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Highest Open / Lowest Open Trade

  • #4,901
  • Aug 12, 2016 7:41am Aug 12, 2016 7:41am
Quoting Jordi
Hi; here is my first trade with this method (demo)+18 pips {image}
Jordi, Welcome to the thread.
Thank you for sharing your first trade with us.
The sooner you start trading 0.01 lot at $0.10 a pip the better.
You must practice under fire.
You must have "skin in the game".
You must learn to overcome your emotions.
The only way to do it is to do it.
Green pips to you.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,902
  • Aug 12, 2016 8:22am Aug 12, 2016 8:22am
GU. BE+1 for me.
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  • #4,903
  • Aug 12, 2016 8:55am Aug 12, 2016 8:55am
Quoting PippyTheGrt
{quote} 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...
"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."

That is the rule.
The reason for the mentioning yesterday is those breakouts can be explosive and run you over like a freight train.
Any time price is above yesterday's high or below yesterday's low, extreme caution trading reversals is mandated.
Trader must decide to whether to wait or trade.

As always:

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,904
  • Aug 12, 2016 9:01am Aug 12, 2016 9:01am
Quoting PippyTheGrt
{quote} 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...
Example:

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"still irrelevant" w.r.t. the definition of "breakout".

No need to make matters more complicated than needed (my stance).

Do you agree with my explanation, TooSlow ?

If not, why not and on which details ?
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,905
  • Aug 12, 2016 9:05am Aug 12, 2016 9:05am
Quoting TooSlow
{quote} "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." That is the rule. The reason for the mentioning yesterday is those breakouts can be explosive and run you over like a freight train. Any time price is above yesterday's high or below yesterday's low, extreme caution trading reversals is mandated. Trader must decide to whether to wait or trade. As always: {image} {image}
Posts crossed.

Of course, ANY breakout can be explosive.
It will cross ANY horizontal line you can think of, until it doesn't.
The crucial point is this: "explosive".
Crossing a horizontal line yes/no doesn't keep you "safe".
They are for reference only, to trick the brain.
You are NEVER "safe" as a trader. (whatever that may be).

"Trader must decide to whether to wait or trade." Indeed.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,906
  • Edited 9:21am Aug 12, 2016 9:09am | Edited 9:21am
Third trade of my 10 trades challenge. GU 8 pips loss. I cut the loss before hitting the full SL as the trade was obviously not working...and glad I did.
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  • #4,907
  • Aug 12, 2016 9:54am Aug 12, 2016 9:54am
These chart is only for they who think that these system doen't work
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  • #4,908
  • Aug 12, 2016 10:25am Aug 12, 2016 10:25am
Quoting keen246
Third trade of my 10 trades challenge. GU 8 pips loss. I cut the loss before hitting the full SL as the trade was obviously not working...and glad I did. {image}
The price is below the previous day's low.
This is the reason you have to use extreme caution.

** EDIT **
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,909
  • Aug 12, 2016 10:30am Aug 12, 2016 10:30am
Quoting TooSlow
{quote} The price is below the previous day's high. This is the reason you have to use extreme caution.
.. and previous' day low
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,910
  • Aug 12, 2016 10:30am Aug 12, 2016 10:30am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,911
  • Aug 12, 2016 10:31am Aug 12, 2016 10:31am
Quoting PippyTheGrt
{quote} .. and previous' day low
That's what I meant.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,912
  • Aug 12, 2016 10:31am Aug 12, 2016 10:31am
GBPJPY Well that was fun...
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  • #4,913
  • Aug 12, 2016 10:32am Aug 12, 2016 10:32am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,914
  • Aug 12, 2016 10:38am Aug 12, 2016 10:38am
Quoting lemercenaire
GBPJPY Well that was fun... {image}
Some say news is used to propel price into the prevailing direction. Looking at -say- the last year, and last couple of months, that's what happened today as well.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,915
  • Aug 12, 2016 10:40am Aug 12, 2016 10:40am
Quoting Cbm
Well done on the gbp/jpy Lemercenaire. Didn't have the balls to take it myself because of the breakout.
Thank's but I'm thanking Pippy - he popped the target, I just sent the shot. Just for your info, here's the H4 chart and you can see there was no breakout to worry about - if you go by the rules...always go by the rules, they are your best friends...
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  • #4,916
  • Aug 12, 2016 10:45am Aug 12, 2016 10:45am
GBPJPY H1 Ditto on the H1...now, maybe, just maybe, your broker gives you a different start time or a different feed...maybe you got info that gave you a breakout there. All you can do is work with what you are given and this is what I saw for me.

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  • #4,917
  • Aug 12, 2016 10:49am Aug 12, 2016 10:49am
Quoting lemercenaire
{quote} Thank's but I'm thanking Pippy - he popped the target, I just sent the shot. Just for your info, here's the H4 chart and you can see there was no breakout to worry about - if you go by the rules...always go by the rules, they are your best friends... {image}
I thought I had saved the blushing ice bear picture that you posted, but I must have saved it in a special place
so I found another picture instead lol

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,918
  • Aug 12, 2016 11:02am Aug 12, 2016 11:02am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,919
  • Aug 12, 2016 11:06am Aug 12, 2016 11:06am
Quoting PippyTheGrt
{quote} 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...
Hold on...hold on.....​.now you've got me thinking...have I been looking at this wrong as well. I have been - I think - only been looking at today's H or L to establish a breakout...Right, I'm looking at the GBPJPY of today. I have just told a fellow-traveller that it wasn't a breakout - but now, was it??? However, looking at it on H1, it isn't a break of today's High, so no, it isn't!!! Lol...just when you think you know what you're doing...I must ponder awhile...
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  • #4,920
  • Aug 12, 2016 11:14am Aug 12, 2016 11:14am
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.
Right - this is where I am finding my own confusion lurking...What is the call if the price breaks yesterday's high but today's high is above that and doesn't break that (today's) high. This is what happened today. To me, a priority is given to today's prices. Yes? No? My brain is beginning to hurt now...
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