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Highest Open / Lowest Open Trade

  • #4,361
  • Jul 30, 2016 8:48am Jul 30, 2016 8:48am
Quoting GibbonsFx
Any chance we can put a GMT_DAY_OPEN variable in the indicator? Different brokers have different daily opens which causes different values.. it would be nice to be able to define the open we want to use in GMT time. Just a thought.. thanks!
Yes.
But the indicator would have to be rewritten from scratch to calculate the daily high/low.
Shouldn't make any difference to your trading.
Avoid focusing on minutiae.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,362
  • Jul 30, 2016 8:56am Jul 30, 2016 8:56am
Quoting luvene
It is not that easy as it looks like...................... I have to study more
Do not study more.
Do not study at all.
There is nothing here to study.
Only to execute.
At the right time.
At the right place.
These are known in advance.
Just wait.

Shift your focus inward.
You have to work on you.
This method's rules are simple.
The difficulty lies within.
A battle with self.
Inner demons.
Doubts.
Distractions.
Fear.

Other methods may require study.
Not this one.
Only practice necessary here.

Take the 10 trade challenge.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,363
  • Jul 30, 2016 9:02am Jul 30, 2016 9:02am
Quoting Merka
{quote} Hello slowbrain. From which post you download that latest release of the indicator. I downloaded my template and indicator from #post 1 and they do not have that annotations. Could you please post exactly the post number where you downloaded from. Thanks. Merka.
There is an attachment button, paperclip icon, near the upper righthand corner at top of page.
Click there.
All of the thread attachments are there.
Download the latest files.
Easier than searching for posts.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,364
  • Jul 30, 2016 9:25am Jul 30, 2016 9:25am
Hi

mq4 Files as requested

Enjoy

Cheers
Attached File(s)
File Type: zip HILO Test mq4 29072016.zip   456 KB | 775 downloads
Don't limit yourself!!
  • #4,365
  • Jul 30, 2016 9:29am Jul 30, 2016 9:29am
Quoting TooSlow
{quote} There is an attachment button, paperclip icon, near the upper righthand corner at top of page. Click there. All of the thread attachments are there. Download the latest files. Easier than searching for posts.
Thanks.I was not aware about that function.Merka
  • #4,366
  • Jul 30, 2016 9:29am Jul 30, 2016 9:29am
Quoting MichaelG
{quote} #4339 is it I think Merka. Cheers
Thanks
  • #4,367
  • Jul 30, 2016 9:39am Jul 30, 2016 9:39am
Quoting mosiskv
Hi mq4 Files as requested Enjoy Cheers {file}
Thank you, mosiskv.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,368
  • Jul 30, 2016 10:00am Jul 30, 2016 10:00am
RESISTANCE

It has been stated the hardest thing about this method is the waiting.
This may not be accurate.
Waiting is actually easy.
Nothing to do.
Just wait.

It is your resistance to waiting that causes the problem.

Anxiety:

  1. a feeling of worry, nervousness, or unease, typically about an imminent event or something with an uncertain outcome.
  2. desire to do something, typically accompanied by unease.



What about trading causes you anxiety?

When trading produces anxiety, the outcome usually is not in your favor.
There is nothing to worry about.
When you place a stop loss, you know what the worst possible outcome is in advance, barring unforeseen events.
Shouldn't having a stop loss prevent feeling uneasy?
Do you have the unreal expectation of the stop loss never being triggered?
Does the fear of missing out have you firmly in its grips?

What can you do to eliminate anxiety?

Tips to Manage Anxiety and Stress
When you're feeling anxious or stressed, these strategies will help you cope:

  1. Take a time-out. Practice yoga, listen to music, meditate, get a massage, or learn relaxation techniques. Stepping back from the problem helps clear your head.
  2. Eat well-balanced meals. Do not skip any meals. Do keep healthful, energy-boosting snacks on hand.
  3. Limit alcohol and caffeine, which can aggravate anxiety and trigger panic attacks.
  4. Get enough sleep. When stressed, your body needs additional sleep and rest.
  5. Exercise daily to help you feel good and maintain your health. Check out the fitness tips below.
  6. Take deep breaths. Inhale and exhale slowly.
  7. Count to 10 slowly. Repeat, and count to 20 if necessary.
  8. Do your best. Instead of aiming for perfection, which isn't possible, be proud of however close you get.
  9. Accept that you cannot control everything. Put your stress in perspective: Is it really as bad as you think?
  10. Welcome humor. A good laugh goes a long way.
  11. Maintain a positive attitude. Make an effort to replace negative thoughts with positive ones.
  12. Get involved. Volunteer or find another way to be active in your community, which creates a support network and gives you a break from everyday stress.
  13. Learn what triggers your anxiety. Is it work, family, school, or something else you can identify? Write in a journal when youre feeling stressed or anxious, and look for a pattern.
  14. Talk to someone. Tell friends and family youre feeling overwhelmed, and let them know how they can help you. Talk to a physician or therapist for professional help.

