is comfortable for you. NOT WITH THE THOUGHT OF MAKING $1,000,000 on this trade.
Enter the trade KNOWING that you have a chance of losing, so be comfortable with the amount that you might lose.

I have gone off subject......apologies.
Cheers
  • #3,824
  • Jul 20, 2016 8:08am Jul 20, 2016 8:08am
Quoting Merka
Hello Michael and Traders Do you understand the new rules after the strategy been upgraded? Whit the H1 strategy we cleared defined an area of interest and we were waiting for a bar to open in that area and after to buy/sell on the line of Higest/Lowest H1 open. With the new lines added, I guess we have different "area of interest". What are these new " area of interest " for H4, M30, M5, M1 entries? What about the new breakout rule? Do we need before entering to wait for lines stacked? For example M1>=M5>=M15>=M30>=H1>=H4 and viceversa? Regards...
Hi Buddy,
it's late here in Australia, and I am getting old, so I will try and give you an answer tomorrow. Okay?

Good Man.
Cheers
Michael
  • #3,825
  • Jul 20, 2016 8:18am Jul 20, 2016 8:18am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,826
  • Jul 20, 2016 8:23am Jul 20, 2016 8:23am
Quoting Merka
Hello Michael and Traders Do you understand the new rules after the strategy been upgraded? Whit the H1 strategy we cleared defined an area of interest and we were waiting for a bar to open in that area and after to buy/sell on the line of Higest/Lowest H1 open. With the new lines added, I guess we have different "area of interest". What are these new " area of interest " for H4, M30, M5, M1 entries? What about the new breakout rule? Do we need before entering to wait for lines stacked? For example M1>=M5>=M15>=M30>=H1>=H4 and viceversa? Regards...
What new rules?
Nothing has been upgraded.
The rules have not changed.
Enter at the highest/lowest open line of your choice.

Upper area of interest is the area above the highest open and below the current daily high.
Lower area of interest is the area below the lowest open and above the current daily low.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,827
  • Jul 20, 2016 8:25am Jul 20, 2016 8:25am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,828
  • Jul 20, 2016 8:44am Jul 20, 2016 8:44am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,829
  • Jul 20, 2016 9:22am Jul 20, 2016 9:22am
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Same rules
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,830
  • Jul 20, 2016 9:24am Jul 20, 2016 9:24am
Quoting MichaelG
{quote} Ciao Oreste, cercher di aiutarvi, ma devi essere paziente. Va bene? I speak no Italian, only English (Australia), but I will do my best with the help of google translate of course. Qual la questione con il modello che un problema. Ciao. Michael (Angelo)
I read all your speeches. And I would not want to have missed some important steps. As for the template and the indicator setup. Both for the h4 that for h1. And then I also see m15 m5. They confuse me. Here I would like to be sure of which latter template is used and with the right settings. These are my confusion. Pe else I will have to just study and understand better. It is doing exercises. You're very kind. Thank you very much
  • #3,831
  • Jul 20, 2016 9:33am Jul 20, 2016 9:33am
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  • #3,832
  • Jul 20, 2016 9:36am Jul 20, 2016 9:36am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,833
  • Jul 20, 2016 9:38am Jul 20, 2016 9:38am
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Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,834
  • Jul 20, 2016 9:48am Jul 20, 2016 9:48am
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Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,835
  • Jul 20, 2016 10:09am Jul 20, 2016 10:09am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,836
  • Jul 20, 2016 10:41am Jul 20, 2016 10:41am
Quoting orestebufalo
{quote} I read all your speeches. And I would not want to have missed some important steps. As for the template and the indicator setup. Both for the h4 that for h1. And then I also see m15 m5. They confuse me. Here I would like to be sure of which latter template is used and with the right settings. These are my confusion. Pe else I will have to just study and understand better. It is doing exercises. You're very kind. Thank you very much
Hi Oreste, Please let me try to help you. Let me go to sleep and I will look tomorrow.
Thankyou my friend.



Siamo spiacenti Oreste, ma sto utilizzando Google Translator per rendere questo messaggio. Guarderņ il problema di domani. Sono in Australia. Ora č molto tardi. Si prega di essere paziente con me. Cercherņ di aiutare il mio amico.
Arrivederci.
Michael
  • #3,837
  • Jul 20, 2016 10:43am Jul 20, 2016 10:43am
Quoting MichaelG
{quote} Hi Oreste, Please let me try to help you. Let me go to sleep and I will look tomorrow. Thankyou my friend. Siamo spiacenti Oreste, ma sto utilizzando Google Translator per rendere questo messaggio. Guarder il problema di domani. Sono in Australia. Ora molto tardi. Si prega di essere paziente con me. Cercher di aiutare il mio amico. Arrivederci. Michael
CERTAINLY FRIEND. GOOD NIGHT
  • #3,838
  • Jul 20, 2016 12:59pm Jul 20, 2016 12:59pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,839
  • Jul 20, 2016 1:07pm Jul 20, 2016 1:07pm
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  • #3,840
  • Jul 20, 2016 1:12pm Jul 20, 2016 1:12pm
Some of you got "thrown" when I introduced higher/lower opens other than H1.
Learn to "dance" with the market.

http://www.wikihow.com/Learn-to-Dance

Learning a skill takes time and effort. Dance is no different, and no matter who you are or how much innate talent you have, mastering the moves takes practice.

http://www.huffingtonpost.com/2014/0...n_4689146.html
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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