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Highest Open / Lowest Open Trade

  • #8,381
  • Oct 26, 2016 9:59am Oct 26, 2016 9:59am
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On M5 you do not see the same wicks as on H1.
What are the wicks telling you?
Dance with the market.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,382
  • Oct 26, 2016 10:03am Oct 26, 2016 10:03am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,383
  • Oct 26, 2016 11:48am Oct 26, 2016 11:48am
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Dance with THE BEAST?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,384
  • Oct 26, 2016 12:01pm Oct 26, 2016 12:01pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,385
  • Oct 26, 2016 12:17pm Oct 26, 2016 12:17pm
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Just another HOLO.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,386
  • Oct 26, 2016 12:29pm Oct 26, 2016 12:29pm
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It is easy to talk yourself out of a HOLO entry.
Many reasons.
Resist that urge.
HOLO is simple.
Do not let that fool you.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,387
  • Oct 26, 2016 12:31pm Oct 26, 2016 12:31pm
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Freight trains are easier to see on H4.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,388
  • Oct 26, 2016 12:44pm Oct 26, 2016 12:44pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,389
  • Oct 26, 2016 12:46pm Oct 26, 2016 12:46pm
Quoting TooSlow
{image} {image}
Example of train?
  • #8,390
  • Oct 26, 2016 12:53pm Oct 26, 2016 12:53pm
Quoting wannalearn12
{quote} Example of train?
Yes.
A couple of traders posted losses today.
They were in front of freight trains.
Too anxious.
Have to let the train run out of steam.
Using H1 charts is one way of applying Rule #0.
Very few HOLO trades are missed when you use H1.
And if a trade is missed then apply Rule #5.
I must sound like Gibbs on NCIS.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,391
  • Oct 26, 2016 1:17pm Oct 26, 2016 1:17pm
Quoting TooSlow
{quote} Yes. A couple of traders posted losses today. They were in front of freight trains. Too anxious. Have to let the train run out of steam. Using H1 charts is one way of applying Rule #0. Very few HOLO trades are missed when you use H1. And if a trade is missed then apply Rule #5. I must sound like Gibbs on NCIS. https://youtu.be/EQ_UjbFk5Yg
Lol - the difference is, only Gibbs knows what all his rules are!
  • #8,392
  • Oct 26, 2016 1:34pm Oct 26, 2016 1:34pm
Quoting TooSlow
{quote} Yes. A couple of traders posted losses today. They were in front of freight trains. Too anxious. Have to let the train run out of steam. Using H1 charts is one way of applying Rule #0. Very few HOLO trades are missed when you use H1. And if a trade is missed then apply Rule #5. I must sound like Gibbs on NCIS. https://youtu.be/EQ_UjbFk5Yg
I feel this a little confusing, and maybe I am not alone.
Arent we all using H1 charts?
And M5 or M15 for confirmation?
Was it just in post#8386 where you wrote this:
"It is easy to talk yourself out of a HOLO entry.
Many reasons.
Resist that urge.
HOLO is simple.
Do not let that fool you."
So, maybe if possible a little clarification? is the H4 candle has an integrated part, a way to talk ourselves out from the trade/confirm entry to one; or it is not necessary or critical part for effective entry?

again, sorry for the questions, but isn't this the socratic ways?
there is always, always another trade!!
  • #8,393
  • Oct 26, 2016 2:08pm Oct 26, 2016 2:08pm
Quoting profitfarmer
{quote} I feel this a little confusing, and maybe I am not alone. Arent we all using H1 charts? And M5 or M15 for confirmation? Was it just in post#8386 where you wrote this: "It is easy to talk yourself out of a HOLO entry. Many reasons. Resist that urge. HOLO is simple. Do not let that fool you." So, maybe if possible a little clarification? is the H4 candle has an integrated part, a way to talk ourselves out from the trade/confirm entry to one; or it is not necessary or critical part for effective entry? again, sorry for the questions, but isn't...

Sorry but = not sorry because

H1 charts etc. are as per post #1.
I use M30 charts, few examples earlier in the thread. That's a matter of preference really. sometimes it is advantageous, other times it isn't.
Other examples are using M1 opens in the HOLO zone.

The way forward is to use the rules, but be flexible based on what you've learned along the way. Mr. Lee has a saying about that
It takes courage to grow up and become who you really are - E.E. Cummings
  • #8,394
  • Oct 26, 2016 2:25pm Oct 26, 2016 2:25pm
Quoting profitfarmer
{quote} I feel this a little confusing, and maybe I am not alone. Arent we all using H1 charts? And M5 or M15 for confirmation? Was it just in post#8386 where you wrote this: "It is easy to talk yourself out of a HOLO entry. Many reasons. Resist that urge. HOLO is simple. Do not let that fool you." So, maybe if possible a little clarification? is the H4 candle has an integrated part, a way to talk ourselves out from the trade/confirm entry to one; or it is not necessary or critical part for effective entry? again, sorry for the questions, but isn't...
Please feel free to ask questions.
This is a friendly thread.
It is through questions and answers that knowledge accumulates.

