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Highest Open / Lowest Open Trade

  • #7,921
  • Oct 15, 2016 7:27am Oct 15, 2016 7:27am
Quoting TooSlow
Who is taking the 10 trade challenge the week of October 16, 2016? During the challenge you are only to trade the same pair. Beginners do not get to trade multiple pairs until they have mastered trading one single pair. GREEN PIPS TO ALL. Cheers!
Good luck all. See you here next week. Onwards and upwards!
  • #7,922
  • Oct 15, 2016 8:59am Oct 15, 2016 8:59am
Quoting bapakjason
I've been following along several days now. I appreciate what I'm learning here. TooSlow, appreciate also the psychological side of your input. Good stuff and thanks for investing in others.
Welcome to the thread, bapakjason.
The psychological side is the most important part.
Anyone can click and enter/exit a trade.
Is that considered "trading"?
Or is there more to it?
When your mind isn't in the game, you are cannon fodder.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,923
  • Oct 15, 2016 9:00am Oct 15, 2016 9:00am
Quoting Rocket101
{quote} Jip - I am in. Why? Because I thought I had it in the bag... I do not! Reality check... MY NOT TO DO list. DO NOT let the emotional high of one day success influence you. Trading is not the place to make mistakes and walk away with "I am sorry" A mistake in trading will cost you dearly. DO NOT increase the amount you are trading with after some success. This is not a quick rich scheme! Do not trade live until you have at least 21 days of successful 10 trades under the belt. By successful trades, I do not mean green pips - I mean well executed...
Thank you for your post, Rocket101.
Perhaps someone will learn from your experience.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,924
  • Oct 15, 2016 9:39am Oct 15, 2016 9:39am
There was an error in the new code.
Resolved.
Attached File(s)
File Type: mq4 smHiLoOpen Lines_v1.2.mq4   38 KB | 611 downloads
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,925
  • Edited 12:51pm Oct 15, 2016 11:02am | Edited 12:51pm
HOLO TRADE SELECTION

Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow2.png Size: 48 KB


It is frustrating to follow the rules only to lose.
We know they say we can't win them all.
We expect losses.
We just do NOT like to lose.

Candle #10 is indicative of a frustrating HOLO trade.
The setup was text book but the result was a loss.
Is there a way to know in advance to not take this trade?
Of course not.
Or is there at least a clue or hint?

Check out candles #11, 12 and 13.
Higher highs.
Candle 13 made a higher high and pulled back.
Candle 12 made a higher high and pulled back.
Candle 11 made a higher high and pulled back.
Looks and sounds like an uptrend.
Candle #10 failed to make a higher high.
Was price done going up?
HINDSIGHT says "NO".

What about foresight?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,926
  • Oct 15, 2016 11:03am Oct 15, 2016 11:03am
Attached Image (click to enlarge)
Click to Enlarge Name: TooSlow.png Size: 59 KB


Does looking at M15 give you a hint?
Would you have entered near the beginning of the hour?
Or towards the end of the hour?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,927
  • Oct 15, 2016 12:21pm Oct 15, 2016 12:21pm
Quoting TooSlow
HOLO TRADE SELECTION {image} It is frustrating to follow the rules only to lose. We know they say we can't win them all. We expect losses. We just do like to lose. Candle #10 is indicative of a frustrating HOLO trade. The setup was text book but the result was a loss. Is there a way to know in advance to not take this trade? Of course not. Or is there at least a clue or hint? Check out candles #11, 12 and 13. Higher highs. Candle 13 made a higher high and pulled back. Candle 12 made a higher high and pulled back. Candle 11 made a higher high and...
Could have waited for MR3 level for the reversal. I would have taken a loss but won later.
  • #7,928
  • Oct 15, 2016 12:27pm Oct 15, 2016 12:27pm
Quoting wannalearn12
{quote} Could have waited for MR3 level for the reversal. I would have taken a loss but won later.
Patience is always the key. Going wandering off in a huff because you took a hit will only lead to you disappearing up your own backside.

