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Highest Open / Lowest Open Trade

  • #9,681
  • Jan 7, 2017 8:31pm Jan 7, 2017 8:31pm
Quoting frisco
Studying your charts Lum....Not clear on why there are two lines labeled "high" You can read your charts, but I can't. Just read your pst. When you refer to the US open...What time of day-East Coast Time? I ask because I typically am in front of the screen at 6 AM which is 9 Am NY time.To me that is the New York open. (Actually 9:30 AM Eastern)
I wonder if I might be able to clear this "time" issue up a little. Not directed at you Frisco, as you are probably aware of this.(ps Frisco. not sure if you saw my post #9655 with a link to Babypips.com).
We know that the Financial Markets operate on a 24/5 basis. It is widely accepted that the trading Day and Week, officially ends with the Close of business at 5PM New York time.
It doesn't matter if New York is on Daylight Saving time or not. It's still 5PM there, so the Trading Day officially ends then.
A Broker who provides "New York Close" charting platforms will have the last Hourly candle of the Trading day showing on the charts with a start time of 23.00Hrs. ie. The last Hourly candle in the 24 Hour trading day.
SO, the VERY next Hourly candle to open, will be the first candle of the NEW trading day, and will have a START time of 00.00Hrs.
This candle will open with the Market Open in either Christchurch New Zealand...or...Sydney Australia. This is widely accepted as the start of the New 24Hour trading Day.
Where the New day opens really doesn't matter, but it is officially the start of the New Trading Day.

Not sure if that will help anyone. Just thought I would put it down just in case.
Cheers
Michael
  • #9,682
  • Jan 8, 2017 12:05am Jan 8, 2017 12:05am
Thank you Michael, I truly appreciate your time and help. I have been reviewing "Trading is easy as 1-2-3". Another thread by TooSlow. I bookmarked it and will return after I spend more time in this thread. I have Sierra charts and no one has answered my request to hear from someone also using Sierra Charts. Maybe Sierra is not used for Forex. I take it most traders use an MT4 platform.
I missed your earlier post regarding babypips.com. I came across that site years ago. I will look into it. Thank you.

After reading the 1-2-3 thread, Something clicked when TooSlow wrote:

"You want to trade AWAY from the daily high after price makes a new daily high and
trade AWAY from the daily low after price makes a new daily low.
You are ALWAYS trading towards the daily open with this method."

This is appears to be same with HOLO as well. I will leave 1-2-3 presently, and concentrate on HOLO. They feel the same. Once I am well versed in HOLO. I will revisit 1-2-3.
Thank you for help.

I am impressed with this method because I have a suspicion that it will affect my whole view of intraday trading for the better. that is, once I digest the system. It HAS to become an integral part of any trading I do. Maybe HOLO will be the only trading I do. So, I thank TooSlow for being here for many years and being generous with his time and knowledge.
The other thing is that it does not require a chart loaded up with indicators, In this respect, it's appeal is in it's simplicity.
Which brings up a question regarding a topic mentioned twice in this thread; "template & indicator" Any idea what template and indicator are being referred to?
Thanks& Goodnight
CAIO~
  • #9,683
  • Jan 8, 2017 6:05am Jan 8, 2017 6:05am
Quoting TooSlow
{quote} I trade the NY session. By that time, there are 16 one hour candles on my chart. Price usually makes a new daily high and/or new daily low during the NY session. And if price doesn't, usually there still are some HOLO trades to be had. It does not matter what chart period you use. The highest/lowest H1 open stay the same. As a beginning HOLO trader, it is best you stay with the H1 charts until you understand and have mastered the basics. Like Lem says, those BE+1s and 5s add up. 20 * 5 = 100! Obviously, that is more than one HOLO trade a...
As someone who spends time in SE Asia and central time in the US, I really appreciated how well this strategy sets up trades in the US session. -Jason
  • #9,684
  • Edited 6:39am Jan 8, 2017 6:15am | Edited 6:39am
I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION
Well that's one way to make the new guy stand out lol.

