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Highest Open / Lowest Open Trade

  • #5,841
  • Aug 23, 2016 8:19am Aug 23, 2016 8:19am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 47 KB


Possible M30 soon.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,842
  • Aug 23, 2016 8:27am Aug 23, 2016 8:27am
Quoting TooSlow
{image} Possible M30 soon.
Caution.

Daily low below yesterday's low.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,843
  • Aug 23, 2016 8:40am Aug 23, 2016 8:40am
Quoting fabiog
Hello, If you don't mind I will join the party. Below you can find my trade no. 1 for 10 trades challenge. TRADE #1 Pair: USDCAD Position: Long at 1.29024 (H1 Lower Open 1.29015) SL at 1.28835 Entry: by market order at the ask price Exit: by SL at the bid price (1.29125) Position size: 0.20 lot Trade duration: 00:39:48 P/L: + 10.1 pips (15.64 $) Spread: +/- 2 pips Comments: - The trade was open too late. - I moved SL when bid price hit my purple line which was first 5 pips from my entry point. I was moving that line every 5 pips. Difficulties: -...

cześć fabiog.
Welcome to the thread.
It looks like you understand the method. But just a problem with the entry?

(But you made some cash, so well done. )

So you know rule #2. (No late entry.....not even 1 pip)


So to answer your question on this trade.....
After the new H1 Lowest open, candle A opened in our "area of interest".
Because you were using a Market entry, it would not have been possible to place a trade at that moment, because the ASK price did not = the H1 Lowest Open price at any time during that 5 minute candle..
So we wait......Candle B also opened in the "area of interest", and because price moved up at some point, this would have given you the chance to enter a Market Order when price hit the H1 Lowest open price.
(note. I think that this was the candle you entered the trade from, as this was the only candle before candle E where the ASK price was = to the H1 lowest open price. The different broker prices between you and me may change that)

If you didn't take the candle B trade, you would have to wait until candle E to enter a market order.

Attached Image (click to enlarge)
Click to Enlarge Name: fabiog A.jpg Size: 67 KB


With candle C and D.......the ASK price would not have been = to the Lowest H1 open price at any time. So it would not have been possible to place a Market Entry order according to the rules.

I hope that helps my Friend.
Please let me know if that is not clear.
Thankyou
Michael
  • #5,844
  • Aug 23, 2016 8:42am Aug 23, 2016 8:42am
Quoting PippyTheGrt
{quote} Caution. Daily low below yesterday's low.
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow1.png Size: 59 KB


No worries, mate
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,845
  • Aug 23, 2016 8:47am Aug 23, 2016 8:47am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,846
  • Aug 23, 2016 8:49am Aug 23, 2016 8:49am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 55 KB


My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,847
  • Aug 23, 2016 8:52am Aug 23, 2016 8:52am
Hi all

For those interested this is an EA to manage SL and TP
i include a pdf file that explain how it works
hope it help

SB
Attached File(s)
File Type: mq4 fvoe 1.6.3.mq4   18 KB | 833 downloads
File Type: pdf FVOE_en.pdf   349 KB | 1,188 downloads
trying to make everyday the best risk/reward decisions possible
  • #5,848
  • Aug 23, 2016 9:11am Aug 23, 2016 9:11am
Quoting fabiog
Hello, If you don't mind I will join the party. Below you can find my trade no. 1 for 10 trades challenge. TRADE #1 Pair: USDCAD Position: Long at 1.29024 (H1 Lower Open 1.29015) SL at 1.28835 Entry: by market order at the ask price Exit: by SL at the bid price (1.29125) Position size: 0.20 lot Trade duration: 00:39:48 P/L: + 10.1 pips (15.64 $) Spread: +/- 2 pips Comments: - The trade was open too late. - I moved SL when bid price hit my purple line which was first 5 pips from my entry point. I was moving that line every 5 pips. Difficulties: -...

cześć fabiog.
Me again.
Something else that might help you(and maybe others) that will make it IMPOSSIBLE for you to make a late entry and break rule #2.

When I was learning this method(and I am still learning) and I still use this entry method, is, I don't use Market Entry orders.

I only use Buy or Sell Stop entry orders.

In this trade example of yours, my process would have been this....
After the new H1 Lowest open, I have 5 minutes before the next M5 candle open.
I work out my lot size, because I know my Entry price.....and I know my Stop price. And I know how many $'s I want to risk on the trade. Easy.

Then I open up my NEW ORDER window, and set my lot, entry and stop values.
Then I wait.....
My Broker will allow me to place a BUY Stop order ONLY if the ASK price is more that 1 point away from my Entry price.
So if the new M5 candle opens.....and the ASK price is passed my entry price......then I am not allowed to place the order.
I have to wait until the ASK price is 1 point(or more) away from my entry price.
No late entries (and no early entries either) Simply not possible.

If I see price go away from my entry price and this allows me to place my pending order, then that is fine. If price continues to go away, and make a new Daily Low.....then I delete my pending Buy Stop order.......and I wait for another opportunity.

Again, I hope that helps you.
Cheers
Michael
  • #5,849
  • Aug 23, 2016 9:58am Aug 23, 2016 9:58am
Thank you MichaelG for your reply and explanation (Wielkie dzięki Michał). I really appreciate it and found very helpfull.
I will also try to place order in a way you described above.
---------------------------------------------------------------

Here is my second trade from today.



