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Highest Open / Lowest Open Trade

  • #4,121
  • Jul 26, 2016 2:31am Jul 26, 2016 2:31am
Today 8 pip on EURUSD.
Yesterday 4 pip on EURJPY,sorry no screen.
I like this horizontal lines

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  • #4,122
  • Jul 26, 2016 2:35am Jul 26, 2016 2:35am
Quoting MichaelG
{quote} Hi Keen, If I read you right, your first day produced less than 20% (I imagine not very much less?), then that is an absolutely fabulous outcome. But just a suggestion if I may. If you are going to back test this or even forward test it on demo (if that's what you are doing), you will need to consider a number of things (but you probably know this).And you need to document "stuff" so you can make comparisons. (that doesn't mean that it will ALWAYS be right) What works during the Asian session, may not work during the UK/US sessions. I say...

?


he said 20% winning.

that means that out of 10 trades, 2 were profits, 8 were losses.
this could be great on a daily / weekly or monthly strategy where you could have 2 wins for 380pips each and 8 losses for 30pips each.
but for an intraday strategy is quite a bad result, considering that this strategy could give far better results.

the problem, for what i see is that people for some misterious reasons, think that this is an holy grail able to make you rich by buying/selling counter main direction and without knowing how basic trade mechanics work.

It is not that you push a button and you become rich.

One has to study and learn and get it wrong and understand why.

buying the lowest h1 or daily or enen 10seconds open, doesn't mean it will be a great entry if market is selling the instrument like the hell!
90% of traders use TA, indicators and prediction
  • #4,123
  • Jul 26, 2016 6:15am Jul 26, 2016 6:15am
Quoting keen246
Today I finally started to simulate the strategy using Forex Tester 2. I set the Ho, Lo, DH and DL manually and move them accordingly. Maybe because it's my first day I got awful results. The winning % was less than 20%. Very often when the M5 candle opens between the H1 Open and the daily L/H, it returns to the H1 open, hits the pending order and continue making a new H/L giving you loses.
If you win at 20% or less - Have you thought about inverting your orders and swapping your shorts for longs and longs for shorts? You may have a high % strategy just doing the opposite of what your currently do.

Just an idea.........
  • #4,124
  • Jul 26, 2016 6:33am Jul 26, 2016 6:33am
Quoting Traded
{quote} If you win at 20% or less - Have you thought about inverting your orders and swapping your shorts for longs and longs for shorts? You may have a high % strategy just doing the opposite of what your currently do. Just an idea.........
sometimes it works!
mostly if the strategy is oscillator-based (not this case)
90% of traders use TA, indicators and prediction
  • #4,125
  • Jul 26, 2016 6:44am Jul 26, 2016 6:44am
2 trades for me so far. One closed at be the other with +10 pips. I begin to like this strategy. See picture. Please comment.
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  • #4,126
  • Jul 26, 2016 7:05am Jul 26, 2016 7:05am
Quoting MichaelG
{quote} I don't want to harp on the point, but he said QUOTE ...Maybe because it's my first day I got awful results. The winning % was less than 20%.

then I guess it's a matter on how anyone consider results !

imo-.. considering how good this strategy is, once you get the logic, there can be GREAT opportunities during one day. So, having a 20% wins means to me some clear reasons. mostly:

1- not considering the overall scenario (example : if there is a strong intraday trend (strong fundamentals and price far from major sup/res) I prefer avoidining counter trend positions)
2- watching too many pairs (overtrading). Imo it is çbetter watching max 2 instruments (3 maybe?): since it is not a 100% auto strategy one could end in just placing orders without even understanding what is happening alias disaster behind the corner!

If one really get the logic, there can't be losing trades... at worst there will be some trades ending at BE!

btw.. I'm thinking to try placing 2 orders: 1 for a 10 pips profits and 1 without profits. or an auto scale out if 10pips profits.
For what i see in last days, many many times price goes in favour of some 4 to 10 pips even if strong trend...
could be a way to bank something?
90% of traders use TA, indicators and prediction
  • #4,127
  • Jul 26, 2016 7:19am Jul 26, 2016 7:19am
Many traders "fiddle" with methods before they have mastered them.
Easy to see this when it happens.
There are many losses.
The charts have been altered.
Rules are ignored.
One job of a coach is to keep people from "fiddling" around.
Understand?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,128
  • Jul 26, 2016 7:19am Jul 26, 2016 7:19am
Keep on a short leash.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,129
  • Jul 26, 2016 7:21am Jul 26, 2016 7:21am
maybe better I explain it with a chart.
this is today's GBP / USD seen in 5m :

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everybody would love to get the whole move from 1.3075 (m15 + h1 lowest open) to actual 1.3140 so 65 pips.

