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Highest Open / Lowest Open Trade

  • #5,061
  • Aug 16, 2016 4:39am Aug 16, 2016 4:39am
Quoting portdave
Firstly, Thank you TooSlow for an excellent thread and method. Thanks also to PTG, Lemercenaire, MichaelG and others for their contributions. I've read through probably 50% of the thread so far, including a lot of the recent activity and have one specific question regarding Rule 1 on which I've read conflicting answers and would like a clarification on the rule so I can get started while getting through the rest of the posts. When you have a breakout of the Daily High or Low do you need to wait for the H1 bar (that broke the D1 H/L) to close before...
Welcome portdave.

For starters, following the rules to the letter is what provides a solid foundation for anything you'd like to modify to suit your own experiences. As for me, I am using M30 because stuff happens around top of the half-hour and the opens will be the same or closer to the extreme than H1 opens. M5 or M1 opens in between the extreme and the M30 open keep me from jumping the gun.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,062
  • Aug 16, 2016 4:46am Aug 16, 2016 4:46am
Quoting PippyTheGrt
{quote} Welcome portdave. For starters, following the rules to the letter is what provides a solid foundation for anything you'd like to modify to suit your own experiences. As for me, I am using M30 because stuff happens around top of the half-hour and the opens will be the same or closer to the extreme than H1 opens. M5 or M1 opens in between the extreme and the M30 open keep me from jumping the gun.
Don't limit yourself!!
  • #5,063
  • Aug 16, 2016 7:02am Aug 16, 2016 7:02am
Hi,
i have been gone through the material and I have understand what is written. My question is let talk about USDCAD is now making new lows how can we identify the rules? Or shall we skip this chart for today? Since there is a break on previous low of last day!

Also so I have test this manually but where can I find TPL and indicators to use on such a chart?

Thanks gents.
Every day there is chances
  • #5,064
  • Aug 16, 2016 7:15am Aug 16, 2016 7:15am
Quoting Eng.JMD
Hi, i have been gone through the material and I have understand what is written. My question is let talk about USDCAD is now making new lows how can we identify the rules? Or shall we skip this chart for today? Since there is a break on previous low of last day! Also so I have test this manually but where can I find TPL and indicators to use on such a chart? Thanks gents.
Welcome, Eng.JMD.
No.
No skipping.
Unless that is your preference.

Scroll to the top of the page.
Upper right hand corner.
A little to the left of "REPLY TO THREAD", is a paperclip icon.
Click on the paperclip.
Behold!
All the attachments to this thread.
The latest template and indicator version can be found there.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,065
  • Aug 16, 2016 7:17am Aug 16, 2016 7:17am
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Need more arms.
Or EA for entry and exit.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,066
  • Aug 16, 2016 7:21am Aug 16, 2016 7:21am
Quoting TooSlow
{quote} Welcome, Eng.JMD. No. No skipping. Unless that is your preference. Scroll to the top of the page. Upper right hand corner. A little to the left of "REPLY TO THREAD", is a paperclip icon. Click on the paperclip. Behold! All the attachments to this thread. The latest template and indicator version can be found there.
Thanks sir for your fast response.
Every day there is chances
  • #5,067
  • Aug 16, 2016 7:26am Aug 16, 2016 7:26am
CAD and USD RED NEWS on the way.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,068
  • Aug 16, 2016 7:39am Aug 16, 2016 7:39am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,069
  • Aug 16, 2016 7:40am Aug 16, 2016 7:40am
Quoting TooSlow
{image} {image} {image} Need more arms. Or EA for entry and exit.
So in case of USDCAD create new low but all other open 1h remain as is so we need the price to come back to the potential area and if apply rules enter buy. Am I right Tooslow
Every day there is chances
  • #5,070
  • Aug 16, 2016 7:49am Aug 16, 2016 7:49am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,071
  • Aug 16, 2016 7:50am Aug 16, 2016 7:50am
Quoting Eng.JMD
{quote} So in case of USDCAD create new low but all other open 1h remain as is so we need the price to come back to the potential area and if apply rules enter buy. Am I right Tooslow
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Apply the rules.
What happened?
Do you understand the basis of this method?
State it in your own words.


"Successful people ask better questions, and as a result, they get better answers." - Tony Robbins

Socratic method is named after the classical Greek philosopher Socrates. It is a form of inquiry and discussion between individuals, based on asking and answering questions to stimulate critical thinking and to illuminate ideas.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,072
  • Aug 16, 2016 8:04am Aug 16, 2016 8:04am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,073
  • Aug 16, 2016 8:13am Aug 16, 2016 8:13am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,074
  • Aug 16, 2016 8:14am Aug 16, 2016 8:14am
Quoting Eng.JMD
{quote} Thanks sir for your fast response.
Waiting for your response to my questions.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,075
  • Aug 16, 2016 8:14am Aug 16, 2016 8:14am
Hi TooSlow,

For USDCAD chart that you posted in post #5071, that lowest H1 open was 1.28189.

Didn't the next M5 candle open below 1.28189 and therefore constitute a signal to place a long order at 1.28189?
If so a stop loss at the day's low would have stopped out the trade?

Or did you wait for the news release to take place first before placing the order?

Thanks for the clarifications
  • #5,076
  • Aug 16, 2016 8:21am Aug 16, 2016 8:21am
Quoting TooSlow
{quote} Waiting for your response to my questions.
i am waiting for price to come back and closes below lowest open then place but stop or but maket at lowest open low and sL is the low of today
Every day there is chances
  • #5,077
  • Aug 16, 2016 8:29am Aug 16, 2016 8:29am
i am waiting for the price to return here
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Every day there is chances
  • #5,078
  • Aug 16, 2016 8:39am Aug 16, 2016 8:39am
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Perfect example of:

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,079
  • Aug 16, 2016 8:42am Aug 16, 2016 8:42am
Quoting haze11jh
Hi TooSlow, For USDCAD chart that you posted in post #5071, that lowest H1 open was 1.28189. Didn't the next M5 candle open below 1.28189 and therefore constitute a signal to place a long order at 1.28189? If so a stop loss at the day's low would have stopped out the trade? Or did you wait for the news release to take place first before placing the order? Thanks for the clarifications
Or did you wait for the news release to take place first before placing the order?

Better to wait for the market to react to the news than to be caught on the losing side.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,080
  • Aug 16, 2016 8:49am Aug 16, 2016 8:49am
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