Highest Open / Lowest Open Trade | Page 260 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

As complicated as necessary: Highest Open / Lowest Open Trade 861 replies

Highest & Lowest Open/Close Price for a Loop 3 replies

I need to highest and lowest SMA 14 replies

how to get yesterday price highest and lowest 7 replies

highest to lowest volume pairs??? 3 replies

Attachments: Highest Open / Lowest Open Trade
Exit Attachments

Highest Open / Lowest Open Trade

  • #5,181
  • Aug 17, 2016 3:10am Aug 17, 2016 3:10am
Quoting portdave
{quote} Thanks for your response PTG and the advice on the watermark, I only set the charts up yesterday and hadn't got to working out why it occurred. I take your rabbit analogy point but is it applicable in this case? These examples, particularly the 2nd, only got a couple of pips away and if you don't give trades some room you would end up with 99% BE trades unless the market moved straight away and didn't revisit the entry level. Damned subconscious messing with me! These are examples of results on an objective rules based method......except...
You're welcome portdave.

"but but but.." does this "work" ?

In case you haven't watched that video, please do. 1 hour well spent.

Rule #4: better BE+1 than a loss.
"Room to play" is an excuse to get hit by the freight train. If a trade goes against you, then OTHERS are playing with YOUR hard earned money.
"Room to play" is an excuse for hope that it doesn't get any worse (and it always does, LOL).
"Room to play" is an excuse for not wanting to re-enter when you can.
"Room to play" is equivalent for not cutting your losses short.

Who cares about all the BE if your equity grows

Just DO it.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,182
  • Aug 17, 2016 3:20am Aug 17, 2016 3:20am
We can't predict the future. Yet there are people who claim or pretend they can. In trading, they use squiggly lines, and lots of them. After all, the more the better, not ?

Hogwash.

The things you CAN be sure of is this:

A day has a HIGH

A day has a LOW

Since we can't predict the future, we don't know where they are going to be, so we are taking shots at them whilst controlling our RISK to minimise the cost of participation in the market.

Every trade might end up being the actual high or low of the day in hindsight. Imagine THAT..

Attached Image (click to enlarge)
Click to Enlarge Name: 2016-08-17_1012.png Size: 71 KB
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,183
  • Aug 17, 2016 3:28am Aug 17, 2016 3:28am
A good winning opportunity on the UCAD.

Continuing the tale of the car dodging rabbit, would he have hopped off early given the b/e opportunity after the strong move against the trade having only gone into profit by a couple of pips, particularly after getting hit by that earlier Loonie car. I'm fully aware that I am the rabbit. Not trying to be difficult, just trying to understand the method better. I'll continue the trade challenge....

Attached Image (click to enlarge)
Click to Enlarge Name: UCAD 5m.jpg Size: 150 KB


PS.. Thanks for the further responses. Crossed posts, I hadn't read them before this post.
  • #5,184
  • Aug 17, 2016 3:29am Aug 17, 2016 3:29am
Quoting learn2fly
Hi TooSlow, and anybody who understand this system at first, i'm not english speaker so i'm sorry if my english is bad i'm a newcomer and try to understand the system by practicing it 1. new daily high found (1H chart usd/jpy) {image} 2. change tf to 15M, waiting for open bar {image} 3. new open bar found (set the sell stop at 1H highest open) {image} 4. triggered {image} 5. set stop loss at daily high {image} 6. profit (set trailing stop) {image} 7. stop triggered, final result profit 4pips {image} please CMIIW, and...
Hi and welcome. You read the rules correctly...you set it up correctly...you made 4 pips profit. What do you want to improve?

Go do it again...and again...

You'll get lots of small wins and then one of those small wins will go on to fill your boots. What's not to like?
  • #5,185
  • Aug 17, 2016 3:35am Aug 17, 2016 3:35am
Quoting PippyTheGrt
{quote} morning LM You missed the fun part of GC.. EC: {image}
Late night, what can I say - I like my track cycling...

