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Highest Open / Lowest Open Trade

  • #4,941
  • Aug 12, 2016 4:01pm Aug 12, 2016 4:01pm
Quoting TooSlow
{quote} Why did you choose a TP at all, keen246? How did you choose that level?
I've been simulating this method using mostly GU (volatile pair). After several trades, is my observation that having a TP level is better than trailing by just 5 pips. You end up with several trades on +5 pips, whereas setting a TP of 10-15 pips turn many of those +5 pips into 10-15 pips.
I want to check on less volatile pairs like UJ. Maybe on those it's better to trail by 5 pips as suggested by your method.
I do move to BE+1 when +5 in profit. That for sure if a safety net.

I chose on this particular trade to have a TP close to the last swing. Based on my observations of PA, I know there is a high probability that if price is moving on one direction, it aims for the last swing (lower TFs). There it will make a significant pullback which will eat most of your profits or reverse to continue on the trend direction. So, for me it's better to take profits there and not risk your profits.

But that is just stuff I've learned observing the markets and maybe need to unlearn.

Have good weekend.
  • #4,942
  • Aug 12, 2016 4:17pm Aug 12, 2016 4:17pm
Quoting lemercenaire
{quote} Yep, I can get behind that, lol!!! keen246, you're off the Christmas card list! 'Lines all over the place' - well, yeah, that's why I use the earlier version of the indicator in the first place, for sure and came up with the naked chart you adopted/adapted as well. Thinking about it once more - maybe in the form of a wind-up of sorts - this is what I think/feel ​for me... ​I feel personally - as per my style (here re Highs): H1 BOs of today's High...NO TRADE. H1 BOs of yesterday's High - If today's High is above yesterday's High...
Have you perhaps mixed up above and below here:

"H1 BOs of yesterday's High - If today's High is above yesterday's High - TRADE WITH CAUTION
H1 BOs of yesterday's High - If today's High is below yesterday's High - and by definition will already have been broken - NO TRADE NO MATTER WHAT."

because if
1) TDH is above YDH high it (YDH) will have been broken
and if
2) TDH is below YDH then it (YDH) has not been broken.

Case 1) is more akin a market structure long (a Higher High) and a short is perhaps more likely to be a pullback vs. reversal;
Case 2) is more akin a market structure short (a Lower Low) and a short is perhaps more likely to be a reversal vs. pullback.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,943
  • Aug 12, 2016 4:41pm Aug 12, 2016 4:41pm
Quoting PippyTheGrt
{quote} Have you perhaps mixed up above and below here: "H1 BOs of yesterday's High - If today's High is above yesterday's High - TRADE WITH CAUTION H1 BOs of yesterday's High - If today's High is below yesterday's High - and by definition will already have been broken - NO TRADE NO MATTER WHAT." because if 1) TDH is above YDH high it (YDH) will have been broken and if 2) TDH is below YDH then it (YDH) has not been broken. Case 1) is more akin a market structure long (a Higher High) and a short is perhaps more likely to be a pullback vs. reversal;...
You beat me to it.
See, I am too slow.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,944
  • Aug 12, 2016 4:54pm Aug 12, 2016 4:54pm
Quoting keen246
{quote} I've been simulating this method using mostly GU (volatile pair). After several trades, is my observation that having a TP level is better than trailing by just 5 pips. You end up with several trades on +5 pips, whereas setting a TP of 10-15 pips turn many of those +5 pips into 10-15 pips. I want to check on less volatile pairs like UJ. Maybe on those it's better to trail by 5 pips as suggested by your method. I do move to BE+1 when +5 in profit. That for sure if a safety net. I chose on this particular trade to have a TP close to the last...
In general, there are two choices:
1. a low win % combined with a high risk/reward ratio
2. a high win % combined with a low risk/reward ratio

The search for "better" (than what ?) is like searching for the Holy Grail. In both cases above there is emotional stress to be overcome: 1) has many "losses" and 2) has low average profits. There are more ways to skin a cat, it's more a matter of which pain suits best
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,945
  • Aug 12, 2016 4:59pm Aug 12, 2016 4:59pm
Quoting TooSlow
{quote} You beat me to it. See, I am too slow.
Mufasa Simba

Attached Image
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,946
  • Aug 12, 2016 6:38pm Aug 12, 2016 6:38pm
Mufasa
Mufasa is a nickname for an amazing individual. If you are given the nickname of Mufasa than you are majestic, amazing, loving and somewhat egotistical. Mufasa is very protective of his family and his friends so if i were you i wouldn't get in his way because he will fight to the death to protect the ones he loved. All men want to be called Mufasa because his sex drive and skills are next to no one. The lady that is chosen by a Mufasa is a lucky one she will not only be pleased sexually but he will defend and love her till the end. Mufasa is truly the king of the jungle.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,947
  • Aug 12, 2016 10:48pm Aug 12, 2016 10:48pm
Quoting lemercenaire
{quote} These pieces are exemplary, TS. Great choices. The second hits a particular chord. When I was climbing at my hardest, at the highest technical level, I had a route I coveted. It had only been done once before - by a friend of mine, before we were friends. It was on a small, hidden crag on private property and a very close-guarded secret. Over the space of two or three years, I worked that route on a top-rope (there was no real protection). My ever patient belayer keeping me safe. I could eventually do all the moves (just - and not every...
Awesome story - thanks for sharing!

