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Highest Open / Lowest Open Trade

  • #5,761
  • Aug 22, 2016 5:48pm Aug 22, 2016 5:48pm
Quoting lemercenaire
{quote} You'll do it once...you no doubt will do it twice...then one day it will bite your ass - bad... I guess we've all done it. maybe it's a rite of passage. I do know that I sure as hell don't do it any more.
It is being hard-headed.
Not to mention FOMO!!

FOMO: This Is The Best Way To Overcome Fear Of Missing Out:

http://www.bakadesuyo.com/2016/06/fomo/
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,762
  • Aug 22, 2016 5:50pm Aug 22, 2016 5:50pm
Attached Image (click to enlarge)
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Count the number of entries per highest open and lowest open on a M5 chart.
More than one?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,763
  • Aug 22, 2016 6:07pm Aug 22, 2016 6:07pm
AUDJPY Those trading the Southern Hemisphere could do worse than keep an eye on these two...
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  • #5,764
  • Aug 22, 2016 6:11pm Aug 22, 2016 6:11pm
NZDJPY Or here...
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  • #5,765
  • Aug 22, 2016 6:31pm Aug 22, 2016 6:31pm
Some action in JPY today after Kuroda-san has spoken a few words from his ivory tower

As a reminder, the last 2 times he had his hot air descend upon the riffraff, this happened:

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A nod is as good as a wink to a blind bat
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,766
  • Aug 22, 2016 6:38pm Aug 22, 2016 6:38pm
Well at least no one has spotted Bernanke taking tea this time...
  • #5,767
  • Aug 22, 2016 7:52pm Aug 22, 2016 7:52pm
Quoting TooSlow
{quote} Please view these before your next trade: http://www.viperreport.com/the-menta...-trading-well/ http://www.viperreport.com/how-to-tr...-losing-money/
Aha moment just happened after reading that. I don't want to miss out on any trades ever! OK, I clearly did not follow the rules I should have sat or slept on my hands some more. I will still use small lots to trade as I'm in it for the process and I will no doubt miss some trades because of work. I always have the Asian session and London if I get up early. This method is undoubtedly profitable while keeping in mind the rules to the method. I see you don't need big pips or a shit load of indicators which lag and suck at the same time. This is almost like having a crystal ball!
  • #5,768
  • Aug 22, 2016 8:15pm Aug 22, 2016 8:15pm
Quoting Tman72
{quote} Aha moment just happened after reading that. I don't want to miss out on any trades ever! OK, I clearly did not follow the rules I should have sat or slept on my hands some more. I will still use small lots to trade as I'm in it for the process and I will no doubt miss some trades because of work. I always have the Asian session and London if I get up early. This method is undoubtedly profitable while keeping in mind the rules to the method. I see you don't need big pips or a shit load of indicators which lag and suck at the same time.[/highlight]...
No.
A crystal ball predicts the future.
We trade right here, right now in the present.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,769
  • Aug 22, 2016 9:21pm Aug 22, 2016 9:21pm
Attached Image (click to enlarge)
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,770
  • Aug 22, 2016 9:35pm Aug 22, 2016 9:35pm
Quoting mahmood.tava
{quote} Hi all for more clearence in breakout rulls in attach picture i put a black box include some bars acording to micheal post all of them must be a breakout bar is that right micheal? {image} if we accept this breakouts in trading time if H1_higher_open is above the yesterday high we have no sell trade until end of day and vice vrsa If H1_lowest_open is behind yesterday low we have no buy trade until end of day in attached picture for example if any open candle behind H1_lowest_open occured all of them is breakout because they all behind yesterday...


Hi Mahmood,
As you know, one of the breakout rules is when price goes above or below YESTERDAYS High/Low.

So on your chart, all of those candles were below Yesterdays Low, so they are all considered to be outside the extreme.

The rule says that we should take reversal trades after a breakout WITH CAUTION.

This means that the trader will have to use their own discretion when deciding to take a trade or not.

As you know, an EA cannot use discretion, so that is why I asked for the EA to NOT place a trade if price was in breakout mode.

I suggested that if the trader wanted to trade the breakout, then the trader could place a manual trade.

TooSlow recently posted this suggestion to clarify, which I think is a good idea.




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.