Looks like you ate your Weetabix this morning (UK Cultural Reference, sorry, lol)
  • #5,186
  • Edited 6:50am Aug 17, 2016 3:49am | Edited 6:50am
Quoting portdave
A good winning opportunity on the UCAD. Continuing the tale of the car dodging rabbit, would he have hopped off early given the b/e opportunity after the strong move against the trade having only gone into profit by a couple of pips, particularly after getting hit by that earlier Loonie car. I'm fully aware that I am the rabbit. Not trying to be difficult, just trying to understand the method better. I'll continue the trade challenge.... {image} PS.. Thanks for the further responses. Crossed posts, I hadn't read them before this post.
Hi PD. I have to say that you are going through the same thought processes as I did originally. The when-to-take-profit argument is one I struggled with, especially as someone who comes from a long background in Position Trading. Don't worry, TooSlow will soon slap it out of you, lol! Bruce Lee takes no prisoners.

Be brutal, shrug off any losses, no trader's remorse. Stop torturing yourself about 'the ones that got away'. Can you alter the fact that you got +4 and not +24? No. So why are you wasting time thinking about it? This breeds negative energy. You become a ''loser of 24'' instead of the ''winner of 4'' you actually are because you have clouded your reasoning.

Follow the rules. Continue to bag your multiple +1s and +5s.

Eventually you will find your fears will calm.

...and watch that video - it really is good. Add TooSlow's PodCast one from earlier ('How To Trade When You Are Afraid Of Losing Money'') and you will be well ahead of the curve.

Oh and welcome aboard!
  • #5,187
  • Aug 17, 2016 3:57am Aug 17, 2016 3:57am
EURUSD Ta Much...
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.ecnM5tamuch.png Size: 39 KB
  • #5,188
  • Edited 5:01am Aug 17, 2016 4:08am | Edited 5:01am
Quoting portdave
A good winning opportunity on the UCAD. Continuing the tale of the car dodging rabbit, would he have hopped off early given the b/e opportunity after the strong move against the trade having only gone into profit by a couple of pips, particularly after getting hit by that earlier Loonie car. I'm fully aware that I am the rabbit. Not trying to be difficult, just trying to understand the method better. I'll continue the trade challenge.... {image} PS.. Thanks for the further responses. Crossed posts, I hadn't read them before this post.
A good example for you. That EURUSD trade.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.ecnM5tamuch.png Size: 39 KB
Price moved to clear +4-and-a-bit (not technically +5), however it was showing signs of seriously stalling at this mark, which is/was the Daily Low. I saw Pippy's headlights bearing down on me and moved to lock in my +1. My flexibility came in deciding whether to take the +4 at the stalling point or let it run to see if it would push down - but no matter what, I had that +1.

Bend, don't break.

Edit: I know this trade is wrong TS - don't shout at me, I'm fragile!
  • #5,189
  • Aug 17, 2016 4:09am Aug 17, 2016 4:09am
Quoting TooSlow
{quote} Choose USD pairs. USDCAD has a good range and low cost. NZDUSD is the cheapest. GBPUSD costs the most.
What you mean when you say "cheapest" and "low cost"?
  • #5,190
  • Aug 17, 2016 4:18am Aug 17, 2016 4:18am
EURCAD Taking a stroll...
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD.ecnH1takingastroll.png Size: 37 KB

