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Highest Open / Lowest Open Trade

  • #5,941
  • Aug 24, 2016 10:04am Aug 24, 2016 10:04am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,942
  • Aug 24, 2016 10:09am Aug 24, 2016 10:09am
Quoting lemercenaire
{quote} Sorry but am I missing something here? Have I OD'd on tea this afternoon? Where is your H1 trigger line? Sorry if I'm being dense...
Hey lemercenaire,
This is what I wasn't sure about, and unfortunately I didn't take a screenshot at the time I entered. for some reason the indi doesn't always seem to display the H1 higher open (unless perhaps it is being overlaid by the H4 higher open text?)

Looking back at now, I think I got this wrong the H1 highest open line should have been where my purple line is at 1.29323? I could have sworn at the time I placed the order I did so on the Highest H1 open which was 4 candles back from 'A' (at the level of my SL 'tick'), but I must have used something else now I look at it .... I will say this, I am not used to trading such a fast timeframe and I definitely got flustered trying to place the order and move SL's while price was bouncing around 3 pips at a time.

How do you more experienced guys handle fast placing of buy/sell stops? I dislike the standard MT4 order screen, it is not quick to use and you have to click through "pending order" and "type" just to select sell stop orders, then you have to quickly calculate the pips etc... all the time price may be moving past your entry point. Maybe its down to having more experience but there must be a simpler way to place orders and SLs? I also cannot trail 5 pips on my MT4/broker - the smallest trailing SL allowed is 15 pips.
Do you experienced guys use an EA that moves to BE+1 when appropriate and then trails after that?
  • #5,943
  • Aug 24, 2016 10:28am Aug 24, 2016 10:28am
Lemercenaire, I am really appreciate your posts.

Thank you for your comprehensive reply.
  • #5,944
  • Aug 24, 2016 11:13am Aug 24, 2016 11:13am
Quoting Nostromo
{quote} Hey lemercenaire, This is what I wasn't sure about, and unfortunately I didn't take a screenshot at the time I entered. for some reason the indi doesn't always seem to display the H1 higher open (unless perhaps it is being overlaid by the H4 higher open text?) Looking back at now, I think I got this wrong the H1 highest open line should have been where my purple line is at 1.29323? I could have sworn at the time I placed the order I did so on the Highest H1 open which was 4 candles back from 'A' (at the...
When 2 or more time frames open at the same level, the higher time frame is shown.
H1 and H4 the same means H4 is drawn.
You can turn on or turn off the time frames in the indicator inputs.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,945
  • Aug 24, 2016 11:27am Aug 24, 2016 11:27am
Quoting Nostromo
How do you more experienced guys handle fast placing of buy/sell stops? I dislike the standard MT4 order screen, it is not quick to use and you have to click through "pending order" and "type" just to select sell stop orders, then you have to quickly calculate the pips etc... all the time price may be moving past your entry point. Maybe its down to having more experience but there must be a simpler way to place orders and SLs? I also cannot trail 5 pips on my MT4/broker - the smallest trailing SL allowed is 15...
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 57 KB


Use <ALT > T to get the buy/sell buttons to display.
Use <CTRL> O and click the trade tab to turn on one-click trading.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,946
  • Edited 12:09pm Aug 24, 2016 11:37am | Edited 12:09pm
Quoting Nostromo
{quote} Hey lemercenaire, This is what I wasn't sure about, and unfortunately I didn't take a screenshot at the time I entered. for some reason the indi doesn't always seem to display the H1 higher open (unless perhaps it is being overlaid by the H4 higher open text?) Looking back at now, I think I got this wrong the H1 highest open line should have been where my purple line is at 1.29323? I could have sworn at the time I placed the order I did so on the Highest H1 open which was 4 candles back from 'A' (at the level of my SL 'tick'), but I must...
Ok, no worries. To be honest, I would suggest (if you don't mind) that you should either go into the indi set-up and strip out all the extra ''stuff'' that you don't really need or take it off your charts all together and use an earlier one. That one is the one that I use and is basically the 1-2-3 indicator. It does not bother with the H4 line and it doesn't overlay the m15 and m5 opens on the one chart.

