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Highest Open / Lowest Open Trade

  • #8,241
  • Oct 21, 2016 11:22am Oct 21, 2016 11:22am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,242
  • Oct 21, 2016 11:27am Oct 21, 2016 11:27am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,243
  • Oct 21, 2016 11:30am Oct 21, 2016 11:30am
3 Important Life Skills Nobody Ever Taught You

https://markmanson.net/life-skills
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,244
  • Oct 21, 2016 11:31am Oct 21, 2016 11:31am
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Someone asked earlier this month

DOES THIS WORK?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,245
  • Oct 21, 2016 11:33am Oct 21, 2016 11:33am
Fourth trade BE + 1 again
TooSlow, what do you think, should i give it some more room to breathe before moving SL due to my spread situation?
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#noFomo
  • #8,246
  • Oct 21, 2016 11:34am Oct 21, 2016 11:34am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,247
  • Oct 21, 2016 11:38am Oct 21, 2016 11:38am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,248
  • Oct 21, 2016 11:54am Oct 21, 2016 11:54am
Quoting hrvoje
Fourth trade BE + 1 again TooSlow, what do you think, should i give it some more room to breathe before moving SL due to my spread situation? {image}
Hi.
Not judging, but trading USDCAD with 4 pips spread is just about insane, when there are brokers out there to find total costs between 1-1.5 pips max ( spread+comm). In liquid times cost might even be >1 pips...
An awful lot of money to give away to your broker for the "privilage" to trade with them!!


On another note, great thread TooSlow, a long time reader.
Might just give a go for a 10 trade challenge next week. Possible on EURJPY or USDCAD, any advice what to pick?
there is always, always another trade!!
  • #8,249
  • Oct 21, 2016 11:55am Oct 21, 2016 11:55am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,250
  • Oct 21, 2016 11:57am Oct 21, 2016 11:57am
Quoting profitfarmer
{quote} Hi. Not judging, but trading USDCAD with 4 pips spread is just about insane, when there are brokers out there to find total costs between 1-1.5 pips max ( spread+comm). In liquid times cost might even be >1 pips... An awful lot of money to give away to your broker for the "privilage" to trade with them!! On another note, great thread TooSlow, a long time reader. Might just give a go for a 10 trade challenge next week. Possible on EURJPY or USDCAD, any advice what to pick?
Nice to hear from you, profitfarmer.
Which to pick depends on session.
Asian session is EURJPY.
EURJPY better in London session, too.
Either trades well during NY session.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,251
  • Oct 21, 2016 12:09pm Oct 21, 2016 12:09pm
Quoting profitfarmer
{quote} Hi. Not judging, but trading USDCAD with 4 pips spread is just about insane, when there are brokers out there to find total costs between 1-1.5 pips max ( spread+comm). In liquid times cost might even be >1 pips... An awful lot of money to give away to your broker for the "privilage" to trade with them!! On another note, great thread TooSlow, a long time reader. Might just give a go for a 10 trade challenge next week. Possible on EURJPY or USDCAD, any advice what to pick?
Hey man, thanks for the input. My broker offers low spreads but for the pro accounts. I am not able to open one at the moment, so I have a micro.
If you know any brokers who have mentioned spreads for 100-200 eur deposits, that would be great

not to go off topic, i'd be glad if you can PM me with any suggestions
#noFomo
  • #8,252
  • Oct 21, 2016 12:47pm Oct 21, 2016 12:47pm
Quoting TooSlow
{quote} Nice to hear from you, profitfarmer. Which to pick depends on session. Asian session is EURJPY. EURJPY better in London session, too. Either trades well during NY session.
Thank you!
I feel since there is a counter element in this trading ( fading just seem to be my preference in my usual trading anyhow) i would think due the day's range better established i normally trade London/NY, focusing on the overlapping.
So, lets be it USDCAD then
there is always, always another trade!!
  • #8,253
  • Oct 23, 2016 2:18pm Oct 23, 2016 2:18pm
Who is taking the 10 trade challenge the week of October 23, 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!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,254
  • Oct 23, 2016 2:19pm Oct 23, 2016 2:19pm
Crash: how computers are setting us up for disaster

Thought the "Is there an EA for it?" crowd might enjoy this article.

https://www.theguardian.com/technolo...us-up-disaster
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,255
  • Oct 23, 2016 3:02pm Oct 23, 2016 3:02pm
Beating yourself up


This odd behavior mostly shows up when others are criticizing us, disappointed or angry about something we did. Odd because it's so useless.

