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Highest Open / Lowest Open Trade

  • #4,621
  • Aug 8, 2016 5:59am Aug 8, 2016 5:59am
Sooner or later it happens.
A popular thread or poster becomes the target.
Let's just ignore them.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,622
  • Aug 8, 2016 6:13am Aug 8, 2016 6:13am
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Back on topic.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,623
  • Aug 8, 2016 6:17am Aug 8, 2016 6:17am
Quoting lemercenaire
{quote} ​I am a very visually orientated person and initially having to take in the blizzard of 'higher-highs/higher-lows/lower-highs/lower-lows/lower-lower-lows/higher-higher-highs' etc etc et al lol was a turn off. The charts that were being posted at the time had also 'evolved' into the more complex and detailed ones, with the multiple time-frame lines all on one chart...just too much for me...too busy. I then deconstructed the image. (Of course all the while, reading and re-reading the thread's original post). My brother is a hedge-fund...
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Thank you for detailing your process.

"This has a secondary benefit in that I can scan the bottom of the screen and when I see one is on the M15/M5 or M1 TF, then I know that a trade is either running on that pair or being keyed up"
I do not understand this sentence.

The indicator has switches to turn off each time frame.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,624
  • Aug 8, 2016 6:19am Aug 8, 2016 6:19am
Quoting lemercenaire
{quote} ​I am a very visually orientated person and initially having to take in the blizzard of 'higher-highs/higher-lows/lower-highs/lower-lows/lower-lower-lows/higher-higher-highs' etc etc et al lol was a turn off. The charts that were being posted at the time had also 'evolved' into the more complex and detailed ones, with the multiple time-frame lines all on one chart...just too much for me...too busy. I then deconstructed the image. (Of course all the while, reading and re-reading the thread's original post). My brother is a hedge-fund...
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You are trading the 1-2-3 version.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,625
  • Edited 6:39am Aug 8, 2016 6:21am | Edited 6:39am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,626
  • Edited 6:42am Aug 8, 2016 6:25am | Edited 6:42am
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M5 closes above entry and hasn't reached stop loss = kill trade to minimize costs.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,627
  • Aug 8, 2016 6:31am Aug 8, 2016 6:31am
Quoting lemercenaire
{quote} .... There are no shortcuts in life. Put in the work - success will come. Then read post #1 again lol (I also - as said before - use an earlier, simpler, indicator and especially prefer to move the chart TF on the same tab. This has a secondary benefit in that I can scan the bottom of the screen and when I see one is on the M15/M5 or M1 TF, then I know that a trade is either running on that pair or being keyed up).

Thanks Lemercenaire for this inspirational post. Lovely clean charts as well.
I'm trying to improve my charts, so the Highlighted sentence caught my eye but I cannot quite understand. When you have some time, could you please elaborate a bit on what you meant by that?
Cheers
  • #4,628
  • Aug 8, 2016 6:32am Aug 8, 2016 6:32am
Anyone else get on the EURGBP via the M1 chart?
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​
  • #4,629
  • Aug 8, 2016 6:44am Aug 8, 2016 6:44am
Quoting keen246
{quote} Thanks Lemercenaire for this inspirational post. Lovely clean charts as well. I'm trying to improve my charts, so the Highlighted sentence caught my eye but I cannot quite understand. When you have some time, could you please elaborate a bit on what you meant by that? Cheers
​Thanks. We're all in this together. Anyway - re the highlighted passage. What I meant was that the newer versions of the indicator has the opens from the multiple time-frames all on one chart. I find this confusing, others will prefer it. Ce'st la vie. So I use the earlier version (you'll see it in the EURGBP post) which is the H1 open only. When I want to go to check if the M15/M5/M1 opening candle forms in the trigger zone, then I change the time frame on the chart I am using (what was the H1). This way, when I scan the bottom of my screen (on mt4), when I see a chart open on M15/M5/M1 I can immediately know there is something going on there - I either have a trade running on that pair, or there is a potential trade set up for that pair, as all the others will still show H1 tabs (I usually will have more than one or two pairs running at the same time, not recommended while you are getting to grips with this remember ). Hope that helps make things clearer. As an aside to that, if you are only running a couple of charts at a time max and especially if you feel a little overwhelmed by all the info, you could do a lot worse than use one of the bare-naked bar charts I posted as your first point of reference before moving onto TooSlow's indicator to make the trade decisions.
  • #4,630
  • Aug 8, 2016 6:50am Aug 8, 2016 6:50am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,631
  • Aug 8, 2016 6:52am Aug 8, 2016 6:52am
Quoting TooSlow
{quote} {image} You are trading the 1-2-3 version.
​Lol - if I am, I am - all I know is that it works for me and ultimately that's all that matters. You will possibly also notice that I use default time settings on brokers, while measuring my day from midnight-to-midnight local time, without resetting to this local time, so technically may get different ''looks''. I have never gotten hung up on this kind of thing - it matters not a jot. So long as you are consistent and true to the methodology in front of you, it will work.
  • #4,632
  • Aug 8, 2016 6:53am Aug 8, 2016 6:53am
Quoting lemercenaire
{quote} ​... When I want to go to check if the M15/M5/M1 opening candle forms in the trigger zone, then I change the time frame on the chart I am using (what was the H1). This way, when I scan the bottom of my screen (on mt4), when I see a chart open on M15/M5/M1 I can immediately know there is something going on there - I either have a trade running on that pair, or there is a potential trade set up for that pair, as all the others will still show H1 tabs (I usually will have more than one or two pairs...
Got it.
Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,633
  • Aug 8, 2016 6:55am Aug 8, 2016 6:55am
Quoting lemercenaire
{quote} ​Lol - if I am, I am - all I know is that it works for me and ultimately that's all that matters. You will possibly also notice that I use default time settings on brokers, while measuring my day from midnight-to-midnight local time, without resetting to this local time, so technically may get different ''looks''. I have never gotten hung up on this kind of thing - it matters not a jot. So long as you are consistent and true to the methodology in front of you, it will work.
Check your PM.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,634
  • Aug 8, 2016 6:56am Aug 8, 2016 6:56am
Quoting lemercenaire
{quote} ​Thanks. We're all in this together. Anyway - re the highlighted passage. What I meant was that the newer versions of the indicator has the opens from the multiple time-frames all on one chart. I find this confusing, others will prefer it. Ce'st la vie. So I use the earlier version (you'll see it in the EURGBP post) which is the H1 open only. When I want to go to check if the M15/M5/M1 opening candle forms in the trigger zone, then I change the time frame on the chart I am using (what was the H1). This way, when I scan the bottom of...
Thanks a lot Lemercenaire for this explanation. Now I got it. I also want to keep the charts clean with just the relevant information.
Keep up the great trading.
Cheers
  • #4,635
  • Aug 8, 2016 7:00am Aug 8, 2016 7:00am
Quoting TooSlow
{quote} {image} Thank you for detailing your process. "This has a secondary benefit in that I can scan the bottom of the screen and when I see one is on the M15/M5 or M1 TF, then I know that a trade is either running on that pair or being keyed up" I do not understand this sentence. The indicator has switches to turn off each time frame.
That's cool - I know that, that's actually what I did for the one I use. It's not so much the look of the indicator, it is simply for the ease of knowing at a glance when you are on one pair, which other pairs are set up or running without having to move to and open each pair.
  • #4,636
  • Aug 8, 2016 7:22am Aug 8, 2016 7:22am
Quoting TooSlow
{quote} {image} You are trading the 1-2-3 version.
Too Slow,

