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Highest Open / Lowest Open Trade

  • #8,101
  • Oct 19, 2016 10:11am Oct 19, 2016 10:11am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,102
  • Oct 19, 2016 10:13am Oct 19, 2016 10:13am
Quoting dominus
Hey, So I thought about entering on this trade, when it the 15M bar opened between Lower open and Low, but fortunately I didn't, because it didn't go up, but it went straight down making a new low. Any comments on this? Was it not a good trade because the price had recently opened in this area, went up and then again down, but this time it simply didn't go back up? And the 1H was too bearish as well? Thanks for the insight. {image}
Entry is at the line.
Not when candle opens below the line.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,103
  • Oct 19, 2016 10:18am Oct 19, 2016 10:18am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,104
  • Oct 19, 2016 10:21am Oct 19, 2016 10:21am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,105
  • Oct 19, 2016 10:22am Oct 19, 2016 10:22am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,106
  • Oct 19, 2016 10:30am Oct 19, 2016 10:30am
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Didn't someone ask if this works?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,107
  • Oct 19, 2016 10:32am Oct 19, 2016 10:32am
Quoting ikdenk
{quote} Thanks. I suppose you only use it on pairs with big spread. Took 'revenge' on chfjpy. Stopped out twice at BE+1. Now closed at +5 pips. Did that the whole of last week, taking five pips, scalping like - made more money that way than BE+1 multiple times. Depends on the price action at the time I suppose. One thing is for sure, there is almost always volatility at the hourly opens. Maybe a quick 5 pip scalp with TP set could be an option. (4 invisibles watching at the moment - 50% of...
Master the core method and mould it to your own personality. Use what works for you. I know a number of us who use this +5 lock-in technique. Some all the time, some only at daily open. Some on certain pairs, not on others.
  • #8,108
  • Oct 19, 2016 10:48am Oct 19, 2016 10:48am
Yes, I know that. But you can see that the candle opened below the line, crossed it (triggered the trade) and then went straight down.
Quoting TooSlow
{quote} Entry is at the line. Not when candle opens below the line.
  • #8,109
  • Oct 19, 2016 10:51am Oct 19, 2016 10:51am
Quoting dominus
Yes, I know that. But you can see that the candle opened below the line, crossed it (triggered the trade) and then went straight down. {quote}
Because I would have placed a pending order which would have been triggered by the ask line (actually you can not see that from the graph).
  • #8,110
  • Oct 19, 2016 11:03am Oct 19, 2016 11:03am
Quoting TooSlow
{image} {image} Didn't someone ask if this works?

Still testing this system. Just a bit confused. On your USDCAD M5 chart you show a great trade but there is a H1 Low Breakout. Wouldn't taking this order be against the rules?

No entry on H1, M15 or M5 breakouts

Thanks!
  • #8,111
  • Oct 19, 2016 11:33am Oct 19, 2016 11:33am
Quoting dbdan
{quote} Still testing this system. Just a bit confused. On your USDCAD M5 chart you show a great trade but there is a H1 Low Breakout. Wouldn't taking this order be against the rules? No entry on H1, M15 or M5 breakouts Thanks!
Yes.
It is against the rules.
Remember rules are guidelines.
Reading through the thread you will find a discussion regarding bending the rules.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,112
  • Oct 19, 2016 11:34am Oct 19, 2016 11:34am
Quoting dbdan
{quote} Still testing this system. Just a bit confused. On your USDCAD M5 chart you show a great trade but there is a H1 Low Breakout. Wouldn't taking this order be against the rules? No entry on H1, M15 or M5 breakouts Thanks!
There is no test.
You must take the 10 TRADE CHALLENGE.
That is the only path to mastery of this method.
To learn trading you must trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,113
  • Oct 19, 2016 12:44pm Oct 19, 2016 12:44pm
Quoting TooSlow
{image} {image} Didn't someone ask if this works?
Is this what you call a 1-2-thweeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!!!!?

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  • #8,114
  • Oct 19, 2016 2:23pm Oct 19, 2016 2:23pm
Took a loss early on. Missed the winner... some days are just bad.
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  • #8,115
  • Oct 19, 2016 3:23pm Oct 19, 2016 3:23pm
my next project...
big money makes big moves and then hides during small money chasing.
  • #8,116
  • Oct 19, 2016 5:26pm Oct 19, 2016 5:26pm
Quoting wannalearn12
Took a loss early on. Missed the winner... some days are just bad. {image}
Yeah, I ate the loss early on as well. I did get the later winner though but only through the sheer luck of still having the chart up from the first, losing trade. Sometimes you're the ball, sometimes you're the foot.

Onward and upwards, it's the only way! You know that. Believe...
  • #8,117
  • Oct 19, 2016 5:45pm Oct 19, 2016 5:45pm
Quoting dominus
Hey, So I thought about entering on this trade, when it the 15M bar opened between Lower open and Low, but fortunately I didn't, because it didn't go up, but it went straight down making a new low. Any comments on this? Was it not a good trade because the price had recently opened in this area, went up and then again down, but this time it simply didn't go back up? And the 1H was too bearish as well? Thanks for the insight. {image}
Hi Dominus. Sorry it's a bit of a delayed reply - busy day just beginning to calm down! I went back and had a look at your trade and no, I would say you didn't do anything wrong - it was just a busted play. Everything does look ok, it just didn't work. It does happen.

I thought about why I didn't take it and tbh I had already taken a win on the pair earlier in the day and had moved on to my US Open set-ups when this HOLO set-up presented itself. If I had seen the same picture, who knows?

Looking deeper, you had the pivots there, so could have expected a possible bounce. You were below the open, however, so that's a negative. You could say that as far as price-action went, you had a row of alternating candles with long wicks leading up to this point, so showing a certain indecision.

If it's any consolation, you probably got it right, just too early. The long did happen, it just happened a bit later on.
  • #8,118
  • Oct 19, 2016 8:45pm Oct 19, 2016 8:45pm
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  • #8,119
  • Oct 19, 2016 8:59pm Oct 19, 2016 8:59pm
EJ hit SL, even though I've said in my mind, It might be a loss one, this, duh...
  • #8,120
  • Oct 19, 2016 9:50pm Oct 19, 2016 9:50pm
manual close 10 pips.

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No analysis. Just some common sense applied.
Simplicity is the key to brilliance
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