Attachments: Highest Open / Lowest Open Trade

Highest Open / Lowest Open Trade

#5,141
Aug 16, 2016 1:43pm Aug 16, 2016 1:43pm

TooSlow
Joined Mar 2012 | Status: Trader | 14,346 Posts

Quoting lemercenaire

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{quote} Interesting question actually. Made me think...Do you have any experience of trading any particular pair already? If so, start with one you already know - you'll already have a feel for it. If not, concentrate on the majors, as the spreads will be smaller. Once you know what you are looking for, you will be able to scan quickly to find potential set-ups. If in doubt, start with Cable (GBPUSD).

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EURJPY is always trading.

EUR during the London and US session

JPY during the Asian and US session.

My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade

#5,142
Aug 16, 2016 2:01pm Aug 16, 2016 2:01pm

TooSlow
Joined Mar 2012 | Status: Trader | 14,346 Posts

Quoting lemercenaire

Disliked

{quote} Would you consider this for a 1-2-3? I am a tad cautious with a bar close so close to the high of the bar - it doesn't leave a lot of room to manoeuver. I wonder what the stats are comparing a high close to one which forms more of a pin (and price-action - sorry Pippy!) - would suggest that the lower close would be more likely to reverse, or at least reverse further...mmmmm...

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Price usually reverses from daily highs/lows.
Enter the trade.
Place your stops.

My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade

#5,143
Aug 16, 2016 2:32pm Aug 16, 2016 2:32pm

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

Quoting lemercenaire

Disliked

{quote} Interesting question actually. Made me think...Do you have any experience of trading any particular pair already? If so, start with one you already know - you'll already have a feel for it. If not, concentrate on the majors, as the spreads will be smaller. Once you know what you are looking for, you will be able to scan quickly to find potential set-ups. If in doubt, start with Cable (GBPUSD).

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Ok - as a follow up just out of interest (and done really quickly so don't hold me to NASA-level accuracy) - since July 15th, the Pairs I have used were:
EURGBP 17 GBPUSD 16 GBPJPY 12 EURCAD 10 GBPCAD 9 EURUSD 8 AUDJPY 7 USDCHF 4 NZDUSD 4 USDJPY 3 GBPCHF 3 GBPAUD 3 NZDJPY 2 AUDNZD 2 AUDCHF 2 AUDCAD 2 EURJPY 1

Some of these were 1-2-3 trades as well and don't ask me how many pips for each, I'm not that interested and I have better things to be doing with my time, lol. There were, I think, 3 losses...yep, 3. The joy of ultra-high-probability trades c/w brutal BE+1 enforcement works wonders for your strike-rate. However, perhaps not everyone will use the same trade-management, so the only thing you're getting in reality, is an idea of which pairs I personally used.

There were also other trades that I missed, because you can only do so much at once and I work the European/US sessions. There were a couple I only caught because either Pippy or TS flagged them up here. Also, if you are in the S. Hemisphere, nothing much will be happening in London, so things will be different for you.

#5,144
Aug 16, 2016 2:57pm Aug 16, 2016 2:57pm