Reminds me of this video.. although you had much more on the line..

Inserted Video
  • #4,948
  • Edited Aug 13, 2016 2:01am Aug 12, 2016 11:10pm | Edited Aug 13, 2016 2:01am
Hi All,
I just wanted to have a look at the Breakout rule as there appears to have been some confusion with this rule.
I am just going to look at the breakout rule in relation to "Todays High/Low" as I have covered the breakout rules about "Yesterdays High/Low" previously, but the concept is the same. That is, Trade any reversal from a breakout with caution.

This first chart looks at the situation as it was a few days ago on the EURUSD M5. As you know, it doesn't matter which time frame you are looking at....TODAYS HIGH and TODAYS HIGHEST H1 OPEN do not change.

Attached Image (click to enlarge)
Click to Enlarge Name: HiLo breakout A.jpg Size: 114 KB


This next chart shows the new M5 candle making a new Daily High. At this moment, there is NO valid setup because a new high is being printed. We just wait.

Attached Image (click to enlarge)
Click to Enlarge Name: HiLo breakout B.jpg Size: 122 KB


Once we have a new High printed, we can look for a possible entry. Even though our trade entry price is always taken from the Highest H1 Open price, we don't have to wait until the H1 candle closes before looking for an entry. ALL WE WANT TO SEE IS A CANDLE (M1, M5, M15 M30) OPEN IN OUR AREA OF INTEREST to validate a possible trade entry.
You have no idea which way price will go when the new M5 candle opens, so you don't want to place a market order at the open price of the M5 candle. That would be silly. That is why we use the Highest H1 open price as our trade entry price, because that means price has to be going in the direction of your trade.
If you placed a market entry at the M5 candle open price, you are on the trade, and if price continues up and makes a new Daily High, then you are going to be on a losing trade. So do not be tempted to take the new M5 candle open price. That is why there are rules.
As you know, there are two ways to enter these trades.

1...Market Entry. So after seeing the M5 candle open in our area of interest, you need to wait until price drops to the Highest H1 Open price BEFORE pressing GO.
In a SELL trade, that will be the BID price. In a BUY trade, that will be the ASK price.

2...BUY/SELL Stop. So after seeing the M5 candle open in our area of interest, you need to place your pending order using the Highest H1 Open price as your entry, and your stop will be Todays High price.

So in this example, we see candle B is our trigger for a possible trade. IF CANDLE B was to go UP and make a NEW Daily HIGH, then you would delete your pending SELL trade, and wait for a new valid setup. Don't take the risk of leaving the pending trade on, as this would be seen as a breakout, and that's why we have this rule in place.

But as you can see, candle B did not make a new high, nor did the following candles, so the entry remained valid.

Attached Image (click to enlarge)
Click to Enlarge Name: HiLo breakout C.jpg Size: 124 KB


So all's well that ends well. No further Daily Highs made, and our trade eventually took off in the direction of our trade. In fact, we would have had a few "bites" at this trade, and all within the rules.
Probably the simplest way to "manage" breakouts, is.....if a candle makes a new Daily High, delete any pending trade you might have set.....or.....sit on your hands so you can't set a market order.

Attached Image (click to enlarge)
Click to Enlarge Name: HiLo breakout D.jpg Size: 113 KB


I hope that helps.
I am happy to answer any questions if that is not clear.
Cheers
Michael
  • #4,949
  • Aug 12, 2016 11:38pm Aug 12, 2016 11:38pm
Thank you, MichaelG.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,950
  • Aug 13, 2016 1:21am Aug 13, 2016 1:21am
Quoting lemercenaire
GBPUSD Nice wake up for the day. {image}
salam michaelg
hi all

yes you are right.
that was my concept from rul.1
it is easy
no problem
i will fix it to do not wait until next H1 candle
and refer to post #4948 i will change the program to wait until current candle in favorite timeframe closed

for do the progress whit M15 or M30 candles again no problme and i will add this function for users to choose what time frame they like(M5 or M15 or M30)

for fixed stoploss again i can change it and be a function to trail the sl or have a fixed sl

