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Highest Open / Lowest Open Trade

  • #6,361
  • Sep 13, 2016 11:50am Sep 13, 2016 11:50am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #6,362
  • Sep 13, 2016 11:51am Sep 13, 2016 11:51am
Quoting TooSlow
{quote} Post your losing trades. Learn more from losers than winners. Cheers
I think the trick is being picky when there is enough experience?
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  • #6,363
  • Sep 13, 2016 11:58am Sep 13, 2016 11:58am
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  • #6,364
  • Sep 13, 2016 12:10pm Sep 13, 2016 12:10pm
Quoting doerpn
{quote} I think the trick is being picky when there is enough experience? {image}
Up 2 or 3 pips.
Then up 1 or 2 pips.
Then up 1 or BE.
Then BE or BE-1.
Dancing with the market.
The market always leads.
Can't you hear the music?

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #6,365
  • Sep 13, 2016 12:21pm Sep 13, 2016 12:21pm
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  • #6,366
  • Sep 13, 2016 12:22pm Sep 13, 2016 12:22pm
Quoting TooSlow
{quote} Up 2 or 3 pips. Then up 1 or 2 pips. Then up 1 or BE. Then BE or BE-1. Dancing with the market. The market always leads. Can't you hear the music? {image}
Ok, i think i got you.....not strictly follow the MM rule....if win is less than 5 pips but price comes back, safe it by BE+1.
The problem is: this way it will be very seldom to get 5+x pips win in 1 trade, right?
(My trading time is 1 h before London close up to nearly NY close).
Its the same with the 10 pip/5 pip rule....stopped out too early, nearly never reaching target....
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  • #6,367
  • Sep 13, 2016 1:28pm Sep 13, 2016 1:28pm
Hi, I'm new in this thread and I'm trying to learn this system. Thanks so much TooSloow
  • #6,368
  • Sep 13, 2016 1:55pm Sep 13, 2016 1:55pm
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  • #6,369
  • Sep 13, 2016 1:55pm Sep 13, 2016 1:55pm
Quoting frog47
Hi, I'm new in this thread and I'm trying to learn this system. Thanks so much TooSloow
Welcome frog47.
Read post #1.
Take the 10 trade challenge.
Green pips to you.
Cheers
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #6,370
  • Sep 13, 2016 2:04pm Sep 13, 2016 2:04pm
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  • #6,371
  • Sep 13, 2016 2:46pm Sep 13, 2016 2:46pm
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  • #6,372
  • Sep 13, 2016 2:47pm Sep 13, 2016 2:47pm
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  • #6,373
  • Sep 13, 2016 3:07pm Sep 13, 2016 3:07pm
Quoting TooSlow
{image}
Nice catch on that. I had it on my 1-2-3 watch but tbh I had begun to lose the will by that point in the day. At least one of us got something today
  • #6,374
  • Sep 13, 2016 3:10pm Sep 13, 2016 3:10pm
Quoting lemercenaire
{quote} Nice catch on that. I had it on my 1-2-3 watch but tbh I had begun to lose the will by that point in the day. At least one of us got something today
Been fighting all day.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #6,375
  • Sep 13, 2016 3:15pm Sep 13, 2016 3:15pm
Quoting doerpn
{quote} Ok, i think i got you.....not strictly follow the MM rule....if win is less than 5 pips but price comes back, safe it by BE+1. The problem is: this way it will be very seldom to get 5+x pips win in 1 trade, right? (My trading time is 1 h before London close up to nearly NY close). Its the same with the 10 pip/5 pip rule....stopped out too early, nearly never reaching target.... {image}
Oh man - quite possibly the worst possible time to find yourself able to trade - so quiet.

I posted before about not thinking about all the +30's you ''lost'' but taking pride in all the +1 / +5's you ''get''. That way you are a ''winner of 5 pips'', not a ''loser of +30''. Build on that positive attitude and bin the negativity.
  • #6,376
  • Sep 13, 2016 3:32pm Sep 13, 2016 3:32pm
Quoting lemercenaire
{quote} Oh man - quite possibly the worst possible time to find yourself able to trade - so quiet. I posted before about not thinking about all the +30's you ''lost'' but taking pride in all the +1 / +5's you ''get''. That way you are a ''winner of 5 pips'', not a ''loser of +30''. Build on that positive attitude and bin the negativity.
That is when I trade.
Last hour or so of London and most of NY.
Not quiet at all.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #6,377
  • Sep 13, 2016 3:57pm Sep 13, 2016 3:57pm
Quoting doerpn
{quote} Thanks for your thoughts. Yes you are right, there are so many things to concider beneth the rules. Not blindly stepping in will avoid a lot of losses.... And in my opinion there should also be signs (candles) showing some exhaustion and strong M5 candle towards our entry point when beeing in the "waiting zone". I had too many losses taking every HOLO during the last days (also when there was no news event) to not thinking of some other signs of safer entrys.
You're welcome. It's a fine line. There will always be days when it just isn't going to happen. All the rules are right, you call it on the money. You stop out. For me, I have come from high-TF trading. I always thought noise was my neighbour's dog barking. It took me a while to feel comfortable down here at the sharp end. What gave me comfort and got me through, was my having complete faith in the method.

