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Highest Open / Lowest Open Trade

  • #4,881
  • Aug 12, 2016 7:26am Aug 12, 2016 7:26am
USD retail sales data in 3+ min.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,882
  • Aug 12, 2016 7:44am Aug 12, 2016 7:44am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,883
  • Aug 12, 2016 7:51am Aug 12, 2016 7:51am
Quoting lemercenaire
GBPAUD Oooooooo...come on, come on... {image}
Hope you caught this one mate

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,884
  • Aug 12, 2016 7:56am Aug 12, 2016 7:56am
Quoting slowbrain
HI All EA or script to manage SL Does someone use an EA or a script , to calculate the size of the position based on fixed Risk % ie : SL is 5pips from entry or SL is 8 pips from entry , so the position size has to be different if i use a fixed risk of let's say 2% if the EA or script can include TP and BE+1 solution it will be perfect i'm looking for the MQ4 file , even a paid solution thanks in advance SB
@Slowbrain, Got this script from Sangmane's thread, http://www.forexfactory.com/showthread.php?t=281772 its been very very useful in calculating position size on fixed risk.
you can check it out if it will be of any use to you.


This thread has really helped shape my mind towards trading in the lower timeframe, thanks TS, PTG, L, MichealG and all. And of course I've learnt great philosophy from Bruce Lee.

I've been having great trades but haven't had the time to post some of my charts, also having some losing ones and learning from them.
I wanted to know if trading with a stop loss greater than 20pips is ideal for HOLO trades, this is in case the high or low of the day is more than 20 pips from the HO or LO. My frequency of hitting BE+5 is high from my trades and I've had few trades above 11pips, mostly when I close it out. (wanted to get certain things right, though my trades are still good)

So is there a max SL for HOLO or do you stick to the rules irrespective of the SL size?
  • #4,885
  • Aug 12, 2016 7:59am Aug 12, 2016 7:59am
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Just woke up
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,886
  • Edited 8:24am Aug 12, 2016 8:01am | Edited 8:24am
Quoting PippyTheGrt
{image}
Morning PTG,
Just to clarify rule #1: If any M5 candle makes a new daily H/L during the Hour (or M30 in your case), we have to wait until the H1 candle closes to consider an entry? In other words, we cannot enter on the hour even if the new H/L happened on the first 5 or 20 minutes?

I ask because I see that scenario happening quite often.

Cheers,
Keen246
  • #4,887
  • Aug 12, 2016 8:11am Aug 12, 2016 8:11am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,888
  • Aug 12, 2016 8:17am Aug 12, 2016 8:17am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,889
  • Aug 12, 2016 8:21am Aug 12, 2016 8:21am
Newcomers, welcome to the thread.

Most likely you will have questions.
The thread is approaching 250 pages.
Seems like a lot to read.
Most of your questions have been asked and answered.
Reading the thread is going to take time and effort.
Is your time and effort worth it?
Only you can decide.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,890
  • Aug 12, 2016 8:22am Aug 12, 2016 8:22am
Mahmood's EA take the News :-)
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  • #4,891
  • Aug 12, 2016 8:31am Aug 12, 2016 8:31am
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M30 HO
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,892
  • Aug 12, 2016 8:34am Aug 12, 2016 8:34am
Quoting keen246
{quote} Morning PTG, Just to clarify rule #1: If any M5 candle makes a new H/L during the Hour (or M30 in your case), we have to wait until the H1 candle closes to consider an entry? In other words, we cannot enter on the hour even if the new H/L happened on the first 5 or 20 minutes? I ask because I see that scenario happening quite often. Cheers, Keen246
GM Keen
Thanks for your question.

I have gone back and checked it.
A breakout happens when price breaks through yesterday's high or low. So rule #1 refers to price breaking through yesterday's high or low.
If price makes a new high or low today, but not beyond yesterday's extreme, then that is not rule #1, but it is best to be careful because if price returns to the open line it may bounce instead of going through. But that is not rule #1.

Hope that helps.

I will have to check my postings to see if I haven't mixed things up in some cases.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,893
  • Aug 12, 2016 8:35am Aug 12, 2016 8:35am
Quoting TooSlow
{image} M30 HO
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,894
  • Aug 12, 2016 8:52am Aug 12, 2016 8:52am
Seems like the market answered my question as well. Loss on the EJ.
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  • #4,895
  • Aug 12, 2016 8:59am Aug 12, 2016 8:59am
Quoting PippyTheGrt
{quote} GM Keen Thanks for your question. I have gone back and checked it. A breakout happens when price breaks through yesterday's high or low. So rule #1 refers to price breaking through yesterday's high or low. If price makes a new high or low today, but not beyond yesterday's extreme, then that is not rule #1, but it is best to be careful because if price returns to the open line it may bounce instead of going through. But that is not rule #1. Hope that helps. I will have to check my postings to see if I...
Actually, it IS rule #1.
Breakout is making a new daily high/low or
Going above the previous day's high or below the previous day's low.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,896
  • Aug 12, 2016 9:01am Aug 12, 2016 9:01am
Quoting keen246
Seems like the market answered my question as well. Loss on the EU. {image}
Currently way above PDL.
It must have pipped you out by a fraction.
After such a violent move down, it's always a good practice to be very careful and be ready to quickly kill the trade. Better 0$ than -$$$
This move down may not be over.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,897
  • Aug 12, 2016 9:13am Aug 12, 2016 9:13am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,898
  • Aug 12, 2016 9:19am Aug 12, 2016 9:19am
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Textbook entries on Bars 10, 9 and 2.
When you understand this, practice it over and over.
Nothing to add.
Nothing to subtract.
Nothing to change.
You can make this your own.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,899
  • Aug 12, 2016 9:24am Aug 12, 2016 9:24am
Hi; here is my first trade with this method (demo)+18 pips
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  • #4,900
  • Aug 12, 2016 9:40am Aug 12, 2016 9:40am
Quoting TooSlow
{quote} Actually, it IS rule #1. Breakout is making a new daily high/low or Going above the previous day's high or below the previous day's low.
OK. Time to end the confusion.

I re-read post #1 and it says this: "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."

This post says http://www.forexfactory.com/showthre...17#post8921517
"When price breaks through yesterday's high or low, that is a breakout!
Trade the reversal with caution." I don't see "today" but I suppose post #1 overrules in all cases, right ?
By the way, the last sentence alone deviates from Rule #1 since "with caution" is something else than "no entry".

But here's the kicker afaic:
Notice that the first time price goes beyond the previous' day extreme it is bound to also be a current days' extreme, so in that sense there is no need to refer to yesterday. It is covered by "today".

I think it should be this: "When price makes a new high or low today, that is a breakout! Trade the reversal with caution."
Forget about yesterday
It takes courage to grow up and become who you really are - E.E. Cummings
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