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Highest Open / Lowest Open Trade

  • #5,581
  • Aug 21, 2016 2:18am Aug 21, 2016 2:18am
Quoting mahmood.tava
{quote} salam tanx it is clear as a day light no problem at all so if current price is above or below the yesterday high and low we are in breakout mode and no trade will trigge. tanx for your clearance
Yes Sir
  • #5,582
  • Aug 21, 2016 6:14am Aug 21, 2016 6:14am
Quoting Traded
{quote} Can anyone expand on this hint? Please correct me, being a counter trend approach wouldn't all entries oppose existing h4 trend? Thanks.
Hi. In the spirit of full disclosure, I must admit that this is one I pretty much ignore. The only influence it may have on me is that any trade against the higher tf will possibly give a smaller move, so be ready to move that sl to BE+1 super quick, whereas a trade backed by the higher tf market direction has more likelihood of a larger move. I do not let the H4 colour stop me from taking a trade.
  • #5,583
  • Aug 21, 2016 6:26am Aug 21, 2016 6:26am
Quoting courier12
{quote} Too Slow, I will take a stab at this. We look for a M5 / M15 open between Highest High and HO on H1 and Lowest Low and LO on H1. Similarly, I guess we could (should?) look at H1 open with respect to HOLO and HH / LL on H4? ie. If H1 open is between HH and HO on H4, shorts have higher odds. Similarly longs have higher odds if H1 open is between LL and LO on H4. Does this make sense? Thank you
Before everyone begins to move in ever decreasing circles on this. Remember, this is not one of the rules. It is merely a shade which adds texture to the overall picture.
  • #5,584
  • Aug 21, 2016 7:02am Aug 21, 2016 7:02am
Quoting lemercenaire
{quote} Hi. In the spirit of full disclosure, I must admit that this is one I pretty much ignore. The only influence it may have on me is that any trade against the higher tf will possibly give a smaller move, so be ready to move that sl to BE+1 super quick, whereas a trade backed by the higher tf market direction has more likelihood of a larger move. I do not let the H4 colour stop me from taking a trade.
There is a danger of seeing a bear behind every tree, preventing a person from taking a trade, as in "I might lose money", hence feeding into the emotion of fear.

The outcome of the next trade is simply unknown to anyone. If that were not the case, markets would cease to exist. And since the outcome is unknown, you might as well have a shot at it if the opportunity arises according to the rules. Executing those rules give you a statistical edge taken over a large enough sample size (= 50 trades as the absolute minimum). Reading the rules in post #1, I cannot find something about H4 let alone using it in trading decisions. It is therefore logical to not letting the H4 colour withhold a person from taking a trade.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,585
  • Aug 21, 2016 7:18am Aug 21, 2016 7:18am
Hi all trading this method,

thanks for sharing. I have several questions:
1) do you use some trade time limitations?
2) do you use some minimum day H-L range limitations?

Thanks for answer beforehand
  • #5,586
  • Aug 21, 2016 7:22am Aug 21, 2016 7:22am
Quoting lifon
Hi all trading this method, thanks for sharing. I have several questions: 1) do you use some trade time limitations? 2) do you use some minimum day H-L range limitations? Thanks for answer beforehand
Welcome lifon.

The method is defined in post #1.

1) do you see any trade time limitations defined in post #1 ?
2) do you see any minimum day H-L range limitations defined in post #1 ?

The answers to these questions are the answers you are looking for
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,587
  • Aug 21, 2016 7:52am Aug 21, 2016 7:52am
Quoting lifon
Hi all trading this method, thanks for sharing. I have several questions: 1) do you use some trade time limitations? 2) do you use some minimum day H-L range limitations? Thanks for answer beforehand
To add to Pippy's answer. Ask yourself these questions:
Would I trade Cable during the UK/US session, or should I wait till the middle of the night when those markets are closed. Do I prefer a 1pip spread or a 7pip spread? Apply the same thought process to any pairs you are trading.
  • #5,588
  • Edited 10:18am Aug 21, 2016 10:02am | Edited 10:18am
The 3 Stages of Failure in Life and Work (And How to Fix Them)

http://jamesclear.com/3-stages-of-failure


5 Common Mental Errors That Sway You From Making Good Decisions


http://jamesclear.com/common-mental-errors
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,589
  • Aug 21, 2016 10:24am Aug 21, 2016 10:24am
Quoting courier12
{quote} Too Slow, I will take a stab at this. We look for a M5 / M15 open between Highest High and HO on H1 and Lowest Low and LO on H1. Similarly, I guess we could (should?) look at H1 open with respect to HOLO and HH / LL on H4? ie. If H1 open is between HH and HO on H4, shorts have higher odds. Similarly longs have higher odds if H1 open is between LL and LO on H4. Does this make sense? Thank you
Focus.
When you look for something, often times you fail to see what is there.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,590
  • Aug 21, 2016 10:30am Aug 21, 2016 10:30am
Quoting MichaelG
... So while it is Above/Below, the EA should not consider a trade. If the traders wants to place a manual trade, then they can do that, but wile price is beyond Yesterdays High/Low extremes, the EA should ignore these pairs. This will probably mean that the EA will not trade these pairs for the remainder of the trading day(NY Close), but that's okay. We don't want the EA to try and trade reversals when price is outside of Yesterdays extremes. Please let me know if that is not clear. Thanks Mate
Exercising caution is not the same as doing nothing.