I just had a lightbulb moment. I had first found the 1-2-3 thread and from there came to this thread. On the 1-2-3 thread I thought u had meant daily charts only. I now realize that on the 1-2-3 thread, you were refering to H1 charts and not daily charts? When the H1 chart made a new daily Hi/Lo on the last bar per rule 1 of the 1-2-3 thread and not the daily bar making a new high/low.
  • #4,637
  • Aug 8, 2016 7:34am Aug 8, 2016 7:34am
Quoting lemercenaire
{quote} That's cool - I know that, that's actually what I did for the one I use. It's not so much the look of the indicator, it is simply for the ease of knowing at a glance when you are on one pair, which other pairs are set up or running without having to move to and open each pair.
lemercenair sir.

I follow this great thread and following my addiction, i try to program it. Not that i am mutch of a programmer, but i love to do it, and it keeps me of the street. At the moment i construct some kind of a dashboard.
I am impressed with your contributions and like to ask some questions. The point of higher timeframes is taken.
First: Will you please tell me the Pairs you were talking about. Ofcourse i can guess, but like to be sure.
Second: What do you think of the idee to start from every hour looking back 24 hours (in fact 24 hourly bars).

For the moment my EA is just looking for the standard coditions en mentioning them.
Limiting to your 8 pairs i like to follow them for a couple of days.
  • #4,638
  • Aug 8, 2016 8:13am Aug 8, 2016 8:13am
Quoting courier12
{quote} Too Slow, I just had a lightbulb moment. I had first found the 1-2-3 thread and from there came to this thread. On the 1-2-3 thread I thought u had meant daily charts only. I now realize that on the 1-2-3 thread, you were refering to H1 charts and not daily charts? When the H1 chart made a new daily Hi/Lo on the last bar per rule 1 of the 1-2-3 thread and not the daily bar making a new high/low.
When a new daily high is made, it happens on all chart periods at the exact same time.
Understanding this is crucial and essential.
Do you understand?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,639
  • Aug 8, 2016 8:30am Aug 8, 2016 8:30am
Quoting TooSlow
{quote} When a new daily high is made, it happens on all chart periods at the exact same time. Understanding this is crucial and essential. Do you understand?
Yes, I understand. Thank you.

But the entry time differs based on which chart period you use. Initially, on the 1-2-3 thread, I was looking only at the daily charts and hence an entry next day after a new daily Hi/Lo was made. Also, this increased the risk (in terms of pips not in $).

Similarly, if you move down to M1, M5, M15, M30 while a new daily high / low will be made at the same time as on the H1 / D1 charts, the entry on the smaller timeframes will happen earlier than the higher timeframes.
  • #4,640
  • Aug 8, 2016 8:58am Aug 8, 2016 8:58am
Quoting courier12
the entry on the smaller timeframes will happen earlier than the higher timeframes.


Not if you are using H1 highest/lowest open.
H1 highest/lowest open is the same on all timeframes.
When H1 highest/lowest open is crossed, it happens on all chart periods at the exact same time.
Understanding this is crucial and essential.
Do you understand?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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