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Highest Open / Lowest Open Trade

  • #4,021
  • Jul 22, 2016 1:38pm Jul 22, 2016 1:38pm
Quoting TooSlow
{quote} Do not be afraid or ashamed of banking 1 pip. No reason to let a winner slip through your fingers.
Jajaj ok ok.
So, in this case, the move reach only 3 pips.
Should I have moved the SL before reaching 5 + 1 pip?
Am I not bending rules if I do that?
Sorry, but I'm confused about when follow rules or not.

Thanks!!
  • #4,022
  • Jul 22, 2016 1:43pm Jul 22, 2016 1:43pm
Attached is the alert indicator for H1 Hi Lo, mq4 file.
I added a new parameter true/false if you want to consider current H1 candle or not, it it has made a LOD or HOD.

I see some posts that recommends that if current H1 candle made an extreme, not enter on that candle. So you can set it the parameter to true, no alerts for this candle

Hope it helps.
Attached File(s)
File Type: mq4 HO LO Alert.mq4   10 KB | 739 downloads
  • #4,023
  • Jul 22, 2016 2:00pm Jul 22, 2016 2:00pm
Quoting TooSlow
{quote} {image} 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.
True!

To trade well, one has to watch what is happening around, and if not understand what happens, just stay out and wait next.

It's just like if a navigator tells you to turn left, while right in the middle of a bridge: would you turn left because the navigator usually is right?
90% of traders use TA, indicators and prediction
  • #4,024
  • Jul 22, 2016 2:04pm Jul 22, 2016 2:04pm
Quoting TooSlow
{quote} {image} 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.

Is it a rule to be considered?

Or just a recomendation for safer entrys?

Thanks!
  • #4,025
  • Jul 22, 2016 2:22pm Jul 22, 2016 2:22pm
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.
Market WAS in favour of this strategy.
indeed I got about 120pips on cable (if I respected 100% the rules it would have been 115pips).

What I meant in my post is that in this particular case cable printed some buy opportunities near 1.31 but those were not to be considered given the strong sell pressure.

This was true today, in cable and on the buy side near 1.31. The opportunity was the sell near 1.3270!

Other instruments behaved different. Ucad for example went down on news then up on NY open giving both a sell and a buy opp!
90% of traders use TA, indicators and prediction
  • #4,026
  • Jul 22, 2016 2:24pm Jul 22, 2016 2:24pm
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 48 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,027
  • Jul 22, 2016 2:32pm Jul 22, 2016 2:32pm
Hi

Will try this from nxt week wed/thurs - busy till then.

TooSlow - great lateral thinking

Cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EJ M5 2016-07-22_211130.png Size: 25 KB
Click to Enlarge Name: EU M5 2016-07-22_210629.png Size: 26 KB
Don't limit yourself!!
  • #4,028
  • Jul 22, 2016 2:35pm Jul 22, 2016 2:35pm
Quoting gastonbrmex
{quote} Jajaj ok ok. So, in this case, the move reach only 3 pips. Should I have moved the SL before reaching 5 + 1 pip? Am I not bending rules if I do that? Sorry, but I'm confused about when follow rules or not. Thanks!!
Confused?

Price goes up.
Price goes down.
When price stops going up then price is going down.
When price stops going down then price is going up.
Of course, you know this.
You do not need me to tell you this.
But do you apply this knowledge when you trade?

You are up 3 pips.
Now you are up 2 pips.
Now you are up 1 pip.
Which way is price moving?
For you or against you?
Does FOMO (Fear Of Missing Out) prevent you from exiting?
Are you wishing price will move in your direction?
What is most important thing to do when trading?
Protect your money?
Or follow rules you read somewhere or wrote yourself?