https://www.adaa.org/tips-manage-anxiety-and-stress

Which of those tips can you use when you trade?

- Do your best
- Accept that you cannot control everything
- Maintain a positive attitude
- Learn what triggers your anxiety

What are you telling yourself to create anxiety?

Self-talk can have a great impact on your confidence. It can be positive or negative, and have different effects on how you feel. There are a few ways you can develop better self-talk, which can be as simple as listening to what youre saying to yourself each day. It's a good idea to practice how to you talk to yourself, because feeling good is always worth the effort.


"Successful people ask better questions, and as a result, they get better answers." - Tony Robbins

My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,369
  • Jul 30, 2016 10:24am Jul 30, 2016 10:24am
SIT ON YOUR HANDS

Can you not trade?
Can you sit and watch the charts?
Can you let trade opportunities pass you by?
What do you feel?
How do you feel?

The challenge is to watch one pair for 4 hours.
Just sit and watch.
No distractions.
OK, you can go to the bathroom if you have to
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,370
  • Jul 30, 2016 10:29am Jul 30, 2016 10:29am
Quoting TooSlow
{quote} Yes. But the indicator would have to be rewritten from scratch to calculate the daily high/low. Shouldn't make any difference to your trading. Avoid focusing on minutiae.
It affects more than the daily high / low values. I'm noticing that lowest / highest H1 / H4 values are different as well, sometimes significantly. If it's too much work to add, I totally get it. Thanks.
  • #4,371
  • Jul 30, 2016 10:31am Jul 30, 2016 10:31am
Quoting mizi123
{quote} GibbonsFX here it is such 1 for you {file}
Thanks, I have something similar. I was suggesting integrating the GMT DAILY OPEN variable into the Hi/Lo indicator as various high / low values seem to vary significantly depending on the broker's daily open.
  • #4,372
  • Jul 30, 2016 11:01am Jul 30, 2016 11:01am
Quoting GibbonsFx
{quote} It affects more than the daily high / low values. I'm noticing that lowest / highest H1 / H4 values are different as well, sometimes significantly. If it's too much work to add, I totally get it. Thanks.
Different than what?
Please post a chart showing the differences and the negative affects they have on trading this method.
Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,373
  • Jul 30, 2016 11:45am Jul 30, 2016 11:45am
A horizontal line is a horizontal line.

It doesn't make a difference where exactly the horizontal line is located.

It is an illusion to think that just because price has made a daily high, and you happened to place a horizontal line somewhere based on that fact, that that particular high is going to be the final daily high and won't be outdone by a higher daily high.

The market doesn't give one hoot about what significance you attach to a horizontal line. Only you might make that mistake.
"This horizontal line is resistance" - market doesn't care. "Whatever, mate".
"This horizontal line is support" - market doesn't care. "Whatever, mate".
"This horizontal line is my entry line" - market doesn't care. "Whatever, mate".
"This horizontal line is my protective stop" - market doesn't care. "Whatever, mate".
"This horizontal line is my take profit" - market doesn't care. "Whatever, mate".

So: here goes once more:

Price closes above ? Go long.

Price closes below ? Go short.

HOLO is just a methodical way to draw horizontal lines.
Daily extremes based on broker start times etc. etc.: irrelevant.
Discussing that is an excuse to not do what needs to be done: execute the simple rules over and over again, and become a master at it.

Posting here and discussing relevant- and irrelevant things may also be an excuse to not becoming a master at doing that.

It may take 10.000 hours to become an expert. Best to not waste time
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,374
  • Jul 30, 2016 11:51am Jul 30, 2016 11:51am
Quoting PippyTheGrt
...The market doesn't give one hoot about what significance you attach to a horizontal line. ... So: here goes once more: Price closes above ? Go long. Price closes below ? Go short. ...
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,375
  • Jul 30, 2016 12:13pm Jul 30, 2016 12:13pm
Quoting TooSlow
SIT ON YOUR HANDS Can you not trade? Can you sit and watch the charts? Can you let trade opportunities pass you by? What do you feel? How do you feel? The challenge is to watch one pair for 4 hours. Just sit and watch. No distractions. OK, you can go to the bathroom if you have to
May I suggest a follow-up to that exercise ?

