Attachments: Highest Open / Lowest Open Trade

Highest Open / Lowest Open Trade

#5,781
Aug 23, 2016 2:27am Aug 23, 2016 2:27am

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

GBPUSD Can anyone spot the BreakOut in this picture?

Attached Image (click to enlarge)

Click to Enlarge

Name: GBPUSD.ecnH1cananyonespotthebreakout.png
Size: 33 KB

#5,782
Aug 23, 2016 2:28am Aug 23, 2016 2:28am

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

EURUSD Or this one?

Attached Image (click to enlarge)

Click to Enlarge

Name: EURUSD.ecnH1orthisone.png
Size: 35 KB

#5,783
Aug 23, 2016 2:32am Aug 23, 2016 2:32am

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

They're all over the place! EURGBP, GBPCHF, GBPCAD...Breakouts, breakouts, everywhere...Do I need to remind everyone to tread carefully?

#5,784
Aug 23, 2016 2:35am Aug 23, 2016 2:35am

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

Quoting Tman72

Disliked

{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...

Ignored

I cannot like this enough...

You gotta' stick to it though...no cheating ''just this once...''

#5,785
Edited 3:14am Aug 23, 2016 2:51am | Edited 3:14am

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

Quoting MichaelG

Disliked

{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...

Ignored

I would also add one small but quite significant point here, if that's ok, MG...

Recently TS posted a chart and posed the question of how often the price moved +3 pips or +5 pips after a triggered move - it had lines at 5 pip intervals and it was very obvious that to maximise your return, utilising BE+1/BE+5/Trail-from-there-if-available, is (likely) to be the most efficient way to maximise your profits across any given trading day and certainly in the long run.

It is in human nature to remember the one trade that runs away for a big gain after you have bagged +1, we're hard-wired for that. Well, guess what, your brain is messing with you.

In the long run, as Michael says, it is up to each individual trader to go his own way re tp but just do some research into the various ways of doing so and you may surprise yourself.

(I should add here, that as far as 1-2-3 trades go, I use a slightly different tp method as the behaviour of a retrace from a BreakOut bar tends to be more immediate, however the one thing that is constant, is the fact that I lock in profit as soon as possible.)

#5,786
Aug 23, 2016 2:53am Aug 23, 2016 2:53am

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

Quoting courier12

Disliked

{quote} 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?

Ignored

For newbies, if it's a breakout bar, you should be ignoring it anyway and moving on to another pair.

#5,787
Aug 23, 2016 3:06am Aug 23, 2016 3:06am

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

Quoting Jordi

Disliked

{quote} Please, can you post an example? ( I refer to a "run 1-2-3 on naked chart")

Ignored

PTG and I were looking at a potential indicator to help establish strength of entry on 1-2-3 trades. I was saying that after all was said and done, I still liked working from the bare bar only and working visually.

Attached Image (click to enlarge)

Click to Enlarge

Name: EURCAD.ecnH1gotthattherightwayround1-2-3.png
Size: 29 KB

#5,788
Aug 23, 2016 3:10am Aug 23, 2016 3:10am

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

Quoting MichaelG

Disliked

{quote} 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...

Ignored

Jackie Chan? Jackie Chan?! TS is going to slap you upside your head, lol! He's good - but he ain't no Bruce...

#5,789
Aug 23, 2016 3:15am Aug 23, 2016 3:15am

aaven
Joined Jul 2015 | Status: Trader | 2,299 Posts

Quoting slowbrain

Disliked

{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

Ignored