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Highest Open / Lowest Open Trade

  • #4,561
  • Aug 5, 2016 1:33pm Aug 5, 2016 1:33pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,562
  • Aug 5, 2016 3:02pm Aug 5, 2016 3:02pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,563
  • Aug 5, 2016 3:07pm Aug 5, 2016 3:07pm
​Oh I get the bend-not-break concept, of making the method your own et al and wasn't trying to stir any pots (there's some mixing of metaphors for you), it just seemed that Michael was beating himself up thinking that he was missing something somewhere on his part re the original rules. It's all good.
  • #4,564
  • Aug 5, 2016 3:18pm Aug 5, 2016 3:18pm
Quoting lemercenaire
​Oh I get the bend-not-break concept, of making the method your own et al and wasn't trying to stir any pots (there's some mixing of metaphors for you), it just seemed that Michael was beating himself up thinking that he was missing something somewhere on his part re the original rules. It's all good.
Not a problem at all, mate.
Cheers.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,565
  • Aug 5, 2016 3:21pm Aug 5, 2016 3:21pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,566
  • Aug 5, 2016 3:22pm Aug 5, 2016 3:22pm
Have you taken the 10 trade challenge?
If not, why not?
If yes, did you follow the rules exactly?
If not, why not?
If yes, what were your results.

You will only learn this method by trading this method.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,567
  • Edited Aug 6, 2016 2:44am Aug 5, 2016 5:06pm | Edited Aug 6, 2016 2:44am
I understand that whenever a new day starts at 5pm EST I have to reset the Highest Open / Lowest Open, right?
However, if I reset the HO/LO to the open price of the day at 5pm EST, the very next H1 candles often will make both, a new HO and/or a new LO, which gives a lot of loosers (in the asian session).

in the screenshot of this post: http://www.forexfactory.com/showthre...61#post8927161 you can see how the Lowest Open (LO, blue X) progresses down, sometimes giving signals, but only the bar[13] signal is a real reversal.

Do I have to wait e.g. for the London Open or the NYC session before taking any signals?

Please correct me if Im getting things wrong. Thank you!
  • #4,568
  • Aug 6, 2016 5:27am Aug 6, 2016 5:27am
Quoting ib2k14
I understand that whenever a new day starts at 5pm EST I have to reset the Highest Open / Lowest Open, right? However, if I reset the HO/LO to the open price of the day at 5pm EST, the very next H1 candles often will make both, a new HO and/or a new LO, which gives a lot of loosers (in the asian session). in the screenshot of this post: http://www.forexfactory.com/showthread.php?p=8927161#post8927161 you can see how the Lowest Open (LO, blue X) progresses down, sometimes giving signals, but only the bar[13] signal is a real reversal....
Can you post a picture on M5 with all the entries drawn in ?

"If you can see loss, you can see profit" - MO.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,569
  • Aug 6, 2016 10:23am Aug 6, 2016 10:23am
Quoting ib2k14
I understand that whenever a new day starts at 5pm EST I have to reset the Highest Open / Lowest Open, right? However, if I reset the HO/LO to the open price of the day at 5pm EST, the very next H1 candles often will make both, a new HO and/or a new LO, which gives a lot of loosers (in the asian session). in the screenshot of this post: http://www.forexfactory.com/showthre...61#post8927161 you can see how the Lowest Open (LO, blue X) progresses down, sometimes giving signals, but only the bar[13] signal is a real reversal....
No.
Do not wait.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,570
  • Aug 6, 2016 12:55pm Aug 6, 2016 12:55pm
Quoting PippyTheGrt
{quote} Can you post a picture on M5 with all the entries drawn in ? "If you can see loss, you can see profit" - MO.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY_M5_HOLO_2016_08_05.png Size: 64 KB


As requested, here is a screenshot of AUDJPY, all M5 candles. I have highlighted the H1 candles and also marked the HO/LO and all possible entry signals (red arrows = SELL, blue arrow = BUY) as by my understanding of the strategy.

Spread is not taken into account here, so maybe the real life "picture" would have been different... :-)


I hope you can see what I mean when I say there are a lot of signals while the HO/LO progresses?
I just want to know/understand exactly how to handle this situation.

How far (in pips? % of the zone size?) need the price go above the HO line, then come back to the HO level to produce a valid SELL signal?
Do I have to take into account the size of the zone (days high - HO-level in pips)? Maybe in regards to the ADR? I mean, skip a signal when the zone is to big, or something?

Any hint is highly appreciated. Please be verbose, single line comments don't help much... :-)

Thanks anyway for your help!
  • #4,571
  • Aug 6, 2016 5:24pm Aug 6, 2016 5:24pm
Quoting ib2k14
{quote} {image} As requested, here is a screenshot of AUDJPY, all M5 candles. I have highlighted the H1 candles and also marked the HO/LO and all possible entry signals (red arrows = SELL, blue arrow = BUY) as by my understanding of the strategy. Spread is not taken into account here, so maybe the real life "picture" would have been different... :-) I hope you can see what I mean when I say there are a lot of signals while the HO/LO progresses? I just want to know/understand exactly how to handle this situation. How far (in pips? % of the zone size?)...

How many pages of the thread have you read?
Have you taken the 10 trade challenge?
How many pips were possible in each of those trades marked on your chart?

