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Highest Open / Lowest Open Trade

  • #4,161
  • Jul 26, 2016 2:03pm Jul 26, 2016 2:03pm
Hi TooSlow
Stumbled upon this thread today. I like the idea of mechanical (simple) trading. Usually these threads don't last as long as this one
However, did not find any succesful one so far.
Mechanical strats can fairly easily be backtested. Did you (or anyone else here) try to backtest this, with an EA or simply in excel?
I'm curious to know how your equity curve looks like trading this...
I probably will have some questions but need to read more (>200 pages!) first.
Good trading!
  • #4,162
  • Jul 26, 2016 2:09pm Jul 26, 2016 2:09pm
Quoting Xman43
Hi TooSlow Stumbled upon this thread today. I like the idea of mechanical (simple) trading. Usually these threads don't last as long as this one However, did not find any succesful one so far. Mechanical strats can fairly easily be backtested. Did you (or anyone else here) try to backtest this, with an EA or simply in excel? I'm curious to know how your equity curve looks like trading this... I probably will have some questions but need to read more (>200 pages!) first. Good trading!
Welcome to the thread, Xman43.
Backtesting does not work.
Do not fall into that trap.
Search this thread for "backtest" and you will see the discussions and explanations.
The best way to find out if this works for you is to test the method for 10 trades using 0.01 lot size.
You have to make 10 perfect entries.
Several traders have experienced profit.
Some have experienced loss.
The hardest part of this method is the waiting.
Most of the pages are charts.
The rules are on my charts.
Download the indicator and template.
Then post your charts.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,163
  • Jul 26, 2016 2:10pm Jul 26, 2016 2:10pm
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
  • #4,164
  • Jul 26, 2016 2:11pm Jul 26, 2016 2:11pm
Quoting TooSlow
https://youtu.be/byC-aOoY8tI
90% of traders use TA, indicators and prediction
  • #4,165
  • Jul 26, 2016 2:12pm Jul 26, 2016 2:12pm
When you trade, what story are you telling yourself?

http://zenhabits.net/narrative/
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,166
  • Jul 26, 2016 2:17pm Jul 26, 2016 2:17pm
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 47 KB


Can you wait for one H4 bar to close?
Can you wait for two H4 bars to close?
No?
Then how will you bank the big pips?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,167
  • Jul 26, 2016 2:18pm Jul 26, 2016 2:18pm
Quoting Xman43
Hi TooSlow Stumbled upon this thread today. I like the idea of mechanical (simple) trading. Usually these threads don't last as long as this one However, did not find any succesful one so far. Mechanical strats can fairly easily be backtested. Did you (or anyone else here) try to backtest this, with an EA or simply in excel? I'm curious to know how your equity curve looks like trading this... I probably will have some questions but need to read more (>200 pages!) first. Good trading!

Trade this as the rules state & you will see first hand
the power of this simple method. Of course if you feel more comfortable back testing by all means then proceed on.
Pick a couple of pairs & trade in demo & you will see. Just my views & nothing more.

_________________________________
  • #4,168
  • Jul 26, 2016 2:40pm Jul 26, 2016 2:40pm
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
  • #4,169
  • Jul 26, 2016 2:43pm Jul 26, 2016 2:43pm
Quoting TooSlow
{image} Can you wait for one H4 bar to close? Can you wait for two H4 bars to close? No? Then how will you bank the big pips?
Hi TooSlow,
and would you look at the close of the candle under the current Day Low in order to go short?
  • #4,170
  • Jul 26, 2016 2:49pm Jul 26, 2016 2:49pm
Quoting archishard
{quote} Hi TooSlow, and would you look at the close of the candle under the current Day Low in order to go short?
Sell short at highest open.
Buy long at lowest open.

Selling short at the current daily low would be entering late per highest/lowest open trade.

Wait a minute!!
Was that a trick question?

Price will never be under current daily low.


