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Highest Open / Lowest Open Trade

  • #4,641
  • Aug 8, 2016 11:05am Aug 8, 2016 11:05am
Hello TS and all.

I've been following this thread and reading all the post and charts and found it interesting to be a part, so i decided to start the 10 trade challenge with 0.01 lots today.

Entered my first trade based on the rules on the USD/CHF. The trade did't go in my favour so I just want to ask if I did all everything right as the rules.

My entry was at the red arrow down 0.9805 and the highest open as at then is the thick purple horizontal line.
As seen the trade didn't go my way but believe everything was done as the rules.

Kindly look at my chart, is this just one of those losing trades?
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  • #4,642
  • Aug 8, 2016 11:18am Aug 8, 2016 11:18am
Quoting Holy pips
Hello TS and all. I've been following this thread and reading all the post and charts and found it interesting to be a part, so i decided to start the 10 trade challenge with 0.01 lots today. Entered my first trade based on the rules on the USD/CHF. The trade did't go in my favour so I just want to ask if I did all everything right as the rules. My entry was at the red arrow down 0.9805 and the highest open as at then is the thick purple horizontal line. As seen the trade didn't go my way but believe everything was done as the rules. Kindly look...

WARNING

When price breaks through yesterday's high or low or makes a new high or low today, that is a breakout!
Trade the reversal with caution.

Did you have a chance to move SL to BE+1?
Was price at BE+2 or more?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,643
  • Aug 8, 2016 11:24am Aug 8, 2016 11:24am
Quoting TooSlow
{quote} 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?
Yes, Too Slow, I understand. Thank you. As Lemercenaire said, I too have been looking at H1 opens but using candle sticks and not bar charts.

What I was getting at was my initial confusion about the 1-2-3 thread and using the daily chart only and not the intraday H1 charts on that thread. What you describe as a Breakout bar in this thread is what I needed to use for Rule number 1 on that thread.

Your post today just cleared this confusion regarding that thread which I had. I had given up on that thread because I used to focus on only daily charts.
I don't want to hujack this thread with reference to 1-2-3 thread . You just cleared one of my areas of confusion.
Thank you
  • #4,644
  • Aug 8, 2016 11:29am Aug 8, 2016 11:29am
Quoting Holy pips
Hello TS and all. I've been following this thread and reading all the post and charts and found it interesting to be a part, so i decided to start the 10 trade challenge with 0.01 lots today. Entered my first trade based on the rules on the USD/CHF. The trade did't go in my favour so I just want to ask if I did all everything right as the rules. My entry was at the red arrow down 0.9805 and the highest open as at then is the thick purple horizontal line. As seen the trade didn't go my way but believe everything was done as the rules. Kindly look...
Another scan of your chart reveals price moved below the low of the red candle marked by the arrow during the next bar.
But then price reversed and moved above the low of the previous bar.
Which way was price moving?
What was the market telling you?
When you dance with the market, the market always leads.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,645
  • Aug 8, 2016 11:31am Aug 8, 2016 11:31am
Quoting courier12
{quote} Yes, Too Slow, I understand. Thank you. As Lemercenaire said, I too have been looking at H1 opens but using candle sticks and not bar charts. What I was getting at was my initial confusion about the 1-2-3 thread and using the daily chart only and not the intraday H1 charts on that thread. What you describe as a Breakout bar in this thread is what I needed to use for Rule number 1 on that thread. Your post today just cleared this confusion regarding that thread which I had. I had given up on that thread because I used to focus on only daily...
You can ask your questions here or there.
1-2-3 is a subset of highest/lowest open.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,646
  • Aug 8, 2016 11:40am Aug 8, 2016 11:40am
Hi TooSlow. I dont understand rule #1: No entry on H1, M15 or M5 Breakout Bars.
Now, I am not talking about when price break yestareday high/low. I am talking when price make new daily high/low.
Price make a new daily high on H1 chart. I drop on M5, and i see that candle which make a new daily high, so no entry on that candle, right? I wait for next M5 candle which dont make new daily high. Can I enter on that M5 candle when it comes down to H1 highest open? Or I must to wait for next H1 candle?

I hope you will understand my question. Thanks.
  • #4,647
  • Aug 8, 2016 2:44pm Aug 8, 2016 2:44pm
Quoting trapforex
Hi TooSlow. I dont understand rule #1: No entry on H1, M15 or M5 Breakout Bars. Now, I am not talking about when price break yestareday high/low. I am talking when price make new daily high/low. Price make a new daily high on H1 chart. I drop on M5, and i see that candle which make a new daily high, so no entry on that candle, right? I wait for next M5 candle which dont make new daily high. Can I enter on that M5 candle when it comes down to H1 highest open? Or I must to wait for next H1 candle? I hope you will understand my[/highlight]...
Confident?
Yes.
Yes.