What is a chart?
A collection of data points.
At any point in time, price is the same on all charts.

How much data do you want to look at?
Screens are only so big.
How big would a screen have to be to look at 1-tick data for the day? Week? Month? Year???

Candles and bars are nothing but a compression of 1-tick charts.
Open, high, low, close for the chart period are plotted.
That is how the candles and bars are formed.
Are you with me so far?

When you take a photo with a camera, you can zoom in or zoom out.
What do you see when you zoom in?
Is something left out of the shot?
What do you see when you zoom out?
Are there details missing?

M1( 1 minute) is zoomed all the way in.
MN1 (monthly) is zoomed all the way out.
Before entering a trade for a pair for the first time, I will look at D1 and maybe W1.
Wouldn't you want to know where price is in the big picture?
Then a look at H4 and H1 gives me more detail.
M15 and M5 allow me to pin point entry.
M1 is for exiting.

Is all of that necessary?
NO.

If it is not necessary then is it wasted effort?
NO.

The extra effort allows me to apply RULE #0 - USE COMMON SENSE so I don't enter in front of a freight train.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,395
  • Oct 26, 2016 2:28pm Oct 26, 2016 2:28pm
Sorry but = not sorry because

you got it!
of course not sorry really! thought this is a place to ask questions.
however the question wasn't referring toward the lower timeframe conformation...it was really asking about the function of the higher one.
yes, you can guess it correct, and I had been reading the first post!
yet no reference there beyond anything higher than the H1 timeframe.
maybe in time it will be, in the meantime I have to ask.
there is always, always another trade!!
  • #8,396
  • Oct 26, 2016 2:30pm Oct 26, 2016 2:30pm
Just happened to notice we are up to page 420!

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,397
  • Oct 26, 2016 2:31pm Oct 26, 2016 2:31pm
Quoting profitfarmer
Sorry but = not sorry because you got it! of course not sorry really! thought this is a place to ask questions. however the question wasn't referring toward the lower timeframe conformation...it was really asking about the function of the higher one. yes, you can guess it correct, and I had been reading the first post! yet no reference there beyond anything higher than the H1 timeframe. maybe in time it will be, in the meantime I have to ask.
Somewhere along the lines I discussed the H4 chart period and candle color.
In a nutshell, be careful buying during red H4 and selling during green H4.
Ditto for H1.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,398
  • Oct 26, 2016 2:38pm Oct 26, 2016 2:38pm
TooSlow,
thx for explanation.
in simple words, we should look at the big picture first.
my concern there that it results in turn in some bias, and than in turn it takes away some of the simplicity from HOLO. because big pictures tend to be subjective.
and such makes me hesitate not to mechanically take HOLO as per basic rules.
and that goes counter-intuitive with what you wrote:
"It is easy to talk yourself out of a HOLO entry.
Many reasons.
Resist that urge."

On another note,
Halfway thru with the challenge.
Unfortunate the SL ate up the other wins, so at halftime 4 wins, 1 loss...at even. give or take a pipette or 2.
Looking forward for the 2nd half.
Thanks for challenging us.
Sticking one pair is not easy, but necessary to get the entries right.
Is there any rule for a second 10 trade challenge after first completed? maybe allowed 2 pairs?

Thanks again for your helpful teaching guys!
there is always, always another trade!!
  • #8,399
  • Oct 26, 2016 2:40pm Oct 26, 2016 2:40pm
Quoting TooSlow
{quote} Somewhere along the lines I discussed the H4 chart period and candle color. In a nutshell, be careful buying during red H4 and selling during green H4. Ditto for H1.
a clear answer.
thank you!
there is always, always another trade!!
  • #8,400
  • Oct 26, 2016 2:48pm Oct 26, 2016 2:48pm
Quoting profitfarmer
TooSlow, thx for explanation. in simple words, we should look at the big picture first. my concern there that it results in turn in some bias, and than in turn it takes away some of the simplicity from HOLO. because big pictures tend to be subjective. and such makes me hesitate not to mechanically take HOLO as per basic rules. and that goes counter-intuitive with what you wrote: "It is easy to talk yourself out of a HOLO entry. Many reasons. Resist that urge." On another note, Halfway thru with the challenge. Unfortunate the SL ate up the other...
Talking yourself out of a trade is the result of thinking and analyzing.
Using common sense to avoid oncoming freight trains is a result of observation.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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