In those moments, there are already plenty of other people beating you up. Save yourself the trouble.

The rest of the time, when things are going well, it's foolish to stop and engage in self-criticism. It makes more sense to encourage yourself, to bootstrap your way to even more of a ruckus.

So, the moments left to beat yourself up = zero.

Onward.

- Seth Godin

My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,256
  • Oct 23, 2016 5:56pm Oct 23, 2016 5:56pm
Quoting TooSlow
Crash: how computers are setting us up for disaster Thought the "Is there an EA for it?" crowd might enjoy this article. https://www.theguardian.com/technolo...us-up-disaster
I watched a terrifying documentary on this incident a few years ago. Still sticks with me.
  • #8,257
  • Oct 23, 2016 6:32pm Oct 23, 2016 6:32pm
out too soon but apparently holo will work with tight range and through the DO . . .
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  • #8,258
  • Oct 23, 2016 10:26pm Oct 23, 2016 10:26pm
Hi hrvoje,
I think you are taking the wrong price when moving to B/E+1.
In a SELL trade, I see you are using a SELL STOP orders. (no problem there) As you are aware, the BID price will put you on a SELL trade.
ONCE the trade is ON, forget all about the BID price. ANY profit or TRADE STOP OUT will come from the ASK price.
SO, you cannot move to B/E+1 (or better) until the ASK price hits the 5 pip price.(not the bid price)
SO, even though your broker is ripping you off with such a disgusting spread, you still need to use the ASK price to make the move to B/E+1.
At least you will then have a 4 pip buffer to work with, as opposed to 1 pip.
(Suggestion?? Your situation is different with everyone else, because of your spread situation. You may want to look at getting to B/E+1 a little earlier??Perhaps when the ASK price hits the 3 or 4 pips level instead of 5 pips.?? This suggestion is, of course, something a bit "left of field", but you might like to try it out until you are in a position to find a better broker)
Of course, the situation reverses when you are BUYING. The ASK price will put your BUY STOP trade on. Once it's on, forget about the ASK price. It means nothing to you as far as affecting your STOP LOSS or your profit. In a BUY trade, the BID price will give you the signal when to move to B/E+1 (or better) (NOT the ask price) Hope that helps you. Please let me know if that is not clear.
Cheers
Michael
Quoting hrvoje
{quote} i sell when BID touches the price. i mean i put a stop order and it sells when BID touches it. so first i have a -4 pips gap of course. then when BID is on +5 or more i move the SL, so ASK is about 1 pip from it. am i doing it wrong?
  • #8,259
  • Oct 24, 2016 12:49am Oct 24, 2016 12:49am
Quoting MichaelG
Hi hrvoje, I think you are taking the wrong price when moving to B/E+1. In a SELL trade, I see you are using a SELL STOP orders. (no problem there) As you are aware, the BID price will put you on a SELL trade. ONCE the trade is ON, forget all about the BID price. ANY profit or TRADE STOP OUT will come from the ASK price. SO, you cannot move to B/E+1 (or better) until the ASK price hits the 5 pip price.(not the bid price) SO, even though your broker is ripping you off with such a disgusting spread, you still need to use the ASK price to make the...
Hey Michael,
thanks for the reply! I was thinking of doing something like that, in fact my first trade was traded that way. Then I realized i need almost double the profit to move the first SL :/ And taking in consideration how easily my first SL (on the high or the low) could be taken out I decided not to trade with that broker any more. I feel like I'm losing the edge by doing so and trying to bypass that spread so I'll trade off a demo account with the different broker for the rest of the challange and then possibly switch to live again. I'll keep in mind what you said and move with ASK price on short trades and vice versa, which will be much easier with 0.2 spread
BTW your explanation of the strategy with images helped a lot!
#noFomo
  • #8,260
  • Oct 24, 2016 3:41am Oct 24, 2016 3:41am
CHFJPY Weird pair and a narrow range - but heads up...

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