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Highest Open / Lowest Open Trade

  • #4,281
  • Jul 29, 2016 3:31am Jul 29, 2016 3:31am
Tooslow, pippy and the other Friends,

One question: let's say a trade triggers, but right after that it goes in wrong direction, before reached 3,4 or 5 pips of profit, would you than let the trade run and trust your stop loss or would you close the trade at a specific stage of loss? What is your opinion?

Thank you
  • #4,282
  • Jul 29, 2016 3:40am Jul 29, 2016 3:40am
USD/CAD look's intresting to me..... waiting
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  • #4,283
  • Jul 29, 2016 3:42am Jul 29, 2016 3:42am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,284
  • Jul 29, 2016 3:54am Jul 29, 2016 3:54am
Quoting kleybenny
Tooslow, pippy and the other Friends, One question: let's say a trade triggers, but right after that it goes in wrong direction, before reached 3,4 or 5 pips of profit, would you than let the trade run and trust your stop loss or would you close the trade at a specific stage of loss? What is your opinion? Thank you
That is a matter of personal preference. That said, below is a link to a post as I see it. I couldn't disagree less with that.

This is how I see it: http://www.forexfactory.com/showthre...45#post2516445
Hope that helps.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,285
  • Edited 4:36am Jul 29, 2016 4:00am | Edited 4:36am
Quoting mizi123
USD/CAD look's intresting to me..... waiting {image}
mind rule #1

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,286
  • Jul 29, 2016 4:50am Jul 29, 2016 4:50am


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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,287
  • Jul 29, 2016 5:10am Jul 29, 2016 5:10am
Rule #1

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,288
  • Jul 29, 2016 5:12am Jul 29, 2016 5:12am
Quoting PippyTheGrt
Rule #1 {image}
Great Job,
I am reading your charts, very clear.
  • #4,289
  • Jul 29, 2016 5:17am Jul 29, 2016 5:17am
Rule #1 continues.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,290
  • Jul 29, 2016 5:30am Jul 29, 2016 5:30am
Quoting archishard
{quote} Great Job, I am reading your charts, very clear.
Thanks.

This is not rocket science

Anybody can post these charts here. The "indicatörs" are freely available.

This is just one way to get in the market. There are many more ways.

Important thing is to create a process of habits around it and build a routine. It will become automatic after a while, just like driving a car.

Once the basics are known, you can bend the rules and take a shot at going short on the EURUSD example above anyway. But one needs to learn to follow his own rules in the first place as a baseline.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,291
  • Jul 29, 2016 5:35am Jul 29, 2016 5:35am
To fall off a cliff or not, that is the question.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,292
  • Jul 29, 2016 6:02am Jul 29, 2016 6:02am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,293
  • Jul 29, 2016 6:05am Jul 29, 2016 6:05am
Not a good idea. Train wins. So does the market if you don't get out of the way

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,294
  • Jul 29, 2016 6:17am Jul 29, 2016 6:17am
Wait.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,295
  • Jul 29, 2016 6:20am Jul 29, 2016 6:20am
And another wait.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,296
  • Jul 29, 2016 6:25am Jul 29, 2016 6:25am
Quoting PippyTheGrt
{image}
Could you care to explain me the 1st rule? I don't understand what is the meaning of a breakout bar for this system.
  • #4,297
  • Jul 29, 2016 6:25am Jul 29, 2016 6:25am
You will probably miss profitable opportunities by sticking to the rules religiously in first instance, but after a while you will learn to recognize when you can bend the rules., the USDCHF example above being such a case (my personal idea).
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,298
  • Jul 29, 2016 6:32am Jul 29, 2016 6:32am
Quoting archishard
{quote} Could you care to explain me the 1st rule? I don't understand what is the meaning of a breakout bar for this system.
It refers to the current H1 bar which is being formed now, making a higher high or a lower low than a previous H1. You are wanting to see price turn around for this entry method, and you want to see a lower high (from long to short) and a higher low (from short to long) in terms of market structure. A breakout bar is more of a continuation structure than a reversal (which you want to see).
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,299
  • Jul 29, 2016 6:40am Jul 29, 2016 6:40am
The big advantage of this entry method is that you are taking a shot at entering close to a daily extreme. Odds are price doesn't stay there and you have a good position of raking in a part of the daily range (for example). Look at AUDUSD (earlier screenshots above):


Earlier today:
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Now:
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,300
  • Jul 29, 2016 6:40am Jul 29, 2016 6:40am
Quoting skljsklj1
{quote} safrash I will try to explain you where you need to enter. In the right corner you have numbers (1, 2, 3, 4, 5). This is number of picture. I write it, so it will be easier to follow. Numbers which is below candle is number of candle. Current candle is number 0. Previous candle is number 1. ... Picture 1: Candle #1 make a new daily low. 1.1500 is lowest H1 open. In TooSlow chart it is marked like this: H1[0] Open Low. Picture 2: Candle #0 is current candle. This is entry candle. When this candle appear (for example at 15:00), it is just...
Hi, thank you my friend for the great explanation and of course too slow for his method. This explanation saved me from a lot of time studying all the pages on this thread I am not finished completely, I am not sure where I have to put my stoploss and Profit levels but that's a period of small time. I am not there, I don't understand the 5M chart completely....................
Keep it simple without too many crappy indicators!
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