A perfect example to illustrate your comment was that CHFJPY trade yesterday. Early small loss - big win later.
  • #7,929
  • Oct 15, 2016 6:41pm Oct 15, 2016 6:41pm
After Carney's foot-stomping, be aware of possible repercussions on Monday for Cable.
  • #7,930
  • Oct 16, 2016 12:39am Oct 16, 2016 12:39am
Quoting TooSlow
HOLO TRADE SELECTION {image} It is frustrating to follow the rules only to lose. We know they say we can't win them all. We expect losses. We just do NOT like to lose. Candle #10 is indicative of a frustrating HOLO trade. The setup was text book but the result was a loss. Is there a way to know in advance to not take this trade? Of course not. Or is there at least a clue or hint? Check out candles #11, 12 and 13. Higher highs. Candle 13 made a higher high and pulled back. Candle 12 made a higher high and pulled back. Candle 11 made a higher high...
Hi TS
Often good systems get abandoned by followers when they experience few losses.This is because lot of new traders don't understand the concept of probability.
Casino knows that over 1000 bets they have about 3% edge and that's enough to generate millions in profit.
If you take your system trades like 100 if not enough trades say 50trades and calculate what % you hit winners and losses then you know your sample size edge.
Rest is managing the losers short and piling on winning trades.
Sound simple but people are fickle they keep jumping from one system to another without understanding what probability is.Until you do you will be in rotating metal rat carousel spinning the wheels and going nowhere.
cheers
To understand how professionals looks at trading vs typical retail trader please watch Mark Douglas videos. Video 3 specially is gold mine when he talks about how price moves.
Trading in the Zone live workshop (4 videos)

Video 1 -
Inserted Video

Video 2 -
Inserted Video

Video 2 -
Inserted Video

Video 2 -
Inserted Video
In trading, you have to be defensive and aggressive at the same time
  • #7,931
  • Oct 16, 2016 12:49am Oct 16, 2016 12:49am
Can someone plz guide me are we looking to use this method after yesterday high or low has been broken or we just look for current day high or low?
  • #7,932
  • Oct 16, 2016 3:57am Oct 16, 2016 3:57am
Quoting sabar786
Can someone plz guide me are we looking to use this method after yesterday high or low has been broken or we just look for current day high or low?
You know what you're going to be told here, right? You're lucky PtG is on holiday...

Read Post #1

It's the weekend - what else is there to do? Go read it again, your answer is in there. No spoon-feeding here.
  • #7,933
  • Oct 16, 2016 8:26am Oct 16, 2016 8:26am
Quoting sabar786
Can someone plz guide me are we looking to use this method after yesterday high or low has been broken or we just look for current day high or low?
Welcome to the thread sabar786.
No.
When yesterday's high or low have been broken, we wait and exercise caution.
Now, please read Post #1.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,934
  • Oct 16, 2016 8:27am Oct 16, 2016 8:27am
Quoting Davit
{quote} To understand how professionals looks at trading vs typical retail trader please watch Mark Douglas videos. Video 3 specially is gold mine when he talks about how price moves. Trading in the Zone live workshop (4 videos) Video 1 - https://youtu.be/rB7eUklQK3A Video 2 - https://youtu.be/BkHNFMO7VA4 Video 2 - https://youtu.be/zp8Pcf9N13s Video 2 - https://youtu.be/M2jPo9EBcMk
Thank you for sharing these, Davit.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,935
  • Oct 16, 2016 9:19am Oct 16, 2016 9:19am
Quoting lemercenaire
After Carney's foot-stomping, be aware of possible repercussions on Monday for Cable.
Fun and profit.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,936
  • Oct 16, 2016 9:38am Oct 16, 2016 9:38am
I was called "argumentative" because I expressed an opposing view on another thread.
Isn't trading argumentative?
Aren't all traders argumentative?
Buyers and sellers are in disagreement.
Buyers profit when price goes up.
Short sellers profit when price goes down.
One wins.
The other loses.

There are facts.
There are opinions.
Some have the ability to know the difference.
Some do not.
Some refuse to acknowledge the facts.
Some choose to remain delusional.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,937
  • Oct 16, 2016 10:58am Oct 16, 2016 10:58am
I am being ignored by other red diamonds.
Doing so makes their threads a free speech zone.
Which is a double speak.
They do not want others to hear opposing views.
They must be afraid of what I have to say regarding price and trading.

https://en.wikipedia.org/wiki/Free_speech_zone
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7,938
  • Oct 16, 2016 12:55pm Oct 16, 2016 12:55pm
I'm in with EURUSD pair. See you all on Monday!

Quoting TooSlow
Who is taking the 10 trade challenge the week of October 16, 2016? During the challenge you are only to trade the same pair. Beginners do not get to trade multiple pairs until they have mastered trading one single pair. GREEN PIPS TO ALL. Cheers!
  • #7,939
  • Oct 16, 2016 12:55pm Oct 16, 2016 12:55pm
Quoting TooSlow
I was called "argumentative" because I expressed an opposing view on another thread. Isn't trading argumentative? Aren't all traders argumentative? Buyers and sellers are in disagreement. Buyers profit when price goes up. Short sellers profit when price goes down. One wins. The other loses. There are facts. There are opinions. Some have the ability to know the difference. Some do not. Some refuse to acknowledge the facts. Some choose to remain delusional. {image}
the best part was YOUR
  • #7,940
  • Oct 16, 2016 1:15pm Oct 16, 2016 1:15pm
Quoting dominus
I'm in with EURUSD pair. See you all on Monday! {quote}
Good stuff, dominus. Look forward to seeing your results!
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