i will change the EA and post a new version in few days
tanx for your attention
  • #4,951
  • Aug 13, 2016 1:54am Aug 13, 2016 1:54am
Quoting mahmood.tava
{quote} salam michaelg hi all yes you are right. that was my concept from rul.1 it is easy no problem i will fix it to do not wait until next H1 candle and refer to post #4948 i will change the program to wait until current candle in favorite timeframe closed for do the progress whit M15 or M30 candles again no problme and i will add this function for users to choose what time frame they like(M5 or M15 or M30) for fixed stoploss again i can change it and be a function to trail the sl or have a fixed sl i will change the EA and post a new version...
Many Thanks my Friend. I look forward to it.
  • #4,952
  • Aug 13, 2016 2:59am Aug 13, 2016 2:59am
Quoting AlexDu
{quote} First, thanks for your great EA. As Michael, I like Eas. Not for trading, but for backtesting. I'm relative new to MQL4, and it takes some time to explore your code. I hope that some response help you to make the EA better. During testing I see 2 problems, maybe you can find out what ist wrong. {image} The second buy is in the same candle, like the first Rule #6 The third buy looks like a breakout Rule #1 Alex Edit: when I do forward testing, the EA identifies the breakout correct.
hi alex
tanx for reply

u r right
rul.6 say that one trade per bar
it does not mean that we have only one trade per H1 bar.
if i am wrong correct me.

and about 3th trade in your picture

yes it is breakout bar and Original EA made no trade on that bar

if u change programs code do it carefully
maybe your changes made bad effect on EA

tanx
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot (117).png Size: 62 KB
  • #4,953
  • Edited 7:24am Aug 13, 2016 3:16am | Edited 7:24am
Quoting mahmood.tava
not profitable at all {image}
To mahmood.tava:

Your testing results show Modeling quality only 51.23 %. It is very slow value and results are not trusty. It should be 99 %. You need to use for backtesting ticks data not original MT data. You can use for example solution from Tickstory.com or from eareview.net/tick-data-suite.
  • #4,954
  • Aug 13, 2016 3:59am Aug 13, 2016 3:59am
Quoting lifon
{quote} To mahmood.tava: Your testing results show Modeling quality only 51.23 %. It is very slow value and results are not trusty. It should be 99 %. You need to use for backtesting ticks data not original MT data. You can use for example solution from Tickstory.com or form eareview.net/tick-data.
tanx for your attention
  • #4,955
  • Aug 13, 2016 10:55am Aug 13, 2016 10:55am
TooSlow, PippyTheGrt, MichaelG, Peluq all here on a Saturday.
Are we in need of a 12 Step program?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,956
  • Aug 13, 2016 10:59am Aug 13, 2016 10:59am
Quoting TooSlow
TooSlow, PippyTheGrt, MichaelG, Peluq all here on a Saturday. Are we in need of a 12 Step program?
Yes Mate......Maybe.....but I have been drinking and it is nearly 2AM, so I am off to bed. Let me know if you have any thoughts I can make an opinion on.

Nighty Night from Aus.....
  • #4,957
  • Aug 13, 2016 11:20am Aug 13, 2016 11:20am
Quoting TooSlow
TooSlow, PippyTheGrt, MichaelG, Peluq all here on a Saturday. Are we in need of a 12 Step program?
LOL

I can think of worse addictions..
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,958
  • Aug 13, 2016 12:10pm Aug 13, 2016 12:10pm
Hey TooSlow,
Just wanted to say thanks for your method. I've been out of trading for awhile now but I have been following this thread all summer long. I hope to get back in the trading game soon and plan in using, learning, practicing this method and see how it goes.

Thanks to MichaelG, PippyTheGrt, Lemercenaire and others to who help!
The better looser you are the better winner you are
  • #4,959
  • Aug 13, 2016 12:31pm Aug 13, 2016 12:31pm
Quoting USCGamecocks
Hey TooSlow, Just wanted to say thanks for your method. I've been out of trading for awhile now but I have been following this thread all summer long. I hope to get back in the trading game soon and plan in using, learning, practicing this method and see how it goes. Thanks to MichaelG, PippyTheGrt, Lemercenaire and others to who help!
Great stuff

I'm sure there is an applicable quote from Mr. Lee, but I'll leave that to TS
It takes courage to grow up and become who you really are - E.E. Cummings
  • #4,960
  • Aug 13, 2016 12:56pm Aug 13, 2016 12:56pm
Quoting USCGamecocks
Hey TooSlow, Just wanted to say thanks for your method. I've been out of trading for awhile now but I have been following this thread all summer long. I hope to get back in the trading game soon and plan in using, learning, practicing this method and see how it goes. Thanks to MichaelG, PippyTheGrt, Lemercenaire and others to who help!
Welcome to the thread, USCGamecocks.
This thread has attracted a great bunch of traders.
Yes, practice
Green pips to you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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