1-2-3 coming up later? We'll see...
  • #5,191
  • Aug 17, 2016 4:19am Aug 17, 2016 4:19am
Quoting trapforex
{quote} What you mean when you say "cheapest" and "low cost"?
Size of spread. Wide spread - highest ''cost''...Tight spread - lowest ''cost'' (to your trade).
  • #5,192
  • Aug 17, 2016 4:20am Aug 17, 2016 4:20am
Quoting lemercenaire
{quote} A good example for you. That EURUSD trade. {image}Price moved to clear +4-and-a-bit (not technically +5), however it was showing signs of seriously stalling at this mark, which is/was the Daily Low. I saw Pippy's headlights bearing down on me and moved to lock in my +1. My flexibility came in deciding whether to take the +4 at the stalling point or let it run to see if it would push down - but no matter what, I had that +1. Bend, don't break.
Thanks for the advice.
  • #5,193
  • Aug 17, 2016 4:30am Aug 17, 2016 4:30am
Quoting lemercenaire
{quote} A good example for you. That EURUSD trade. {image}Price moved to clear +4-and-a-bit (not technically +5), however it was showing signs of seriously stalling at this mark, which is/was the Daily Low. I saw Pippy's headlights bearing down on me and moved to lock in my +1. My flexibility came in deciding whether to take the +4 at the stalling point or let it run to see if it would push down - but no matter what, I had that +1. Bend, don't break.
Not a HOLO trade though? Shorting into the lows.
  • #5,194
  • Aug 17, 2016 4:37am Aug 17, 2016 4:37am
Quoting portdave
{quote} Not a HOLO trade though? Shorting into the lows.
LOL!!!! Wrong chart!!! What chart was I working from? Good grief, sorry. 7 trades this morning - punch-drunk, I think. You get the idea, though, so that's cool. Thanks for pointing that out - I really need to take a break now!
Attached Image
  • #5,195
  • Aug 17, 2016 5:37am Aug 17, 2016 5:37am
Quoting lemercenaire
{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).
I dont have experience trading any particular pair.. I think to pick USDCAD.
Thank you.
  • #5,196
  • Aug 17, 2016 6:22am Aug 17, 2016 6:22am
Quoting portdave
A good winning opportunity on the UCAD. Continuing the tale of the car dodging rabbit, would he have hopped off early given the b/e opportunity after the strong move against the trade having only gone into profit by a couple of pips, particularly after getting hit by that earlier Loonie car. I'm fully aware that I am the rabbit. Not trying to be difficult, just trying to understand the method better. I'll continue the trade challenge.... {image} PS.. Thanks for the further responses. Crossed posts, I hadn't read them...
Good idea.
You will understand better whilst executing the same thing over and over again.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,197
  • Aug 17, 2016 6:35am Aug 17, 2016 6:35am
Quoting lemercenaire
{quote} Late night, what can I say - I like my track cycling... Looks like you ate your Weetabix this morning (UK Cultural Reference, sorry, lol)
Have to be ready for the action in time
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,198
  • Aug 17, 2016 6:38am Aug 17, 2016 6:38am
Quoting lemercenaire
{quote} Hi PD. I have to say that you are going through the same thought processes as I did originally. The when-to-take-profit argument is one I struggled with, especially as someone who comes from a long background in Position Trading. Don't worry, TooSlow will soon slap it out of you, lol! Bruce Lee takes no prisoners. Be brutal, shrug off any losses, no trader's remorse. Stop torturing yourself about 'the ones that got away'. Can you alter the fact that you got +4 and not +24? No. So why are you wasting time thinking about it? This breeds negative...


I couldn't disagree less.

Think about THAT one for a while.

You cannot not understand this now that you've read this and thought about it
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,199
  • Aug 17, 2016 6:39am Aug 17, 2016 6:39am
Quoting lemercenaire
EURCAD Taking a stroll... {image} 1-2-3 coming up later? We'll see...
EURCAD 1-2-3 in the bag. Got that the right way round at least, lol...

Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD.ecnH1gotthattherightwayround1-2-3.png Size: 29 KB
  • #5,200
  • Aug 17, 2016 6:43am Aug 17, 2016 6:43am
Quoting lemercenaire
{quote} EURCAD 1-2-3 in the bag. Got that the right way round at least, lol... {image}
Alternative:

EDIT bending rule #1 here

Attached Image (click to enlarge)
Click to Enlarge Name: 2016-08-17_1342.png Size: 65 KB
It takes courage to grow up and become who you really are - E.E. Cummings
9 traders viewing now