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Highest Open / Lowest Open Trade

  • #5,861
  • Aug 23, 2016 11:10am Aug 23, 2016 11:10am
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.
Cue Peter Sellers

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,862
  • Aug 23, 2016 11:12am Aug 23, 2016 11:12am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,863
  • Aug 23, 2016 11:40am Aug 23, 2016 11:40am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,864
  • Aug 23, 2016 11:55am Aug 23, 2016 11:55am
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Double bottom
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,865
  • Aug 23, 2016 1:04pm Aug 23, 2016 1:04pm
It seems like it's only me who has losses. Anyone could provide some feedback as to why this trade was a loss?
The daily breakout happened the hour before, so I waited to enter on the next hour. Notice how price went to my Buy Stop, triggered it and continued with the trend. I've seen that behavior quite often, but it seems like it only happens on my charts
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  • #5,866
  • Aug 23, 2016 1:18pm Aug 23, 2016 1:18pm
Quoting keen246
It seems like it's only me who has losses. Anyone could provide some feedback as to why this trade was a loss? The daily breakout happened the hour before, so I waited to enter on the next hour. Notice how price went to my Buy Stop, triggered it and continued with the trend. I've seen that behavior quite often, but it seems like it only happens on my charts {image}
Technically ok afaics keen246
One of the reasons I prefer to use M30 is that it may get me in earlier and closer to the low, in this case 5 pips.

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"only happen on my charts" - it could have gone the other way, would you have said the same in that case ?
Watch your thoughts (as in be conscious about them), they usually play a trick on you
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,867
  • Aug 23, 2016 1:22pm Aug 23, 2016 1:22pm
Quoting keen246
It seems like it's only me who has losses. Anyone could provide some feedback as to why this trade was a loss? The daily breakout happened the hour before, so I waited to enter on the next hour. Notice how price went to my Buy Stop, triggered it and continued with the trend. I've seen that behavior quite often, but it seems like it only happens on my charts {image}
How long have you been trading?
How long have you been trading that pair?
That is not one of my regulars.
Big bar is many times reversed on next bar.
There was an earlier trade would have paid.
You did not enter that trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,868
  • Aug 23, 2016 2:22pm Aug 23, 2016 2:22pm
Quoting PippyTheGrt
{quote} Technically ok afaics keen246 One of the reasons I prefer to use M30 is that it may get me in earlier and closer to the low, in this case 5 pips. {image} "only happen on my charts" - it could have gone the other way, would you have said the same in that case ? Watch your thoughts (as in be conscious about them), they usually play a trick on you
Thanks for your feedback PTG.
It makes sense to use a finer granularity when one is after of just a few pips, like we do on this method. I'm glad I didn't break any of the rules. I think I know them (at least the written ones on the first post), but it seems like there some other "rules" I'm not aware of, as per TS reply.

Cheers,
keen246
  • #5,869
  • Aug 23, 2016 2:25pm Aug 23, 2016 2:25pm
Quoting keen246
{quote} Thanks for your feedback PTG. It makes sense to use a finer granularity when one is after of just a few pips, like we do on this method. I'm glad I didn't break any of the rules. I think I know them (at least the written ones on the first post), but it seems like there some other "rules" I'm not aware of, as per TS reply. Cheers, keen246
Not rules.
Experience.
The more you dance
The better you (should) become at dancing.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,870
  • Aug 23, 2016 2:39pm Aug 23, 2016 2:39pm
Hi all. Possible LONG entry in EUR/JPY if the price on M5 close between H1 Lower open and D1 Low ?
The loss - I forbid!
  • #5,871
  • Aug 23, 2016 2:54pm Aug 23, 2016 2:54pm
Quoting TooSlow
{quote} Not rules. Experience. The more you dance The better you (should) become at dancing.

The rules only work if you have XX years of experience? Seems like I missed that from the first post.
  • #5,872
  • Aug 23, 2016 3:03pm Aug 23, 2016 3:03pm
Quoting PippyTheGrt
{quote} Caution. Daily low below yesterday's low.
PTG, I am still absorbing the rules on this thread but please can you expand on why caution is needed, it seems to me that typically either yesterdays high or yesterdays low are going to be breached today at some point and a HOLO trade opportunity is probably going to present itself after that. Do you always exercise caution on all trades that exceed a previous days high or low, and do you prefer HOLO trades within yesterdays range?
  • #5,873
  • Aug 23, 2016 3:35pm Aug 23, 2016 3:35pm
Has anyone had success learning to trade this on a higher TF? for those of us who work in an office during the day looking at 5min, 15min bars is impossible.

I was thinking instead of using D1 Hi/Lo, H1 highest open and taking the trade on M15 bars, if I substituted H4 highest open, and M30 bars to take the trade - then what timeframe should I use instead of the Daily Hi/Lo, I suppose that would be 4 days Hi/Lo but the breakout range would be huge ...
  • #5,874
  • Aug 23, 2016 4:09pm Aug 23, 2016 4:09pm
Quoting keen246
{quote} The rules only work if you have XX years of experience? Seems like I missed that from the first post.
The rules (any rules for that matter) are a framework to build experience and gain confidence in being able to do the same thing over and over again, accepting the outcome for what it is: random. Blaming the rules for not "working" (what the heck is that ?) because of a lack of experience (and v.v.) is putting the horse behind the cart.
Once you have more experience, you will develop a 6th sense or whatever you'd like to call it. That still doesn't mean you've always got it right though.

