Highest Open / Lowest Open Trade | Page 201 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

As complicated as necessary: Highest Open / Lowest Open Trade 861 replies

Highest & Lowest Open/Close Price for a Loop 3 replies

I need to highest and lowest SMA 14 replies

how to get yesterday price highest and lowest 7 replies

highest to lowest volume pairs??? 3 replies

Attachments: Highest Open / Lowest Open Trade
Exit Attachments

Highest Open / Lowest Open Trade

  • #4,001
  • Jul 22, 2016 10:53am Jul 22, 2016 10:53am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 51 KB


Looks like many viewers are too shy to post charts.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,002
  • Jul 22, 2016 10:54am Jul 22, 2016 10:54am
Quoting TooSlow
benwies, Juergenwe, cardm3n, solorik, Bungy999, Invisible, voyager2, gastonbrmex, isuru003, AlexDu, keen246, kleybenny Need more people to post charts.
Hi TooSlow and everbody,
I've been lurking this thread since a couple of weeks. I love the concept.
I'm in a stage of my trading career where I have more philosophical questions than actual trading ones. I've spent some 3 years learning price action, but my conclusion so far is that pretending to apply logic and pattern recognition to a phenomena on which we have so little information (and highly manipulated), and hence is mostly random for us (retail traders), makes no sense to become consistently profitable.
So, I've been thinking that there must be a way to explode the randomness of the market with a simple methodical way. Then, somehow I found this thread and it hit me like a punch. A simple approach with a simple edge. Brilliant!

I'm reading the first hundred pages of the thread so I don't start making stupid question. I hate that pervasive attitude on these threads of being spoon-fed.
Thanks to MichaelG for those nice graphical explanations. I plan to start working on my simulator to speed up the learning curve. When I think I can post live trades, I'll join this great thread.

Have a great weekend everybody.
  • #4,003
  • Jul 22, 2016 11:10am Jul 22, 2016 11:10am
Quoting keen246
{quote} Hi TooSlow and everbody, I've been lurking this thread since a couple of weeks. I love the concept. I'm in a stage of my trading career where I have more philosophical questions than actual trading ones. I've spent some 3 years learning price action, but my conclusion so far is that pretending to apply logic and pattern recognition to a phenomena on which we have so little information (and highly manipulated), and hence is mostly random for us (retail traders), makes no sense to become consistently profitable. So, I've been thinking that...
Welcome keen246.
There are no stupid questions.
There may be questions that have been asked and answered.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,004
  • Jul 22, 2016 11:44am Jul 22, 2016 11:44am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 47 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,005
  • Jul 22, 2016 11:45am Jul 22, 2016 11:45am
Have not the indicator since not using mt4
This was what happened in cable today (black charts because I will need my eyes later in my life )

Attached Image (click to enlarge)
Click to Enlarge Name: 7.png Size: 101 KB


1. h1 highest open
2. m15 chart highest open (not drawn) 3265
3. on m5 price went above 3265 and stuck there before news.

went short 3283
did not place the sell stop becuase
a- news would have filled me lower and I don't like when it happens
b- had a good entry with stop @be+1,4 so no matter increasing.

The very same situation happened yesterday in cable at same levels.

If anything, this strategy gives very good view of market behavior
I find it simple... but maybe a novice trader will face some problems.

I btw prefer trading 1 instrument and only that. I need to see the charts running on all timeframes so h1 m15 m5 (and daily + weekly of course)
Having only the m5 creates me confusion.
BUt that is just me!
90% of traders use TA, indicators and prediction
  • #4,006
  • Jul 22, 2016 11:47am Jul 22, 2016 11:47am
forgot....

trade execution here
Attached Image (click to enlarge)
Click to Enlarge Name: 7.png Size: 52 KB
90% of traders use TA, indicators and prediction
  • #4,007
  • Jul 22, 2016 11:53am Jul 22, 2016 11:53am
So, I see I have to learn a lot. I made a few trades today, but also many losses. Here are my trades:

Attached Image (click to enlarge)
Click to Enlarge Name: summary.png Size: 123 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 2.png Size: 95 KB

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.png Size: 189 KB

Attached Image (click to enlarge)
Click to Enlarge Name: nzdcad.png Size: 194 KB

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY1.png Size: 93 KB

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.png Size: 167 KB


Comments are really welcome. :-)
  • #4,008
  • Jul 22, 2016 12:25pm Jul 22, 2016 12:25pm
Quoting kleybenny
So, I see I have to learn a lot. I made a few trades today, but also many losses. Here are my trades: {image} {image} {image} {image} {image} {image} Comments are really welcome. :-)

I can speak only about GBP today:

you were buying a strong bearish move due to strong fundamental reasons (very disappointing services pmi).

other days things could be different and at the level you bought price could give some 10-15 or even 20-25 pips.