These settings mean that the trader will still have to use discretion when allowing the EA to place a trade or not following a breakout.

So if the EA could be set with TooSlow's suggested inputs, then that would be great.

Thanks Mahmood. I hope that I have made that clear. Please let me know if it is not.
Cheers
Michael

  • #5,771
  • Aug 22, 2016 11:00pm Aug 22, 2016 11:00pm
Quoting TooSlow
FAILURE A list of possible failures: Failure to wait for price to enter area of interest - enter too soon and lose. Failure to enter at correct time/place - enter too late and lose. Failure to enter at correct time/place - miss out on a (huge) winning trade. Failure to set stop loss - lose more than necessary. Failure to move stop loss to BE+1 - a winner becomes a loser. Failure to move stop loss to BE+5 - give back more than necessary. Failure to pay attention - can cause any of above. ​ All of the above failures are avoidable. Did I miss...
Too Slow

BE+1 : do you mean at + 5 move SL at be +1 ?
BE+5 : do you mean at +10 move SL at be BE+5 ?

And by curiosity:
what is your average pips gain per trade ?

SB
trying to make everyday the best risk/reward decisions possible
  • #5,772
  • Aug 22, 2016 11:16pm Aug 22, 2016 11:16pm
Quoting slowbrain
{quote} Too Slow BE+1 : do you mean at + 5 move SL at be +1 ? BE+5 : do you mean at +10 move SL at be BE+5 ? And by curiosity: what is your average pips gain per trade ? SB
Yes.
Yes.
Have you read this thread from the beginning?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,773
  • Aug 22, 2016 11:23pm Aug 22, 2016 11:23pm
Quoting TooSlow
{quote} {image} What can you tell me about the H4 bars in this chart? What clues are there?
The clue in this chart are do not trade against the open of the H4 bar? And as you said a couple of days back, the H4 has the potential to become a freight train?
  • #5,774
  • Aug 22, 2016 11:24pm Aug 22, 2016 11:24pm
Quoting TooSlow
{quote} What is rule #7?
Rule 7: Do not wait for the H1 bar to close. However, for newbies if the H1 is a breakout bar then it is prudent to wait for this H1 bar to close?
  • #5,775
  • Aug 22, 2016 11:36pm Aug 22, 2016 11:36pm
Quoting TooSlow
{quote} Yes. Yes. Have you read this thread from the beginning?
Yes i have read the thread several times ... but i'm slowbrain ....

if i trade 1H signals ... does it make sense for you to have final TP at reverse signal on the 1H ?
ie: i enter long at the H1 lowest open and will close part of it at daily open and the remaining part of my position only when i got H1 highest open entry short signal . to capture larger win trade.

SB
trying to make everyday the best risk/reward decisions possible
  • #5,776
  • Aug 23, 2016 12:19am Aug 23, 2016 12:19am
Quoting slowbrain
{quote} Yes i have read the thread several times ... but i'm slowbrain .... if i trade 1H signals ... does it make sense for you to have final TP at reverse signal on the 1H ? ie: i enter long at the H1 lowest open and will close part of it at daily open and the remaining part of my position only when i got H1 highest open entry short signal . to capture larger win trade. SB
Hi SB. I will jump in here if that's okay.

The reason why TooSlow doesn't mention anywhere about setting a TP, is because TP's place a limit on where the trade can go to.

So you would be limiting how much your trade might make.

But, taking partial profits along the ride can be a good idea, as it can mean that you can take a good sized "chunk" of profit off the table, but still allow the winning trade to continue if the conditions allow.

When you take partial profits, and how much you want to take off the table is a personal thing.

You might be on a trade when news comes out, and the ride can be very fast and produce a lot of pips. But it will be a decision that you will have to make "on the run" in that situation.

But you can be prepared.
Scenario......
Lets say you have a trade on where you have a 10 pip risk, and you have 4 micro lots on.
Price moves to +5 pips(or better).......Move stop to B/E+1.
Price moves to +10 pips(or better)......Move stop to B/E+5.
At this stage, you cannot lose. You can only win. So why place a limit on how much you can win by placing a TP.
Price moves to +15 pips........you have 4 micro lots on, with an initial 10 pip risk.
So at 15 pips, you are at 1.5 X risk. Would you like to take some profit off at this point? (your decision)
Price moves to +20 pips. (2 X risk) Take partial profit here?
You might place a trailing stop of your original risk (10 pips). Perhaps when price gets to 3 X risk, you might take partial profit.?
You might place a trailing stop of 5 pips after +10 pips is reached.
You might decide to be happy at B/E+1, and let the trade go without moving your stop anymore, and just taking partial profits along the way.