Instead of sitting on your hands, waiting for the dreaded Indicatr to do its job, draw your own horizontal lines on a naked chart.

For instance:

- pick ONE chart, put it on M5 (or M15, your choice)
- at TOTH: if this is the highest- or lowest open of the day: draw a horizontal line through that open and remove the old one.
- after TOTH: observe the chart whilst being mindful about the rules as per post 1 and enter a trade if applicable according to those rules.
- no distractions.

Example:

Attached Image (click to enlarge)
Click to Enlarge Name: 2016-07-30_1915.png Size: 60 KB
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,376
  • Jul 30, 2016 12:45pm Jul 30, 2016 12:45pm
Quoting PippyTheGrt
{quote} May I suggest a follow-up to that exercise ? Instead of sitting on your hands, waiting for the dreaded Indicatr to do its job, draw your own horizontal lines on a naked chart. For instance: - pick ONE chart, put it on M5 (or M15, your choice) - at TOTH: if this is the highest- or lowest open of the day: draw a horizontal line through that open and remove the old one. - after TOTH: observe the chart whilst being mindful about the rules as per post 1 and enter a trade if applicable according to those rules. - no distractions. Example: {image}...
Attached Image (click to enlarge)
Click to Enlarge Name: PTG.png Size: 81 KB


PTG, in your chart, you would have to have moved the line up to the open of the big blue candle that opened one bar after you drew the line.
See red line with arrow.
Short from there.
Unless you have something else in mind.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,377
  • Jul 30, 2016 1:51pm Jul 30, 2016 1:51pm
Quoting TooSlow
{quote} {image} PTG, in your chart, you would have to have moved the line up to the open of the big blue candle that opened one bar after you drew the line. See red line with arrow. Short from there. Unless you have something else in mind.
Don't trust, DO verify

TS, the big blue candle you refer to has a time stamp of 18:05 on my MT4. Perhaps we have different charts ?
Afaics my picture is correct.

That said, ANY horizontal line would do (although perhaps not according to your rules )
Let's the horizontal line I have drawn were 17:55 - why not short it when price comes back through it
Or your 18:05 horizontal line - why not short it when price comes back through it

Attached Image (click to enlarge)
Click to Enlarge Name: 2016-07-30_2049.png Size: 57 KB
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,378
  • Jul 30, 2016 1:52pm Jul 30, 2016 1:52pm
Quoting PippyTheGrt
A horizontal line is a horizontal line. It doesn't make a difference where exactly the horizontal line is located. It is an illusion to think that just because price has made a daily high, and you happened to place a horizontal line somewhere based on that fact, that that particular high is going to be the final daily high and won't be outdone by a higher daily high. The market doesn't give one hoot about what significance you attach to a horizontal line. Only you might make that mistake. "This horizontal line is resistance" - market doesn't care....
Does anyone notice an anomaly in the text ?
Hint: post #1
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,379
  • Jul 30, 2016 3:07pm Jul 30, 2016 3:07pm
Quoting PippyTheGrt
{quote} Don't trust, DO verify TS, the big blue candle you refer to has a time stamp of 18:05 on my MT4. Perhaps we have different charts ? Afaics my picture is correct. That said, ANY horizontal line would do (although perhaps not according to your rules ) Let's the horizontal line I have drawn were 17:55 - why not short it when price comes back through it Or your 18:05 horizontal line - why not short it when price comes back through it {image}
I copied your chart and added the arrow line.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,380
  • Edited 3:43pm Jul 30, 2016 3:28pm | Edited 3:43pm
Quoting TooSlow
{quote} I copied your chart and added the arrow line.
I was wondering if the chart on your MT4 platform is different but I found the misunderstanding. The H1 HO is 1.11791 on my chart. That is the entry on my chart according to your rules. My chart is an M5 chart with the H1 HO drawn on it. Your arrow refers to the M5 HO entry on an M5 chart, my entry to H1 HO on the M5 chart.

The second chart I posted was your 18:05 M5 horizontal line on an M1 chart.
It takes courage to grow up and become who you really are - E.E. Cummings
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