This is the version of the indi I use on today's Cable:
Attached Image (click to enlarge)
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You can go even more minimalist by dropping yesterday's lines (see below) but I use this as is, on HOLO trades and the bar version on 1-2-3. Set it on H1 charts across the ones you have on your watch-list, then when it looks like you are on to something, drop that same H1 chart down to m15 and now you will be able to scan along the bottom of your screen and immediately be able to see which pairs there is either a trade running on, or something setting up.

MT4 is undoubtedly a pain but still so much better than most that came before, however I do know where you are coming from. I do agree that it would be an immense help for the trade box to operate on a memory system which would save you having to go through the steps again and again but keep the last option chosen (anyone have any influence there?). At the very least, I assume you enable one-click trading? Anyway, if you are not being able to get the numbers in, then I would suggest that you are running too many trades at once.

I'm not sure I understand what you mean when you say ''...then you have to quickly calculate the pips etc''. Personally, I have my lot size already worked out for the day, I set my buy/stop order c/w that lot size and place the trade. THEN I modify that order by adding the required stop-loss. I have my p/l set to pips/pts not currency. I manually move that stop by dragging and dropping on the screen. Again, if you are missing the moves because you are off elsewhere, then I'd cut back on the pairs you are running at any given time - at least until you gain experience/speed. The ts distance can be a pain as well but different brokers are better/worse than others. I don't trail in the usual sense of the word but instead work by ''locking-in'' profits as the trade progresses, once the initial BE+1/BE+5 marks are passed.

If, as noted earlier, you wish to go ultra-minimalist and howl naked at the moon, then you can set up like this:

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  • #5,947
  • Aug 24, 2016 12:07pm Aug 24, 2016 12:07pm
Quoting TooSlow
{quote} When 2 or more time frames open at the same level, the higher time frame is shown. H1 and H4 the same means H4 is drawn. You can turn on or turn off the time frames in the indicator inputs.
Tooslow, thanks for the feedback, I think I will turn off the H4's for trading the H1.
  • #5,948
  • Aug 24, 2016 12:45pm Aug 24, 2016 12:45pm
Quoting TooSlow
{quote} {image} Use <ALT > T to get the buy/sell buttons to display. Use <CTRL> O and click the trade tab to turn on one-click trading.
TooSlow,

Thanks for the feedback, I tried the <ALT > T buy/sell buttons, but they only let you place market orders and I wanted to get into the habit of using stops for this method.

Actually - after utilizing the power of google(!) I found some quicker ways of speeding things up - just in case someone here doesn't already know these, I found them useful for this method; They are not ideal though, I wish there was a quick window for placing stops only with just a price, lot size and SL price to enter.

1) To quickly place a buy or sell stop: Rightclick with mouse below the current price line where you want to place your buy stop, the first item on the menu is "place a sell limit" - ignore this and select the 2nd option "Trading" => Sell stop. It will default to the last lot size you used. Same process for Buy Stop but you need to click above price (obviously!)

2) To quickly place Stop Loss or TP: As soon as your trade is active you can left click on the Sell line and drag a new line above or below to place a Stop loss or a Take Profit (depending on whether you are buying or selling).

Hope that helps someone else.
  • #5,949
  • Aug 24, 2016 2:15pm Aug 24, 2016 2:15pm
[quote=lemercenaire;9100482]{quote} Ok, no worries. To be honest, I would suggest (if you don't mind) that you should either go into the indi set-up and strip out all the extra ''stuff'' that you don't really need or take it off your charts all together and use an earlier one. That one is the one that I use and is basically the 1-2-3 indicator. It does not bother with the H4 line and it doesn't overlay the m15 and m5 opens on the one chart. This is the version of the indi I use on today's Cable: {image} You can go even more minimalist by dropping yesterday's lines (see below) quote]