Attached Image (click to enlarge)
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,171
  • Jul 26, 2016 2:55pm Jul 26, 2016 2:55pm
Thanks for your reply TooSlow and Acetrader!
Will try to get a grip on this strat. Cheers
  • #4,172
  • Jul 26, 2016 2:55pm Jul 26, 2016 2:55pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 48 KB


Could have been a loser.
Before the trade it is only a chance.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,173
  • Jul 26, 2016 3:00pm Jul 26, 2016 3:00pm
one second....
am i the only one placing buy stop and sell stop orders on m5 / m15 lower higher open?

I mean...price build lowest open in m5 so actually opens the candle.

I wait for price to go lower than opening, and set a buy stop @ opening candle price, stop < lowest touch
opposite for sell.

or are you executing the actual trade @market?

90% of traders use TA, indicators and prediction
  • #4,174
  • Jul 26, 2016 3:01pm Jul 26, 2016 3:01pm
Quoting Xman43
Thanks for your reply TooSlow and Acetrader! Will try to get a grip on this strat. Cheers
First, empty your mind.
In order to be successful with this method, you have to give up your trading beliefs.
Your current "knowledge" will block you from getting a grip.
Your thoughts will cause you to doubt.
There is no reason to doubt.
No one knows the outcome of a setup until afterwards.
Maybe you bank pips.
Maybe you lose pips.

The indicator will draw the lines.
You have to enter and exit the trade.
Take the 10 trade 0.01 position size challenge.
Post your charts.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,175
  • Jul 26, 2016 3:03pm Jul 26, 2016 3:03pm
Quoting _BBKing_
one second.... am i the only one placing buy stop and sell stop orders on m5 / m15 lower higher open? I mean...price build lowest open in m5 so actually opens the candle. I wait for price to go lower than opening, and set a buy stop @ opening candle price, stop < lowest touch opposite for sell. or are you executing the actual trade @market?
Sounds like you found something that works for you.

Attached Image (click to enlarge)
Click to Enlarge Name: Bruce-Lee-Quote-Absorb-what-is-useful.jpg Size: 56 KB
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,176
  • Edited 3:39pm Jul 26, 2016 3:11pm | Edited 3:39pm
Quoting TooSlow
{quote} Sounds like you found something that works for you. {image}
yes probably.
I even built this:

Attached Image (click to enlarge)
Click to Enlarge Name: prov.png Size: 35 KB


the " + " will set orders when price is in the path as where I drawn the yellow rectangle

the " - " will cancel orders.

actually set to place 2 orders same entry, 1 fixed sl/tp, 1 "adaptive"

the tool is in Java of course so not worth for mt4 but if anything, something similar could help to avoid some losers. Isn't it?
90% of traders use TA, indicators and prediction
  • #4,177
  • Jul 26, 2016 3:45pm Jul 26, 2016 3:45pm
Attached Image (click to enlarge)
Click to Enlarge Name: tooslow1.png Size: 56 KB


Some one has a "beer money" thread on FF.
Trading the last hour of the NY session is good time to pick up a few pips for "beer money".
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,178
  • Jul 26, 2016 3:52pm Jul 26, 2016 3:52pm
Quoting Xman43
Thanks for your reply TooSlow and Acetrader! Will try to get a grip on this strat. Cheers

Best of trades to you.
  • #4,179
  • Jul 26, 2016 5:38pm Jul 26, 2016 5:38pm
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 higher open. {image} BTW trade is also against H4 color, another reason to be cautious.
Cut your losers short.

Good read:

http://www.forexfactory.com/showthre...45#post2516445
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,180
  • Jul 26, 2016 6:24pm Jul 26, 2016 6:24pm
https://charts.mql5.com/11/964/nzdus...al-markets.png

Hey, I've been following the thread and decided to give the method a shot. Are you still allowed to make the trade if the current bar was the new high/new low, such as in the picture in the link below? Or do you have to wait for another bar afterwards? I beat the spread in this trade but the commission caused the loss... And can someone also give me an example for a 5min/15min breakout bar. Cheers!
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