No confidence?
No.
No.

Experience builds confidence.
Take the 10 trade challenge.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,648
  • Aug 8, 2016 2:46pm Aug 8, 2016 2:46pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,649
  • Aug 8, 2016 2:58pm Aug 8, 2016 2:58pm
Quoting TooSlow
{image}
Argh - missed that - not a pair I normally trade...have you been milking that all day?! Ah no, too early your time zone for the early marks. Ha, at least you got something more than I did out of it. I should have had 4 clean entries. Next time...next time...
  • #4,650
  • Aug 8, 2016 3:00pm Aug 8, 2016 3:00pm
@TooSlow, how is this one working for you? Seems to be a few months of trading it.
  • #4,651
  • Aug 8, 2016 3:08pm Aug 8, 2016 3:08pm
Quoting _BBKing_
before anyone asks, these are the settings I'm using: entry price is exactly the H1 highest / lowest open. SL is few pips away from current day top / low. I set tight TP for 9 pips max in GJ and 5-7pips all the others. retreiving very interesting results
​Hi - are you still using these numbers for your TP (''9 pips max in GJ and 5-7 pips all the others'')? Did you ever do a comparison with the ''original'' tp method (BE+1, BE+5 etc)? I am just curious - hope you don't mind me asking. In the interests of sharing info - I use the BE+1, BE+5 and then add tp points using a Fib cradle on two different time frames.
  • #4,652
  • Aug 8, 2016 3:16pm Aug 8, 2016 3:16pm
On another thread, in another "galaxy", there was a comment something like this:

"Don't want to buy at this level, then you should be selling."

Rather than move to BE+1, exit and bank the pips.
Take 5 pips instead of possibly settling for 1.
There most be something more to it.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,653
  • Aug 8, 2016 3:28pm Aug 8, 2016 3:28pm
Attached Image (click to enlarge)
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This is an example of "take 5" instead of BE+1.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,654
  • Aug 8, 2016 3:35pm Aug 8, 2016 3:35pm
Quoting TooSlow
On another thread, in another "galaxy", there was a comment something like this: "Don't want to buy at this level, then you should be selling." Rather than move to BE+1, exit and bank the pips. Take 5 pips instead of possibly settling for 1. There most be something more to it.
The same galaxy where wickdoll and if-you-can-see-profit-you-can-see-loss live
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,655
  • Aug 8, 2016 3:49pm Aug 8, 2016 3:49pm
Quoting TooSlow
{image} This is an example of "take 5" instead of BE+1.
Closes above/below a horizontal line ?

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,656
  • Aug 8, 2016 4:44pm Aug 8, 2016 4:44pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,657
  • Aug 9, 2016 12:44am Aug 9, 2016 12:44am
Quoting TooSlow
{quote} Another scan of your chart reveals price moved below the low of the red candle marked by the arrow during the next bar. But then price reversed and moved above the low of the previous bar. Which way was price moving? What was the market telling you? When you dance with the market, the market always leads. {image}

There was no chance to move to BE+1, But I guess I was mainly concentrating on the entry, looking for the reversal trade.

In terms of which way the market was going, obviously now I know it was moving up but as at when I was entering the trade I didn't watch carefully, being too focused on the strategy.

This got me thinking, if all the rules match for an entry, do you necessary trade with the direction of the market movement in the past day/days?
  • #4,658
  • Aug 9, 2016 2:45am Aug 9, 2016 2:45am
Good morning guys i have these indicator wich follows the price action "religiously" acording to thread rules his name is fx advisory 3 did anyone have any experience?
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  • #4,659
  • Aug 9, 2016 3:14am Aug 9, 2016 3:14am
Why am I not able to stay awake 24/7? So unfair to miss such a beautiful trade simply because the human body needs sleep...Anyone get it in their time-zone?
Attached Image (click to enlarge)
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  • #4,660
  • Aug 9, 2016 3:17am Aug 9, 2016 3:17am
Quoting lemercenaire
Why am I not able to stay awake 24/7? So unfair to miss such a beautiful trade simply because the human body needs sleep...Anyone get it in their time-zone?{image}
You don't need to lose your helth for money otherwise you have done nothing, don't forget you can make money but money can't buy you
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