BUT

there have been 4 great entries when price was near 1.3076
if one got those 4 trades and banked at +10pips would mean 40pips

not really a huge difference!


Guess this is really subjective btw
90% of traders use TA, indicators and prediction
  • #4,130
  • Jul 26, 2016 7:37am Jul 26, 2016 7:37am
Short leash meaning not accepting it to go negative, there is always another opportunity. These trades are sticking their head out as "early adapters" and it needs follow-through. Not seeing that means not waiting until BE+5 to move stop to BE+1 like a lamb at the slaughterhouse but moving it earlier.

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And here is my reason to assume no follow-through: no close of M5 below the horizontal line on the left which happens to be an earlier H1 higher open.

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BTW trade is also against H4 color, another reason to be cautious.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,131
  • Jul 26, 2016 7:56am Jul 26, 2016 7:56am
Quoting PippyTheGrt
Short leash meaning not accepting it to go negative, there is always another opportunity. These trades are sticking their head out as "early adapters" and it needs follow-through. Not seeing that means not waiting until BE+5 to move stop to BE+1 like a lamb at the slaughterhouse but moving it earlier. {image} And here is my reason to assume no follow-through: no close of M5 below the horizontal line on the left which happens to be an earlier H1...
Accepting or expecting?


ac·cept
əkˈsept/
verb
gerund or present participle: accepting

  1. 1.
    consent to receive (a thing offered).
    "he accepted a pen as a present"
    synonyms:receive, take, get, gain, obtain, acquire More
  2. 2.
    believe or come to recognize (an opinion, explanation, etc.) as valid or correct.



ex·pect
ikˈspekt/
verb
gerund or present participle: expecting

  1. regard (something) as likely to happen.
    "we expect the best"
    synonyms:anticipate, await, look for, hope for, look forward to; More

    1. regard (someone) as likely to do or be something.
      "they were not expecting him to continue"
      synonyms:suppose, presume, think, believe, imagine, assume, surmise; More
    2. believe that (someone or something) will arrive soon.

My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,132
  • Jul 26, 2016 8:05am Jul 26, 2016 8:05am
Quoting TooSlow
{quote} Accepting or expecting?
Probably my English, good you ask.
Made the same mistake before.

I was not going to let this trade go negative.

That should clear things up.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,133
  • Jul 26, 2016 8:05am Jul 26, 2016 8:05am
Quoting PippyTheGrt
BTW trade is also against H4 color, another reason to be cautious.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,134
  • Jul 26, 2016 8:06am Jul 26, 2016 8:06am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,135
  • Jul 26, 2016 8:07am Jul 26, 2016 8:07am
Quoting PippyTheGrt
{quote} Probably my English, good you ask. Made the same mistake before. I was not going to let this trade go negative. That should clear things up.
Either way is correct.
Making sure I understand.
Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,136
  • Jul 26, 2016 8:08am Jul 26, 2016 8:08am
Quoting TooSlow
{quote} Post the charts showing the trades.
Sure will do. I'll post some of my trades on my training session today. I need to label the lines properly so you guys can understand and maybe provide some advice if I'm doing something wrong.
  • #4,137
  • Jul 26, 2016 8:12am Jul 26, 2016 8:12am
Quoting PippyTheGrt
{quote} Probably my English, good you ask. Made the same mistake before. I was not going to let this trade go negative. That should clear things up.
"accepteren" in Dutch translates to "accept" in English, as per definition 1 above. None of the synonyms below translate into "accepting" as per the definition 2 above though. Interesting..

ac·cep·te·ren (accepteerde, heeft geaccepteerd)
1aannemen, aanvaarden: een uitnodiging accepteren2
als onvermijdelijk, vergeeflijk, bevredigend aanvaarden: men accepteerde dat excuus
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,138
  • Jul 26, 2016 8:20am Jul 26, 2016 8:20am
Quoting TooSlow
{quote} Either way is correct. Making sure I understand. Thank you.
I appreciate you asking

The world would be a different place if there were more individuals asking for clarification of statements and more people actually taking those questions serious. Nobody can look into other people's brains. Communication, let alone writing only, is a very deficient way to get information across from one brain to another. Better to ask in case of doubt.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,139
  • Jul 26, 2016 8:33am Jul 26, 2016 8:33am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,140
  • Jul 26, 2016 8:36am Jul 26, 2016 8:36am
Quoting PippyTheGrt
{quote} I appreciate you asking The world would be a different place if there were more individuals asking for clarification of statements and more people actually taking those questions serious. Nobody can look into other people's brains. Communication, let alone writing only, is a very deficient way to get information across from one brain to another. Better to ask in case of doubt.
Communication.
Sender and receiver each share responsibility.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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