TRADE #2

Pair: USDCAD

Position: Long at 1.29015 (H1 Lower Open 1.29015)
SL at 1.28835
Entry: Stop order at 1.29015
Exit: by SL at the bid price (1.29025)
Position size: 0.20 lot
Trade duration: 01:02:10
P/L: + 1 pips (1.55 $)
Spread: +/- 2.3 pips

Comments:
- I didn’t know what to do when new Lowest Open come to play at 15:00 (my broker time). I was going to put new order if only new m5 candle would open below LO but that didn’t happen.
Difficulties:
- English

Entry:
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.jpeg Size: 83 KB


New Lowest Open:
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.jpeg Size: 58 KB


Exit:
Attached Image (click to enlarge)
Click to Enlarge Name: Image3.jpeg Size: 89 KB
  • #5,850
  • Aug 23, 2016 10:07am Aug 23, 2016 10:07am
Quoting slowbrain
Hi all For those interested this is an EA to manage SL and TP i include a pdf file that explain how it works hope it help SB {file} {image}



Hi SB.
Thanks for these.
If my memory serves me right, didn't you buy an "EA hidden trade manager". Or was that Sniper.....I can't remember??

Anyway, this is just a repost of another EA trade manager that wannalearn12 posted some time ago, and I did a "how to use" document for it.
These clever little animals are good if you are trying to manage a few live/active trades and also trying to watch for new trades.

Hopefully you will find one of them useful if that is what floats your boat.

Forex Trading Troll V2 How To.doc


Forex_Trading_Troll_v2(1).ex4
  • #5,851
  • Aug 23, 2016 10:20am Aug 23, 2016 10:20am
There sure are some nasty people in other threads.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,852
  • Aug 23, 2016 10:24am Aug 23, 2016 10:24am
Quoting TooSlow
There sure are some nasty people in other threads.
They can stay there
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,853
  • Aug 23, 2016 10:24am Aug 23, 2016 10:24am

Attached Image (click to enlarge)
Click to Enlarge Name: 2016-08-23_1720.png Size: 66 KB
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,854
  • Aug 23, 2016 10:26am Aug 23, 2016 10:26am
Quoting fabiog
Thank you MichaelG for your reply and explanation (Wielkie dzięki Michał). I really appreciate it and found very helpfull. I will also try to place order in a way you described above. --------------------------------------------------------------- Here is my second trade from today. TRADE #2 Pair: USDCAD Position: Long at 1.29015 (H1 Lower Open 1.29015) SL at 1.28835 Entry: Stop order at 1.29015 Exit: by SL at the bid price (1.29025) Position size: 0.20 lot Trade duration: 01:02:10 P/L: + 1 pips (1.55 $) Spread: +/- 2.3 pips Comments:...
Good job Mate. B/E+1 is always better than a loss.

Difficulties:- English I think not. You have no problem with English my friend.

Unfortunately, you can only work with the CURRENT H1 open price. Even if the NEW H1 is going to open soon, don't worry about it.
You can maybe wait......but you do not know what is going to happen in the future.
Even if it is only a few minutes away until the NEW H1 candle opens. We must act "in the moment". If there is a valid trade setup, then you should take it. If there is not a valid trade setup, then you do not trade.

Only be concerned with NOW........not what happened 1 hour ago......or what might happen in 1 hour. You cannot tell the future......and the past is .....the past.

Now I am off to bed.
Goodnight all
Michael
  • #5,855
  • Aug 23, 2016 10:30am Aug 23, 2016 10:30am
Quoting TooSlow
There sure are some nasty people in other threads.
I think you go looking for them

I think you like to stir them up, with all their shiny objects and bells an whistles and promises of riches beyond belief..

I think you get a kick out of winding them up. Good on you Mate. GO HARD. Give em heaps.
  • #5,856
  • Aug 23, 2016 10:39am Aug 23, 2016 10:39am
Meanwhile on GJ:

Attached Image (click to enlarge)
Click to Enlarge Name: 2016-08-23_1737.png Size: 59 KB


+14 pips.

Who needs "other threads"
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,857
  • Aug 23, 2016 10:48am Aug 23, 2016 10:48am
Quoting MichaelG
{quote} I think you go looking for them I think you like to stir them up, with all their shiny objects and bells an whistles and promises of riches beyond belief.. I think you get a kick out of winding them up. Good on you Mate. GO HARD. Give em heaps.
Not looking to wind anyone up.
Thought maybe might learn something.
Or make some new friends.
Do not post in the "shiny objects and bells an whistles" threads.
Not welcome there.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,858
  • Aug 23, 2016 10:49am Aug 23, 2016 10:49am
Quoting PippyTheGrt
Meanwhile on GJ: {image} +14 pips. Who needs "other threads"
True.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,859
  • Aug 23, 2016 10:50am Aug 23, 2016 10:50am
Quoting TooSlow
{quote} Not looking to wind anyone up. Thought maybe might learn something. Or make some new friends. Do not post in the "shiny objects and bells an whistles" threads. Not welcome there.
"Pushing on a string"
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,860
  • Aug 23, 2016 10:54am Aug 23, 2016 10:54am
Attached Image (click to enlarge)
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It takes courage to grow up and become who you really are - E.E. Cummings
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