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Highest Open / Lowest Open Trade

  • #5,681
  • Aug 22, 2016 9:19am Aug 22, 2016 9:19am
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The chart should show the reason to wait until the breakout hour is over.

EDIT: added shading
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,682
  • Aug 22, 2016 9:22am Aug 22, 2016 9:22am
Quoting MichaelG
How delinquent of me. Apologies TooSlow and all for my previous post. It has now been deleted. I haven't the right to post my "dreams" about what "might happen"......nor do I have the right to interfere with sound trade logic. I will go back into my Tasmanian hole and reflect. Again, sorry. Michael
Damn! I missed all the fun!!!
  • #5,683
  • Aug 22, 2016 9:24am Aug 22, 2016 9:24am
Quoting TooSlow
BREAKOUTS So much confusion. Breakouts can cause losses. Mark Douglas said, "No one knows what will happen next." After price breaks out it is best to wait until the hour is over. Price can continue breaking out. The reason for this is to help prevent losses. (Rule #1) There will always be another trade. (Rule #5) The 1-2-3 method is based on this.
Hi Too Slow,

I think you just cleared another area of confusion for me. I wait for the Close of H1 of ALL bars and not necessarily breakout H1 bars. Once the H1 bar closes, then I mark its HOLO and watch price on 5/15 min for an open in the area of interest.

However, now it looks like:
If price is not making a HH / LL for today, OR if today is not above yesterday Hi/Lo, DO NOT wait for the H1 to close. Take entry on the HOLO of this very H1 before it closes.

On the other hand:
If price is making a HH/LL for today OR if it is outside yesterdays Hi/Lo, then wait for this H1 breakout bar to close and then mark its open and observe price action on 5/15 and wait for an open on 5/15 in the area of interest.

Thank you
  • #5,684
  • Aug 22, 2016 9:30am Aug 22, 2016 9:30am
Quoting courier12
{quote} Hi Too Slow, I think you just cleared another area of confusion for me. I wait for the Close of H1 of ALL bars and not necessarily breakout H1 bars. Once the H1 bar closes, then I mark its HOLO and watch price on 5/15 min for an open in the area of interest. However, now it looks like: If price is not making a HH / LL for today, OR if today is not above yesterday Hi/Lo, DO NOT wait for the H1 to close. Take entry on the HOLO of this very H1 before it closes. On the other hand: If price is making a HH/LL for today OR if it is outside yesterdays...
What is rule #7?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,685
  • Aug 22, 2016 9:33am Aug 22, 2016 9:33am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,686
  • Aug 22, 2016 9:34am Aug 22, 2016 9:34am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,687
  • Edited 9:53am Aug 22, 2016 9:40am | Edited 9:53am
Quoting lemercenaire
{quote} I would say good - it's not down, right. Are these all the same pair? If not, have you made a log of which pairs are perhaps bringing better results than others? Looking at those results with a cold-eye, if you can honestly say that all the rules/conditions were met and this was the outcome, then yes, that's good. You will get flat days. Once you are old-and-grizzly like me, you will be running 10 trades a day easily, so this would basically be one flat day...and you ​still came out ahead.
Hi Lemercenaire,
No, the trades were on different pairs, so with only 10 trades I cannot have a reasonable statistical sample to draw any sort of bias regarding which pair might perform better with the method.
I'm glad you also find my initial challenge normal. I think it is. I'd like to see other traders results, but strangely, nobody post their results, only when they have the occasional +40 pips trade.