Simple to put switches in the EA:

  1. Trade when price above yesterday's high = true/false
  2. Trade when price below yesterday's low = true/false
  3. Trade after price makes new daily high = true/false
  4. Trade after price makes new daily low = true/false


There are reasons for have distinct options.
Price may be making all time highs.
You may prefer to look to sell.
And not buy.

My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,591
  • Aug 21, 2016 10:32am Aug 21, 2016 10:32am
Quoting lemercenaire
{quote} Hi. In the spirit of full disclosure, I must admit that this is one I pretty much ignore. The only influence it may have on me is that any trade against the higher tf will possibly give a smaller move, so be ready to move that sl to BE+1 super quick, whereas a trade backed by the higher tf market direction has more likelihood of a larger move. I do not let the H4 colour stop me from taking a trade.
When H1 and H4 are opposite colors, be ready to exit quick.
H4 can become a freight train.
Best not to be in its path.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,592
  • Aug 21, 2016 10:35am Aug 21, 2016 10:35am
Quoting lifon
Hi all trading this method, thanks for sharing. I have several questions: 1) do you use some trade time limitations? 2) do you use some minimum day H-L range limitations? Thanks for answer beforehand
Before continuing with this thread, lifon
Heed the following advice:

Attached Image


To do so will increase your pace of assimilating the method.
Failure to do so will inhibit your learning.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,593
  • Aug 21, 2016 10:38am Aug 21, 2016 10:38am
A Guide to Overcoming Procrastination & Finding Focus

http://zenhabits.net/focusguide/
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,594
  • Aug 21, 2016 12:00pm Aug 21, 2016 12:00pm
Quoting TooSlow
{quote} Focus. When you look for something, often times you fail to see what is there.
Huh? Sorry, I am lost. So my answer is incorrect?

Can you please throw light on what I missed? You shared 4-5 charts and looks like I missed something?

Thank you,
  • #5,595
  • Aug 21, 2016 12:18pm Aug 21, 2016 12:18pm
Quoting courier12
{quote} Too Slow, I will take a stab at this. We look for a M5 / M15 open between Highest High and HO on H1 and Lowest Low and LO on H1. Similarly, I guess we could (should?) look at H1 open with respect to HOLO and HH / LL on H4? ie. If H1 open is between HH and HO on H4, shorts have higher odds. Similarly longs have higher odds if H1 open is between LL and LO on H4. Does this make sense? Thank you
OK - I will try again...We look for a M5 / M15 open between Highest High and HO on H1 and Lowest Low and LO on H1.
This is all you need. All the rest is distraction. So, focus on the only part you need. Forget the rest. Stop over-thinking.
  • #5,596
  • Aug 21, 2016 12:30pm Aug 21, 2016 12:30pm
Quoting PippyTheGrt
New tool descended from another galaxy showing HOLO and nextHOLO {image} Playing around with it a bit: {image}
The first one, I don't see it doing the job - at least in the same way I was looking at - however the second version has potential. I was thinking that this would give you an area (the congested area of 'opens') that you would look for the next candle to open below before entering. Yes? No? Maybees aye, maybees naw?

Attached Image


Wondering if it is any better than the simplicity of the fib 'zone' approach though...
  • #5,597
  • Edited 5:35pm Aug 21, 2016 12:50pm | Edited 5:35pm
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow1.png Size: 24 KB


Look at any H1 chart.
No indicators.
Would you like to have bought at the lowest open?
Or sold at the highest open?
That is all we do.
Nothing more.
Just a dance with the market.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,598
  • Edited 3:13pm Aug 21, 2016 12:55pm | Edited 3:13pm
Quoting TooSlow
Look at a H1 chart.No indiactors. would you like to have bought at the lowest open? Or sold at the highes open. That is all we do. Nothing more. Just a dance with the market.
I readily admit to preferring to run 1-2-3 on the naked H1. This was only a thought that perhaps there was an indicator which would lend weight to my mullings on the relative strength of entry points.
  • #5,599
  • Aug 21, 2016 3:09pm Aug 21, 2016 3:09pm
I have searched high and low for the market open on Sunday and can't find a clear answer about do you use the previous Friday 1 hour candles to trade on Sunday. Or do we sit and wait for Monday?
  • #5,600
  • Aug 21, 2016 3:12pm Aug 21, 2016 3:12pm
Quoting Tman72
I have searched high and low for the market open on Sunday and can't find a clear answer about do you use the previous Friday 1 hour candles to trade on Sunday. Or do we sit and wait for Monday?
I use my broker start day time and never trade Sundays.
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