I can go on and on, but I won't. The important things to note are.

1) Placing a Take Profit might/can/will limit your $ wins.

2) If you want to take partial profits, then have some sort of plan where you know you will be happy to take some profit off the table at certain price points, and not be concerned about "what might have been". Either you do, or you don't. It is up to the individual, and nobody will be able to give you a definitive answer about when, where or how much.

I hope that helps.
Cheers
Michael
  • #5,777
  • Aug 23, 2016 1:13am Aug 23, 2016 1:13am
Quoting lemercenaire
{quote} 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.
Please, can you post an example? ( I refer to a "run 1-2-3 on naked chart")
  • #5,778
  • Aug 23, 2016 1:16am Aug 23, 2016 1:16am
Quoting Jordi
{quote} Please, can you post an example? ( I refer to a "run 1-2-3 on naked chart")
Hi Jordi,
you might find the answer on another of TooSlow's threads which deals with the 1-2-3 method.

http://www.forexfactory.com/showthread.php?t=549745

Hope that helps.
Cheers
Michael
  • #5,779
  • Aug 23, 2016 1:25am Aug 23, 2016 1:25am
Quoting MichaelG
{quote} Hi SB. I will jump in here if that's okay. The reason why TooSlow doesn't mention anywhere about setting a TP, is because TP's place a limit on where the trade can go to. So you would be limiting how much your trade might make. But, taking partial profits along the ride can be a good idea, as it can mean that you can take a good sized "chunk" of profit off the table, but still allow the winning trade to continue if the conditions allow. When you take partial profits, and how much you want to take off the table is a personal thing. You might...

It tooks me some time to digest .... but i think i got your point ... will take some trades and study both performance , to see if partial profits improve overall performance , but by a quick visual checking it doesn't .......

Thanks Michael

SB
trying to make everyday the best risk/reward decisions possible
  • #5,780
  • Aug 23, 2016 2:06am Aug 23, 2016 2:06am
Quoting slowbrain
{quote} It tooks me some time to digest .... but i think i got your point ... will take some trades and study both performance , to see if partial profits improve overall performance , but by a quick visual checking it doesn't ....... Thanks Michael SB
Sorry Mate, I do waffle on a bit sometimes.
Something else maybe to consider with partial profits......
I have no hard evidence of this, but I know that sometimes my trailing stop will get taken out on the very next candle following a decent hard push.
So the difference between taking partial profits when price gets to say 30 pips ......and having your trailing stop taken out for 25 pips, can be quite a bit of cash if you are trading with a couple of lots (or even a few micro lots).
Again, it becomes a personal decision.

There are many ways to manage the trade once it is in profit, and TooSlow has suggested that B/E+1 at 5 pips....B/E+5 at 10 pips and a trailing stop after that is a good balance. I certainly agree with this, especially when you are in "learning mode". Having a rule based system/strategy is how everyone should trade.

You would have read many times about the need to have a trading plan, and without one, there is strong suggestion is that you will fail as a trader.

TooSlow's rules are exactly that. A trading plan. Rule based trading. Nothing more, nothing less.

As I mentioned, having such a "structure" means that you CANNOT be influenced to enter trades UNLESS they are within the rules. This requires you to become very good at WAITING. Follow your trading plan.

You would have also seen TooSlow post one of Jackie Chans quotes.

The one that sticks with me, is (in my words)......
Learn how to trade this method by the rules.
ONLY after that, take what is useful (what works for you)......and make it your own.

Experienced members on this thread will sometimes "bend the rules"......they have a good "feel" for what they are seeing on the chart in front of them, and will make an educated decision on how to trade that setup. They are making it their Own.
But you will also find that they do not stray too far from the basic rules. They have their trading plan.....their rules.....they bend them as they see fit, but not much. There is simply no need to.

Sorry again Mate. I am waffling on again.
Cheers
Michael
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