"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
  • #4,029
  • Jul 22, 2016 2:36pm Jul 22, 2016 2:36pm
Quoting gastonbrmex
Attached is the alert indicator for H1 Hi Lo, mq4 file. I added a new parameter true/false if you want to consider current H1 candle or not, it it has made a LOD or HOD. I see some posts that recommends that if current H1 candle made an extreme, not enter on that candle. So you can set it the parameter to true, no alerts for this candle Hope it helps. {file}
Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,030
  • Jul 22, 2016 2:36pm Jul 22, 2016 2:36pm
Quoting _BBKing_
{quote} True! To trade well, one has to watch what is happening around, and if not understand what happens, just stay out and wait next. It's just like if a navigator tells you to turn left, while right in the middle of a bridge: would you turn left because the navigator usually is right?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,031
  • Jul 22, 2016 2:38pm Jul 22, 2016 2:38pm
Quoting gastonbrmex
{quote} Is it a rule to be considered? Or just a recomendation for safer entrys? Thanks!
It can be a rule if you want it to be.
It can be a recommendation if you want it to be.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,032
  • Jul 22, 2016 2:40pm Jul 22, 2016 2:40pm
Quoting _BBKing_
{quote} Market WAS in favour of this strategy. indeed I got about 120pips on cable (if I respected 100% the rules it would have been 115pips). What I meant in my post is that in this particular case cable printed some buy opportunities near 1.31 but those were not to be considered given the strong sell pressure. This was true today, in cable and on the buy side near 1.31. The opportunity was the sell near 1.3270! Other instruments behaved different. Ucad for example went down on news then up on NY open giving...
Market only favors those who dance with it.
Those who don't follow the market's leads gets their toes stepped on.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,033
  • Jul 22, 2016 2:48pm Jul 22, 2016 2:48pm
Quoting mosiskv
Hi Will try this from nxt week wed/thurs - busy till then. TooSlow - great lateral thinking Cheers {image} {image}
Welcome mosiskv:

Interesting looking charts.
Maybe you can share the template and indicators.

Lateral thinking is solving problems through an indirect and creative approach, using reasoning that is not immediately obvious and involving ideas that may not be obtainable by using only traditional step-by-step logic. The term was coined in 1967 by Edward de Bono.

http://99u.com/articles/31987/how-to...-creative-work

Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 38 KB


According to the definition this method is not lateral thinking.
This method is obvious and was derived from step-by-step logic.
Look at the H1 chart.
For each day, mark the highest and lowest open.
What happened next?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,034
  • Jul 22, 2016 3:09pm Jul 22, 2016 3:09pm
WEEKEND HOMEWORK ASSIGNMENT

Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 39 KB


Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 36 KB


Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 36 KB


Mark the highest open and lowest open on each chart.
Look at the chart after you have marked it.
What thoughts do you have?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,035
  • Jul 22, 2016 3:16pm Jul 22, 2016 3:16pm
All you need is a horizontal line.
No brain cells were hurt in the process

Attached Image (click to enlarge)
Click to Enlarge Name: 2016-07-22_2155.png Size: 38 KB


Attached Image (click to enlarge)
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,036
  • Jul 22, 2016 3:22pm Jul 22, 2016 3:22pm
Quoting PippyTheGrt
All you need is a horizontal line. No brain cells were hurt in the process {image} {image}
Well done
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,037
  • Jul 22, 2016 3:24pm Jul 22, 2016 3:24pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 44 KB


Study the chart until it become obvious.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,038
  • Jul 22, 2016 3:35pm Jul 22, 2016 3:35pm
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 44 KB


This trade could have gone against buyers.
Each and every trade could go against buyers.
No one knows in advance.
No amount of analysis can guarantee a winning trade.
No indicator can guarantee a winning trade.
No method can guarantee a winning trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,039
  • Jul 22, 2016 3:46pm Jul 22, 2016 3:46pm
Quoting TooSlow
{image} This trade could have gone against buyers. Each and every trade could go against buyers. No one knows in advance. No amount of analysis can guarantee a winning trade. No indicator can guarantee a winning trade. No method can guarantee a winning trade.
I was wondering if asking a magic 8-ball would help
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,040
  • Jul 22, 2016 3:48pm Jul 22, 2016 3:48pm
Quoting PippyTheGrt
{quote} I was wondering if asking a magic 8-ball would help
Yes.
It helps.
Now, you have to let everyone in on the joke, PTG.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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