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Highest Open / Lowest Open Trade

  • #5,961
  • Aug 25, 2016 1:56am Aug 25, 2016 1:56am
Morning
Ahh new stuff to read through

May be a trade coming up here:

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,962
  • Aug 25, 2016 2:05am Aug 25, 2016 2:05am
Yes, that developed into a valid long trade.
Like clockwork at London Open.
Let's see if it holds, it will retest the low many times. Or reverse.
Do we care ? No. We pull the plug when we need to.

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  • #5,963
  • Aug 25, 2016 2:08am Aug 25, 2016 2:08am
Should.

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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,964
  • Aug 25, 2016 2:12am Aug 25, 2016 2:12am
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  • #5,965
  • Aug 25, 2016 2:16am Aug 25, 2016 2:16am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,966
  • Aug 25, 2016 2:38am Aug 25, 2016 2:38am
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[/highlight]...
Yes Makes things so much easier but you'd be amazed how many don't think of it.
  • #5,967
  • Aug 25, 2016 2:38am Aug 25, 2016 2:38am
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,968
  • Edited 3:01am Aug 25, 2016 2:40am | Edited 3:01am
Quoting TooSlow
{quote} Trading into the WICK ZONE. A "break in" instead of a break out.
Lol - used to be called ''Dipping''.
  • #5,969
  • Edited 3:02am Aug 25, 2016 2:49am | Edited 3:02am
Quoting courier12
{quote} 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
Yes and Yes - but a breakout in the opposite direction to the original trend.

They obviously have trend-strength confirmation for Follow-Cap trades - I showed an established trend for ease of example - but believe it or not they are quite happy to use simple (there's that word again) moving average cross-overs for this. They all have their own preferred trade-management methods and I am not going to go into all of that as that's a bit like asking ''...how long is a piece of string?''
  • #5,970
  • Aug 25, 2016 3:00am Aug 25, 2016 3:00am
Quoting courier12
{quote} 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
There are more Range Traders than Breakout Traders - breakouts bring uncertainty, institutions don't like uncertainty, don't like trading range breakouts. They prefer to trade into the reverse ie, set sell orders to follow the price up out of a break, looking to pull price back down.

''According to most estimates, at least fifty percent of Forex chart breakouts are false breaks or fake outs. '' - ForexOp

You can now see from the above statement how it plays to the strengths of not only ''trading into the wick-zone'' but also our beloved HOLO.
  • #5,971
  • Aug 25, 2016 3:05am Aug 25, 2016 3:05am
GBPUSD Yup...maybe coming good, if not now, then later...
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  • #5,972
  • Aug 25, 2016 3:07am Aug 25, 2016 3:07am
GBPCHF Maybe something coming...
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  • #5,973
  • Aug 25, 2016 3:07am Aug 25, 2016 3:07am
Quoting lemercenaire
{quote} There are more Range Traders than Breakout Traders - breakouts bring uncertainty, institutions don't like uncertainty, don't like trading range breakouts. They prefer to trade into the reverse ie, set sell orders to follow the price up out of a break, looking to pull price back down. ''According to most estimates, at least fifty percent of Forex chart breakouts are false breaks or fake outs. '' - ForexOp You can now see from the above statement how it plays to the strengths of not only ''trading into the wick-zone'' but also our beloved...

Yes, understood. Thank you for all the explanations on Daily Return and Follow Cap.

Just one last question for you or Too Slow - What is this Wick zone u guys talk about? Thank you
  • #5,974
  • Aug 25, 2016 3:09am Aug 25, 2016 3:09am
Rule #1
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It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,975
  • Aug 25, 2016 3:09am Aug 25, 2016 3:09am
GBPCAD This looks more promising for today...
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  • #5,976
  • Aug 25, 2016 3:11am Aug 25, 2016 3:11am
USDCHF Also this...
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  • #5,977
  • Aug 25, 2016 3:12am Aug 25, 2016 3:12am
Quoting courier12
{quote} Yes, understood. Thank you for all the explanations on Daily Return and Follow Cap. Just one last question for you or Too Slow - What is this Wick zone u guys talk about? Thank you
Wick zone is a phrase from Another Galaxy. Refers to the wicks on a bar (hi/cl-op and cl/op-lo).
It takes courage to grow up and become who you really are - E.E. Cummings
  • #5,978
  • Aug 25, 2016 3:12am Aug 25, 2016 3:12am
GBPAUD Even better, potentially...
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  • #5,979
  • Aug 25, 2016 3:14am Aug 25, 2016 3:14am
AUDUSD It's cousin, ditto...
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  • #5,980
  • Aug 25, 2016 3:15am Aug 25, 2016 3:15am
GBPJPY Maybe best of all?
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