Cheers
  • #5,688
  • Aug 22, 2016 9:41am Aug 22, 2016 9:41am
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New H4 candle at TOTH (top of the hour).
What do you know about H4 candles?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,689
  • Aug 22, 2016 10:17am Aug 22, 2016 10:17am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,690
  • Aug 22, 2016 10:24am Aug 22, 2016 10:24am
Quoting mahmood.tava
if any open candle behind H1_lowest_open occured all of them is breakout because they all behind yesterday low
No.
A breakout bar/candle is the one that crossed over the line.
Newcomers should stick with H1.
When the current H1 bar/candle breaks out, you wait until the end of the hour.
No trading until the hour is over.
More experience traders may prefer to use M30, M15 or M5 as the breakout bar not to trade.
Understand?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,691
  • Aug 22, 2016 10:26am Aug 22, 2016 10:26am
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Breakout.
Newcomers, wait until next hour to trade usdcad.
Just watch.
Remember rule #5.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,692
  • Aug 22, 2016 10:29am Aug 22, 2016 10:29am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,693
  • Aug 22, 2016 10:45am Aug 22, 2016 10:45am
Quoting keen246
{quote} Hi Lemercenaire, No, the trades were on different pairs, so with only 10 trades I cannot have a reasonable statistical sample to draw any sort of bias regarding which pair might perform better with the method. I'm glad you also find my initial challenge normal. I think it is. I'd like to see other traders results, but strangely, nobody post their results, only when they have the occasional +40 pips trade. Cheers
Yeah, sorry, I posted then saw that you mentioned this later. If my memory serves me right, I posted up a quick breakdown of my pair-by-pair numbers (of trades taken but not p/l - just don't ask me where, sorry!) Just put it this way, some pairs pull their weight more than others, lol.

For your interest, with most of the arvo taken off, my numbers for today are (after spreads):
+5 +1 +11 +9 +19 +14 +11 +1 +9 (five are 1-2-3 trades)

I do this with no sense of ego, purely to let you (and others) see that the essence of HOLO is its supreme consistency. This is not an isolated day:

Friday (all 1-2-3) - I very rarely trade Fridays +6 +15 +10
Thursday (a mix and an all day session, inc into the evening) +16 +11 +1 +17 +7 -17 +9 +5 +8 +2 (and I missed a huge +106 gain!)
Wednesday (all day and a mix) +10 +14 +20 +1 +5 +18 +10 +18 +16 +1 (done in error and got away with it!) +14
Tuesday (overnight) +26 +29 +7
Monday +13 +16 +7 +9 +5 +13 +22

Do you see the pattern? Lots of small pick-ups, outstanding consistency. I am ruthless in locking in profits. These all mount up very, very, quickly. Then you will get the occasional outlier, like the one I missed. The thing is, that same single outlier in the previous week, it came on Friday and I didn't miss that one. Bagged +185. One of those a week on top of your ''small fry'' and you will be in hog-heaven...or at least you should be.

Keep it up, you're doing great.
  • #5,694
  • Aug 22, 2016 11:09am Aug 22, 2016 11:09am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,695
  • Aug 22, 2016 11:28am Aug 22, 2016 11:28am
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Lines spaced 3 pips apart.
How often does the price move 3 pips?
6 pips?
How can you use this to trade?

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
  • #5,696
  • Aug 22, 2016 11:30am Aug 22, 2016 11:30am
Quoting lemercenaire
{quote} Yeah, sorry, I posted then saw that you mentioned this later. If my memory serves me right, I posted up a quick breakdown of my pair-by-pair numbers (of trades taken but not p/l - just don't ask me where, sorry!) Just put it this way, some pairs pull their weight more than others, lol. For your interest, with most of the arvo taken off, my numbers for today are (after spreads): +5 +1 +11 +9 +19 +14 +11 +1 +9 (five are 1-2-3 trades) I do this with no sense of ego, purely to let you (and others) see that the essence of HOLO is its supreme...
Careful or people will ask you to trade their account.
Well done
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,697
  • Aug 22, 2016 11:52am Aug 22, 2016 11:52am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,698
  • Aug 22, 2016 11:54am Aug 22, 2016 11:54am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,699
  • Aug 22, 2016 11:57am Aug 22, 2016 11:57am
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The better looser you are the better winner you are
  • #5,700
  • Aug 22, 2016 12:10pm Aug 22, 2016 12:10pm
Quoting USCGamecocks
{image}
What caused you to miss it?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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