but not today!
90% of traders use TA, indicators and prediction
  • #4,009
  • Jul 22, 2016 12:31pm Jul 22, 2016 12:31pm
I agree with BBKing
Today I took 2 trades pointed out by tooSlow, AUDUSD and EURJPY. Both losses. I see others that would have been losses too.
I think the market enviroment today was not in favor of this strategy.
Maybe TooSlow could give some advice about that. It seems you just have to stay away from strong trending markets.
  • #4,010
  • Jul 22, 2016 12:33pm Jul 22, 2016 12:33pm
Quoting TooSlow
{image}
I didn't have much time today, I am now looking to sell USDCAD and buy AUDUSD
  • #4,011
  • Jul 22, 2016 1:05pm Jul 22, 2016 1:05pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 49 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,012
  • Jul 22, 2016 1:07pm Jul 22, 2016 1:07pm
Quoting kleybenny
So, I see I have to learn a lot. I made a few trades today, but also many losses. Here are my trades: {image} {image} {image} {image} {image} {image} Comments are really welcome. :-)
BIG MISTAKE #1 is trading more than ONE PAIR during your learning period.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,013
  • Jul 22, 2016 1:08pm Jul 22, 2016 1:08pm
Quoting gastonbrmex
I agree with BBKing Today I took 2 trades pointed out by tooSlow, AUDUSD and EURJPY. Both losses. I see others that would have been losses too. I think the market enviroment today was not in favor of this strategy. Maybe TooSlow could give some advice about that. It seems you just have to stay away from strong trending markets.
Did you follow the rules?
Or did you bend the rules?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,014
  • Jul 22, 2016 1:11pm Jul 22, 2016 1:11pm
Quoting gastonbrmex
I agree with BBKing Today I took 2 trades pointed out by tooSlow, AUDUSD and EURJPY. Both losses. I see others that would have been losses too. I think the market enviroment today was not in favor of this strategy. Maybe TooSlow could give some advice about that. It seems you just have to stay away from strong trending markets.
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 44 KB


Are you rushing the entry?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,015
  • Jul 22, 2016 1:13pm Jul 22, 2016 1:13pm
Quoting gastonbrmex
I agree with BBKing Today I took 2 trades pointed out by tooSlow, AUDUSD and EURJPY. Both losses. I see others that would have been losses too. I think the market enviroment today was not in favor of this strategy. Maybe TooSlow could give some advice about that. It seems you just have to stay away from strong trending markets.
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 48 KB


Only using H1 highest/lowest open still banks pips.
Using M5, M15, H1 and H4, allows multiple chance to bank pips.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,016
  • Jul 22, 2016 1:20pm Jul 22, 2016 1:20pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 55 KB


Is it obvious?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,017
  • Jul 22, 2016 1:20pm Jul 22, 2016 1:20pm
Quoting TooSlow
{quote} Did you follow the rules? Or did you bend the rules?

Hi TooSlow
I followed the chance for entry at about 16.40 (your broker time) for AUDUSD you posted.
At that time Low of Day was 0.74596 and Lowest H1 Open was 0.74685

At 16.40 a candle opened 0.74657 at interest zone, and went up, throug Lowest H1 Open, so I entered the trade.
Then, it only went up for 3 more pips, so I did not move my SL.
And then it falls beyond LOD, reaching my SL for a loss of about 10 pips.

Please, can you tell me if I followed the rules ok?
As I understand, I waited for a candle to open on interest zone, and made the buy at exactly the Lowest H1 Open.
It did not reach a 5 pip + 1, so there was no chance of moving SL.

Am I ok?

Thanks a lot!
  • #4,018
  • Jul 22, 2016 1:23pm Jul 22, 2016 1:23pm
Quoting gastonbrmex
I agree with BBKing Today I took 2 trades pointed out by tooSlow, AUDUSD and EURJPY. Both losses. I see others that would have been losses too. I think the market enviroment today was not in favor of this strategy. Maybe TooSlow could give some advice about that. It seems you just have to stay away from strong trending markets.
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 54 KB


Using the H1 chart period can help you to wait.
Smart traders would not buy when the H1 candle is red.
Nor sell when H1 candle is green.
Higher chart period, less entry chances.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,019
  • Jul 22, 2016 1:32pm Jul 22, 2016 1:32pm
Quoting gastonbrmex
{quote} Hi TooSlow I followed the chance for entry at about 16.40 (your broker time) for AUDUSD you posted. At that time Low of Day was 0.74596 and Lowest H1 Open was 0.74685 At 16.40 a candle opened 0.74657 at interest zone, and went up, throug Lowest H1 Open, so I entered the trade. Then, it only went up for 3 more pips, so I did not move my SL. And then it falls beyond LOD, reaching my SL for a loss of about 10 pips. Please, can you tell me if I followed the rules ok? As I understand, I waited for a candle to open on interest zone, and made the...
This is the chart of that trade.
The vertical line was the entry.
I thought it was according to rules. was it?

Thanks a lot for your advice!
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD tooSlow.jpg Size: 150 KB
  • #4,020
  • Jul 22, 2016 1:34pm Jul 22, 2016 1:34pm
Quoting gastonbrmex
{quote} This is the chart of that trade. The vertical line was the entry. I thought it was according to rules. was it? Thanks a lot for your advice! {image}
Do not be afraid or ashamed of banking 1 pip.
No reason to let a winner slip through your fingers.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
3 traders viewing now, 1 is registered:
menek