Anyone can do this and so can you. Only takes 10.000 hours to become an expert. "Outliers" - Malcolm Gladwell. http://www.wisdomgroup.com/blog/1000...s-of-practice/

Now, stop moaning, and continue your practice
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,875
  • Aug 23, 2016 4:25pm Aug 23, 2016 4:25pm
Quoting Nostromo
{quote} PTG, I am still absorbing the rules on this thread but please can you expand on why caution is needed, it seems to me that typically either yesterdays high or yesterdays low are going to be breached today at some point and a HOLO trade opportunity is probably going to present itself after that. Do you always exercise caution on all trades that exceed a previous days high or low, and do you prefer HOLO trades within yesterdays range?
If a new daily extreme forms and it is beyond yesterday's extreme, it could be part of a range extension and the reversal trade you're looking at (HOLO is a reversal trade) could be more of a pullback rather than a reversal. We don't know if that will be the case, because we can't predict the future. However, a higher timeframe direction cannot develop without a range developing in one direction primarily. So what I'm saying is that if we have a breakout beyond previous' day's extreme, you should be prepared to pull the plug on that trade rather quickly if it doesn't immediately go in your direction. This is also related to getting experience, so perhaps you should just not care about it and trade it without thinking about it. Then, after you have executed enough trades (enoug being statistically relevant, like 50+ times) you should evaluate your trades and count how many trades with a range extension were profitable as a % of the total, vs. trades without a range extension. That is a systematic approach for improvement, and you will build your own material by doing that, relying on no-one but yourself. As for me, I don't care albeit that I've got some experience built in. For example, I didn't "like" the last GBPJPY long above, but I might have been totally wrong about that in hindsight (which I wasn't). So another thing you can do is describe your feelings while entering a trade and see if there was anything to that in hindsight (again need enough trades to get an idea of your emotions vs. how it worked out). There is enough material floating around to help you start keeping track of that.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,876
  • Aug 23, 2016 4:40pm Aug 23, 2016 4:40pm
Quoting PippyTheGrt
What bar ? Breakout bar. {image} So: no HOLO there. Even if it weren't for the breakout bar. {image} And now for something completely different: {image}
Lol - Had to head out after this morning's shift at the coal-face and now just checking my way through the activity I missed - your third picture made me laugh out loud again...thank so much!
  • #5,877
  • Aug 23, 2016 4:42pm Aug 23, 2016 4:42pm
Quoting Nostromo
Has anyone had success learning to trade this on a higher TF? for those of us who work in an office during the day looking at 5min, 15min bars is impossible. I was thinking instead of using D1 Hi/Lo, H1 highest open and taking the trade on M15 bars, if I substituted H4 highest open, and M30 bars to take the trade - then what timeframe should I use instead of the Daily Hi/Lo, I suppose that would be 4 days Hi/Lo but the breakout range would be huge ...
How about this idea:

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Why don't you go through charts and post some. This is a good idea methinks.

EDIT: obviously I'm looking at a monthly HOLO by the day.
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,878
  • Aug 23, 2016 4:44pm Aug 23, 2016 4:44pm
Quoting lemercenaire
{quote} Lol - Had to head out after this morning's shift at the coal-face and now just checking my way through the activity I missed - your third picture made me laugh out loud again...thank so much!
You're most welcome !
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,879
  • Aug 23, 2016 4:56pm Aug 23, 2016 4:56pm
Quoting MichaelG
{quote} 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...
This is exactly how I do it as well, MG. If I have the time...I will enter on a market order. However, it is usually only in a certain situation, that being if I have, say, three possible set-ups making a move at the same time, so I've been off playing in someone else's correlated back-yard and have come back to find price is moving faster than I can type (it does happen ), then I will go in at market - but yes, only if Rule #2 still gives me the all-clear...

...Oh come on...time to come clean here...I have in fact gone in in exactly the same situation as this example. I wasn't proud of myself...it made me feel a little grubby having cheated on my beloved...but I did it...I am only human).

Point is, I know I broke Rule #2 and yes, I know I got away with it. I do not make a habit of pushing my luck.
  • #5,880
  • Aug 23, 2016 5:23pm Aug 23, 2016 5:23pm
Quoting lemercenaire
{quote} This is exactly how I do it as well, MG. If I have the time...I will enter on a market order. However, it is usually only in a certain situation, that being if I have, say, three possible set-ups making a move at the same time, so I've been off playing in someone else's correlated back-yard and have come back to find price is moving faster than I can type (it does happen ), then I will go in at market - but yes, only if Rule #2 still gives me the all-clear... ...Oh come on...time to come clean here...I have in fact gone in in exactly the...
Remenber what you told me? It will bite me in the ass bad!!! I totally fucked myself out of 2 trades today at 20 pips total!!! Don't do that rule bending it hurts just a little, but I'm prevailing no matter what!
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