"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
  • #4,572
  • Aug 6, 2016 5:29pm Aug 6, 2016 5:29pm
Quoting ib2k14
{quote} {image} As requested, here is a screenshot of AUDJPY, all M5 candles. I have highlighted the H1 candles and also marked the HO/LO and all possible entry signals (red arrows = SELL, blue arrow = BUY) as by my understanding of the strategy. Spread is not taken into account here, so maybe the real life "picture" would have been different... :-) I hope you can see what I mean when I say there are a lot of signals while the HO/LO progresses? I just want to know/understand exactly how to handle this situation. How far (in pips? % of the zone size?)...
Thank you.

Let's keep it simple. Why ? Because it IS simple.

That said, we all need to start with the beginning, and that is to learn when entries according to the rules as per post 1 are valid. Hence my question to draw a chart; that way I can see what you're thinking. As an aside, I was actually referring to the chart you were referring to, the one in yellow, but let's first do the one you posted.

When we don't know how to stand up, how can we walk ?
When we don't know how to walk, how can we run ?

First get the entries right, the rest will follow.

The rules are (copy/paste form post 1):

Sell short at the highest H1 open after price goes up through it and comes back down.

Buy at the lowest H1 open after price goes down through it and comes back up.

You can turn this around and ask yourself the following to validate your own entries:

a) for a short:
1. is the current H1 open, at the hard right edge, the highest H1 open ?
2. if yes to 1: has price gone through that open from below to above from the time the H1 started ?
3. if yes to 2: is there a lower timeframe open above the current H1 open ? (M5 in your case)
4. if yes to 3: set a sell stop at the highest H1 open price with the stop above the current daily high

b) for a long:
1. is the current H1 open, at the hard right edge, the lowest H1 open ?
2. if yes to 1: has price gone through that open from above to below from the time the H1 started ?
3. if yes to 2: is there a lower timeframe open below the current H1 open ? (M5 in your case)
4. if yes to 3: set a buy stop at the lowest H1 open price with the stop below the current daily low

Here is what I suggest for you to do:

1. forget about all your questions.
2. re-read post 1.
3. check every entry you posted on the chart against the checklist above, tell me if they're ok or not, and if not where they failed w.r.t. the checklist above.
4. go over the same chart again, but without the arrows, and use the checklist to mark the entries another time.
5. check the 2nd markup against the first and against the checklist.

I'd like you to be able to notice your own errors.

More in general, if you post charts, please also include time and price (and instrument + timeframe of course).
One more thing: I find thick lines harder to use because the obfuscate the underlying.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,573
  • Aug 7, 2016 2:46am Aug 7, 2016 2:46am
Hi all
at the first i should say that i read ALL the Pages and ALL posts And all Bruce Lee comments

i try this from 2 weaks and i am working on it

i have one questions :

If (M5_Candle_Open = H1_highest_open) then if price go up for pips and then go back down to H1_highest WE SHOULD ENTER OR NOT?

or
in general mode when M5_candel_open is equal to H1_highestopen or H1_lowestopen WE CAN ENTER OR NOT?

tanx
  • #4,574
  • Aug 7, 2016 4:48am Aug 7, 2016 4:48am
Quoting TooSlow
{quote} No problem at all, yonnie. You are correct, we do not know what will be the high/low of the day until the day is over. However, the current high/low of the day has the potential to be the high/low of the day. That is why this trade works and why one must use stops. Look at the charts posted. Are the trades apparent?
how can i download it?
  • #4,575
  • Edited 6:38am Aug 7, 2016 6:22am | Edited 6:38am
Quoting mahmood.tava
WE SHOULD ENTER OR NOT? or in general mode when M5_candel_open is equal to H1_highestopen or H1_lowestopen WE CAN ENTER OR NOT? tanx
http://www.forexfactory.com/showthre...28#post9020528

http://www.forexfactory.com/showthre...21#post9039821

Inserted Video
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,577
  • Aug 7, 2016 8:14am Aug 7, 2016 8:14am
Quoting PippyTheGrt
{quote} http://www.forexfactory.com/showthre...28#post9020528 http://www.forexfactory.com/showthre...21#post9039821 https://www.youtube.com/watch?v=BQ4yd2W50No
Is this my answer??

i asked a question
the answer is yes or no
if u know please answer
if not silent is good
  • #4,578
  • Aug 7, 2016 8:41am Aug 7, 2016 8:41am
Quoting mahmood.tava
{quote} Is this my answer?? i asked a question the answer is yes or no if u know please answer if not silent is good
To understand a bit more the strategy you can have a look at the visual guide prepared by MichaelG. You can find the link at #Post1.
The strategy in a nutshell: Buy low / sell high
Do not mater which line are you using.

If (M5_Candle_Open = H1_highest_open) then if price go up for pips and then go back down to H1_highest WE SHOULD ENTER OR NOT?
Yes for a sell order because you are crossing the line and the price flow is downward.
Hope that help.

Cheers.
Merka
  • #4,579
  • Aug 7, 2016 10:08am Aug 7, 2016 10:08am
Who is taking the 10 trade challenge this week?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,580
  • Aug 7, 2016 10:14am Aug 7, 2016 10:14am
Quoting mahmood.tava
{quote} Is this my answer?? i asked a question the answer is yes or no if u know please answer if not silent is good
Yes, that is my answer.

You have no "right" to an answer.

You should be thankful that there is no silence, because therein lies the answer.

You could have also asked "what do you mean by that ?"

If my answer is not good enough for you, then that's fine with me. People sometimes are their own worst enemy, you know.

Anyway, an additional "read post #1" or "read post #1 again and again" should suffice.

The answers are all in the thread. Don't demand shortcuts from anybody, because there are none.
It takes courage to grow up and become who you really are - E.E. Cummings
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