HOLO lines are there.
1-2-3 lines are not.
How do you use those charts for 1-2-3?
(Maybe answer in the 1-2-3 thread so no confusion)
Thanks Mate
Cheers
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,950
  • Aug 24, 2016 3:04pm Aug 24, 2016 3:04pm
Quoting Nostromo
{quote} TooSlow, Thanks for the feedback, I tried the <ALT > T buy/sell buttons, but they only let you place market orders and I wanted to get into the habit of using stops for this method. Actually - after utilizing the power of google(!) I found some quicker ways of speeding things up - just in case someone here doesn't already know these, I found them useful for this method; They are not ideal though, I wish there was a quick window for placing stops only with just a price, lot size and SL price to enter. 1) To quickly place[/highlight]...
This is really interesting - did not know that. Cheers!
  • #5,951
  • Aug 24, 2016 3:28pm Aug 24, 2016 3:28pm
Quoting TooSlow
Quoting lemercenaire
{quote} Ok, no worries. To be honest, I would suggest (if you don't mind) that you should either go into the indi set-up and strip out all the extra ''stuff'' that you don't really need or take it off your charts all together and use an earlier one. That one is the one that I use and is basically the 1-2-3 indicator. It does not bother with the H4 line and it doesn't overlay the m15 and m5 opens on the one chart. This is the version of the indi I use on today's Cable: {image} You can go even more minimalist by dropping
...
Yeah, I've re-read that and can see the confusion. I've posted the reply in the 1-2-3 thread, cheers.
  • #5,952
  • Edited 4:31pm Aug 24, 2016 3:53pm | Edited 4:31pm
Quoting TooSlow
{quote} Can you mark that up on a chart? Thanks
Ok, here are some charts to try and illustrate the above methods.

First up, The Daily Return. I've done this the way PtG was looking at it, as a Daily/H4 combo. Yesterday's High and Low are marked. Note, not the highest and lowest opens but the extreme High and Low. As it turns out these are not particularly great examples of much happening but still, they give you the idea. Remember, you do not wait for new bars to open outside of those extremes, it is enough that price has entered the area.

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Trades are entered as the price crosses back in from the extreme zones.

This form of Return Trade can and is scaled up to Weekly/Daily and even Monthly/Weekly combos.
  • #5,953
  • Aug 24, 2016 4:30pm Aug 24, 2016 4:30pm
The second High TF method I discussed is The Follow Cap.

These are kind of awkward to describe without doing it live but I'll try it. Here, the lead up to the Brexit vote, just for a laugh...

Attached Image (click to enlarge)
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So here, after candle 'A' closes, a line is drawn beneath the low. A Sell-Stop...

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.ecnDailyFollowCapFirstSellStop.png Size: 26 KB


We can see, however, that candle 'B' continues up...

Once candle 'B' closes, the original Sell-Stop is cancelled and a new one set below candle 'B'...

Attached Image (click to enlarge)
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Again, we see that this candle does not reverse but again, continues on.

OK, so you get the picture - the process is repeated after every Daily candle closes. Until we get to...Close of candle 'F'...

Candle 'G' hits paydirt as it turns...

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...Houston, The Brexit Has Landed.

Now, obviously that kind of drop is an outlier in the extreme but the principle remains solid. On the Daily TF, it's all a bit Texas - everything is bigger - with even ''small'' moves against the original direction bringing big gains. The process is inverted in a downtrend.

To bring it right up to date, this is the chart as it stands just now...

Attached Image (click to enlarge)
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This is, as noted in the original post, a very quick, basic, outline of the way(s) in which funds use variations on the theme of HOLO and other simple methods, which goes a long way towards showing the strength behind TooSlow's method.

A house built on rock-solid foundations.
  • #5,954
  • Aug 24, 2016 4:31pm Aug 24, 2016 4:31pm
Quoting lemercenaire
{quote} Ok, no worries. To be honest, I would suggest (if you don't mind) that you should either go into the indi set-up and strip out all the extra ''stuff'' that you don't really need or take it off your charts all together and use an earlier one. That one is the one that I use and is basically the 1-2-3 indicator. It does not bother with the H4 line and it doesn't overlay the m15 and m5 opens on the one chart. This is the version of the indi I use on today's Cable: {image} You can go even more minimalist by dropping yesterday's lines (see below)...
Lemercenaire, thanks for all your helpful suggestions - much appreciated!

