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Highest Open / Lowest Open Trade

  • #5,201
  • Aug 17, 2016 6:46am Aug 17, 2016 6:46am
Quoting trapforex
{quote} I dont have experience trading any particular pair.. I think to pick USDCAD. Thank you.
Good trading and enjoy the journey - let us know how you get on.
  • #5,202
  • Aug 17, 2016 6:49am Aug 17, 2016 6:49am
Quoting lemercenaire
{quote} Good trading and enjoy the journey - let us know how you get on.
Thank you.
  • #5,203
  • Aug 17, 2016 6:52am Aug 17, 2016 6:52am
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 kindly give me any suggestion...
Welcome learn2fly.
That was a textbook trade.
Well done.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,204
  • Aug 17, 2016 6:57am Aug 17, 2016 6:57am
Quoting PippyTheGrt
{quote} Alternative: EDIT bending rule #1 here {image}
As you use the m30, not H1 candle - and I notice on your charts that your Rule #1 doesn't include H1 in the 'no-trade-breakouts-of-these' - do you disregard the H1 even if it has formed a breakout as well? How does the m30 technique compare to the H1 in terms of...''useability''...for want of a better word. Is it simply about finding more opportunities to enter? (I take it that you are using the m30 open as your trigger-line and not the H1 at all now?).
  • #5,205
  • Aug 17, 2016 6:59am Aug 17, 2016 6:59am
Quoting trapforex
{quote} What you mean when you say "cheapest" and "low cost"?
On my platform:

NZDUSD cost is $16 per 0.01 lot.
USDCAD cost is $20 per 0.01 lot.
GBPUSD cost is $30 per 0.01 lot.
Understand?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,206
  • Edited 7:13am Aug 17, 2016 7:05am | Edited 7:13am
Quoting lemercenaire
{quote} As you use the m30, not H1 candle - and I notice on your charts that your Rule #1 doesn't include H1 in the 'no-trade-breakouts-of-these - do you disregard the H1 even if it has formed a breakout as well? How does the m30 technique compare to the H1 in terms of...''useability''...for want of a better word. Is it simply about finding more opportunities to enter? (I take it that you are using the m30 open as your trigger-line and not the H1 at all now?).
The H1 is always an M30 open, and an M30 open may not be an H1 open so H1 open lines are automatically included. I originally found that M30 would allow me to get in without it being a rule #1 violation vs. an H1 entry, and it will get me in closer to the extreme. I have situations where the first half hour (00-30) posts a new high, and the second half hour (30-00) posts a lower high. That would be a rule #1 on H1, not so on M30. Not sure if this answers your question.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,207
  • Aug 17, 2016 7:11am Aug 17, 2016 7:11am
Quoting PippyTheGrt
{quote} Alternative: EDIT bending rule #1 here {image}
Great bend.
Bonus.

My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,208
  • Aug 17, 2016 7:14am Aug 17, 2016 7:14am
Quoting PippyTheGrt
{quote} The H1 is always an M30 open, and an M30 open may not be an H1 open so H1 open lines are automatically included. I originally found that M30 would allow me to get in without it being a rule #1 violation vs. an H1 entry, and it will get me in closer to the extreme. I have situations where the first half hour (00-30) posts a new high, and the second half hour (30-00) posts a lower high. That would be a rule #1 on H1, not so on M30. Not sure if this answers your question.
Yes, thanks. I figured it would be mostly about this: ''...it will get me in closer to the extreme.''
​
  • #5,209
  • Aug 17, 2016 7:15am Aug 17, 2016 7:15am
Quoting lemercenaire
{quote} Yes, thanks. I figured it would be mostly about this: ''...it will get me in closer to the extreme.'' ​
The lowest the chart period, the closer to the extreme.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,210
  • Aug 17, 2016 7:22am Aug 17, 2016 7:22am
Quoting lemercenaire
{quote} Yes, thanks. I figured it would be mostly about this: ''...it will get me in closer to the extreme.'' ​
There are better examples where the difference is huge.
At times you'd want to go down to M15 or -heck- M5.

Doesn't matter all that much, it is just a horizontal line to me. A Line In The Sand (LIS)

Waiting for a line that the trader himself (!!!) has defined, has everything to do with self-discipline and nothing to do with a meaning attached to the line itself, either by yourself (your "self") or others.

Notice the word "himself". When trading this system (or any other for that matter), you need to "own" it. Any rules have to be fully accepted as yours and nobody else's. No guru's have to be hurt in the process
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,211
  • Aug 17, 2016 7:25am Aug 17, 2016 7:25am
Quoting PippyTheGrt
{quote} The H1 is always an M30 open, and an M30 open may not be an H1 open so H1 open lines are automatically included. I originally found that M30 would allow me to get in without it being a rule #1 violation vs. an H1 entry, and it will get me in closer to the extreme. I have situations where the first half hour (00-30) posts a new high, and the second half hour (30-00) posts a lower high. That would be a rule #1 on H1, not so on M30. Not sure if this answers your question. {image} {image}
How often do you find that the price will trigger an entry on the m30 but then not go on to reach the level of an H1 entry, so you could get a trade I didn't as I would be waiting for the H1 entry? Does this happen?
  • #5,212
  • Aug 17, 2016 7:27am Aug 17, 2016 7:27am
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Waiting
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,213
  • Aug 17, 2016 7:37am Aug 17, 2016 7:37am
Quoting lemercenaire
{quote} How often do you find that the price will trigger an entry on the m30 but then not go on to reach the level of an H1 entry, so you could get a trade I didn't as I would be waiting for the H1 entry? Does this happen?
The only reason why an M30 would be triggered and an H1 not would be if price turns around before reaching the H1 entry. That could be a profitable- or a cost trade. Doesn't happen "very often" (can't quantify that) but I've seen it.

It happens that H1 is the next best option because there was no pullback (M1/M5 open) on the M30 so the next best thing is H1.
Sometimes they are the same.
If there is enough room between M30 and H1 open, one could perhaps use it as a TP point, I suspect the stats are quite good for that.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,214
  • Aug 17, 2016 8:08am Aug 17, 2016 8:08am
Quoting PippyTheGrt
{quote} The only reason why an M30 would be triggered and an H1 not would be if price turns around before reaching the H1 entry. That could be a profitable- or a cost trade. Doesn't happen "very often" (can't quantify that) but I've seen it. It happens that H1 is the next best option because there was no pullback (M1/M5 open) on the M30 so the next best thing is H1. Sometimes they are the same. If there is enough room between M30 and H1 open, one could perhaps use it as a TP point, I suspect the stats are quite...
Yes.
Price can return to H1 open and reverse.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,215
  • Aug 17, 2016 9:33am Aug 17, 2016 9:33am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,216
  • Aug 17, 2016 10:11am Aug 17, 2016 10:11am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,217
  • Aug 17, 2016 10:14am Aug 17, 2016 10:14am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,218
  • Aug 17, 2016 10:16am Aug 17, 2016 10:16am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,219
  • Aug 17, 2016 10:18am Aug 17, 2016 10:18am
Rule #1 bender, but anyway.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,220
  • Aug 17, 2016 10:21am Aug 17, 2016 10:21am
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