I said be aware of outside influences but don't base your actual trade decisions at that moment on those influences. Does that make sense? When you are actually pulling that trigger, you should be thinking of nothing else but that all your rules-boxes are ticked. If they are and you set the trade in motion, then that's all that matters. The market will do what the market will do.

Yesterday it was the USD and the Fed rumblings, today the GBP was the one taking the heat. It doesn't matter the reason why, simply that you come to recognise the behaviour of whatever pair you are following is outside its particular norm...that something isn't right. ​This doesn't stop me trading. Doesn't stop me trusting the method. It just reminds me to be cautious, careful. Get those stops locked in tight and get ready to lock in some pips quick-time. This is where your reading of the candles and price behaviour help - you can see something has stalled and is now coming back at you fast. ​This is the time to recognise that you may as well take that +3 on the table 'coz it's as good as it's going to get. You've still followed all the rules, now it's time to make the method your own in a way that works for you.

As for signs. PtG and I have looked at the possibility of a weighted entry on the 1-2-3 trades, for instance. It seems to have some merit - ​some - and certainly kept me away from danger in the multiple breakout moves today and would have got me in on the couple that finally worked out if I had had the stamina to keep on top of them all to the bitter end. It's far from official and nowhere near being infallible. Whether HOLO has a similar trigger or key to a strong or weak entry is debatable and to be honest, other than perhaps being aware of the ADR and where the new H/L is in relation to that, or where yesterday's H/L are, then I feel it is as well not to overthink it and just tick those boxes and go.

Keep up the good work and glad to have you along for the ride.
  • #6,378
  • Sep 13, 2016 4:00pm Sep 13, 2016 4:00pm
Quoting TooSlow
{quote} That is when I trade. Last hour or so of London and most of NY. Not quiet at all.
No? I find that I do next to nothing at that time. Having said that, I am often in-and-out before the US Open.
  • #6,379
  • Sep 13, 2016 5:19pm Sep 13, 2016 5:19pm
Quoting doerpn
{quote} Thanks for your thoughts. Yes you are right, there are so many things to concider beneth the rules. Not blindly stepping in will avoid a lot of losses.... And in my opinion there should also be signs (candles) showing some exhaustion and strong M5 candle towards our entry point when beeing in the "waiting zone". I had too many losses taking every HOLO during the last days (also when there was no news event) to not thinking of some other signs of safer entrys.
You will need to quantify "too many losses": compared to what ? Why would it be "too many" ?

Consider the fact that the win/loss order of trades are randomly distributed. You will only be able to draw some statistical conclusions after you have executed "enough" trades to be statistically significant. That would be more than 50 at the very minimum. Below that, you may be looking at a streak of losers of -say- 10 out of 10 and that still is meaningless. You need to continue to do exactly what you did and keep records so that you can evaluate after you have done "enough" trades.

The risk of not doing so, is that one is starting to search for reasons why it may not work. That's the psychological effect of not recognising that this is a numbers game. Consequently, the grey matter starts to think about solutions for a problem that may not even exist because there is no material to draw valid conclusions upon.

Assuming you haven't got enough trades (less than 50), the way forward is to continue doing what you're doing until you have. Use small lot sizes and concentrate on the execution whilst recording any errors made in the excution of the process. Small lot sizes because you need to live through the execution of a system in order to get the statistical data you need to draw conclusions w.r.t. improvements.

As for "safe": the only safety we have, is the method we use (with a positive expectancy) and the flawless execution of that method. The only "safe" entries are entries according to that plan, because this trade and perhaps the next X trades may fail but statistically the method will make money over a large amount of trades.

In case you're not familiar with Mark Douglas, have a look at him. Trading in the Zone. I think there are videos on the interweb.

Hope this helps !
It takes courage to grow up and become who you really are - E.E. Cummings
  • #6,380
  • Sep 13, 2016 5:35pm Sep 13, 2016 5:35pm
Dollar Reserve Currency Confusion Or just snake oil salesmen

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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