Just one clarification please - when you mention "you will be able to scan along the bottom of your screen and immediately be able to see which pairs there is either a trade running on, or something setting up" do you mean setup all the pairs you trade and set full-screen so that the tabs for all the pairs are at the bottom of the screen, and then set all tabs timeframes to 1 hour so you can scan by clicking each tab for a quick check on possible setups? (this is how I do it at the moment) The only other way I know to scan pairs quickly is to only have one window open and drag the pairs from the "Market Watch" window onto the main window one at a time. If there is a better way I would be keen to know it.

I do have scripts to change all open windows to the same template or all windows to the same timeframe if anyone wants me to share them.
  • #5,955
  • Aug 24, 2016 6:13pm Aug 24, 2016 6:13pm
Quoting lemercenaire
The second High TF method I discussed is The Follow Cap. These are kind of awkward to describe without doing it live but I'll try it. Here, the lead up to the Brexit vote, just for a laugh... {image} So here, after candle 'A' closes, a line is drawn beneath the low. A Sell-Stop... {image} We can see, however, that candle 'B' continues up... Once candle 'B' closes, the original Sell-Stop is cancelled and a new one set below candle 'B'... {image} Again, we see that this candle does not reverse but again, continues on. OK, so you get the picture -...
That method uses the high/low of the candle vs. using the highest/lowest open.
Simple yet effective.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,956
  • Aug 24, 2016 6:15pm Aug 24, 2016 6:15pm
Quoting Nostromo
{quote} Lemercenaire, thanks for all your helpful suggestions - much appreciated! Just one clarification please - when you mention "you will be able to scan along the bottom of your screen and immediately be able to see which pairs there is either a trade running on, or something setting up" do you mean setup all the pairs you trade and set full-screen so that the tabs for all the pairs are at the bottom of the screen, and then set all tabs timeframes to 1 hour so you can scan by clicking each tab for a quick check on possible setups? (this is how...
Sure you can post them if you have permission to do so.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,957
  • Aug 24, 2016 6:17pm Aug 24, 2016 6:17pm
Quoting lemercenaire
{quote} Ok, here are some charts to try and illustrate the above methods. First up, The Daily Return. I've done this the way PtG was looking at it, as a Daily/H4 combo. Yesterday's High and Low are marked. Note, not the highest and lowest opens but the extreme High and Low. As it turns out these are not particularly great examples of much happening but still, they give you the idea. Remember, you do not wait for new bars to open outside of those extremes, it is enough that price has entered the area. {image} {image} {image} 2002618 {image} {image}...
Trading into the WICK ZONE.
A "break in" instead of a break out.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,958
  • Aug 24, 2016 7:53pm Aug 24, 2016 7:53pm
Dollar Retrospective Chart 1971-2016: Next Major Cyclical Driver?

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #5,959
  • Aug 24, 2016 9:07pm Aug 24, 2016 9:07pm
Quoting TooSlow
{quote} Trading into the WICK ZONE. A "break in" instead of a break out.
LM,
thank you for you sharings! Much appeciated.

Too Slow,
can you please elaborate on the "break in" vs break out and trading into the Wick zone? Thank you
  • #5,960
  • Aug 24, 2016 9:24pm Aug 24, 2016 9:24pm
Quoting lemercenaire
The second High TF method I discussed is The Follow Cap. These are kind of awkward to describe without doing it live but I'll try it. Here, the lead up to the Brexit vote, just for a laugh... {image} So here, after candle 'A' closes, a line is drawn beneath the low. A Sell-Stop... {image} We can see, however, that candle 'B' continues up... Once candle 'B' closes, the original Sell-Stop is cancelled and a new one set below candle 'B'... {image} Again, we see that this candle does not reverse but again, continues on. OK, so you get the picture -...
LM, thanks for these methods. Helps to have some idea of how the big fish operate and how simple they keep things.

Would it be fair to say:

Daily Return = Breakout of yesterday Hi/Lo and then come back in it's range = Breakout Fakeout

Follow Cap = True Breakout outside of yesterday Hi/Lo.

Since they have deep pockets and trade big size, trade management, stops, targets etc is obviously not of much relevance here.
Thank you as always
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