I imagine this question might have been asked before because it's a very obvious one but does anyone who uses this method successfully ever use a lower TF candle for the highest or lowest open candle? I'm thinking maybe of an M30 candle if the H1 candle was a big one ignore that bit, it makes no difference.
Indentify > Plan > Accept > Execute
  • #9,685
  • Jan 8, 2017 6:44am Jan 8, 2017 6:44am
Quoting wizlon32
I HAVE READ POST #1 AND THE EXAMPLE LINKS BUT I STILL HAVE A QUESTION Well that's one way to make the new guy stand out lol. I imagine this question might have been asked before because it's a very obvious one but does anyone who uses this method successfully ever use a lower TF candle for the highest or lowest open candle? I'm thinking maybe of an M30 candle if the H1 candle was a big one.
Pippy aka PTG uses M30.
Sometimes I use M15.
But until you have mastered HOLO DO NOT CHANGE ANYTHING!!
This is one area of yourself you must master.
Empty your mind.
Leave the rest behind.
Fill it with HOLO.
HOLO is deceptively simple.
You will most likely want to add something.
RESIST THÀT URGE!!
Failure to do so will result in hindering your progress.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,686
  • Jan 8, 2017 6:48am Jan 8, 2017 6:48am
Quoting TooSlow
{quote} Pippy aka PTG uses M30. Sometimes I use M15. But until you have mastered HOLO DO NOT CHANGE ANYTHING!! This is one area of yourself you must master. Empty your mind. Leave the rest behind. Fill it with HOLO. HOLO is deceptively simple. You will most likely want to add something. RESIST THT URGE!! Failure to do so will result in hindering your progress.
Thanks for your response.
Indentify > Plan > Accept > Execute
  • #9,687
  • Jan 8, 2017 11:05am Jan 8, 2017 11:05am
I started reading the thread in late November. I just finished, reading all 9,687 posts (well maybe skimmed a few). Definitely an educational experience and yes the answers are indeed there, most of them. I especially liked the many articles attached by Too Slow, the focus on developing mind set in trading as opposed to constantly tweaking a method. Now I will apply this to my own trading on the path to success.
  • #9,688
  • Jan 8, 2017 11:13am Jan 8, 2017 11:13am
Quoting hal7
I started reading the thread in late November. I just finished, reading all 9,687 posts (well maybe skimmed a few). Definitely an educational experience and yes the answers are indeed there, most of them. I especially liked the many articles attached by Too Slow, the focus on developing mind set in trading as opposed to constantly tweaking a method. Now I will apply this to my own trading on the path to success.
Did you save a list of links to the posts you found most valuable?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,689
  • Jan 8, 2017 11:52am Jan 8, 2017 11:52am
A day of reading. I was unsubscribed from TooSlow for no apparent reason. Back on board. Good job on reading the whole thread Hal7. I don't know if I can do that, but I will spend as much time as I can to clear up questions. I am also looking at random 1 hour and 15 minute charts side by side. The instructions were to use those two charts and none others until it all made sense. Have a good Sunday all. Glad to be here.
  • #9,690
  • Jan 8, 2017 1:39pm Jan 8, 2017 1:39pm
Quoting TooSlow
{quote} {image} Are you asking if price does: O - 1, O, O + 1, O Do you enter? O - 1, O, O + 1, O + 2, O + 1, O Do you enter? O -LO kevel. 1, O, O + 1, O + 2, O + 3, O + 2, O + 1, O Do you enter? Best to wait for a candle to close above the highest open or below the lowest open before you enter so you can enter with the candle flow as opposed to against it. See Bars 33 and 32 in chart above. Sometimes, the candle may spike and retrace. You enter on the retrace. See Bars 30 and 29. You will have to watch your pair and see how it reacts. Good question!...
The first part of TooSlow's quote makes perfect sense. Waiting for a candle too close below LO. The idea of the candle building momentum, then passing through LO, thus triggering a buy stop sounds logical.
The next instruction has me puzzled.
Candle #32 opens and closes below the LO level. Candle 31 shows a long wick (spike) up through LO level, then closes below the LO level. Is that the spike TooSlow refers to?
The next bar (30) passes through LO and closes above LO. Next bar (29) opens above LO, then moves way down. below previous trigger bar(30), then passes back up through the LO level to close higher than previous bar. A bit of volatility. looks like HOLO bargain hunters saw a trade triggered, then either initiated their position on that down spike or added onto their existing long position. (Knowing of course that their risk was the Low of the Day), I say that because that bar went way down then way up. So, is this the retracement entry that TooSlow speaks of?
My understanding of the instructions is that it is best to just have a buy stop order sitting at the LO level . Once your trade is triggered, put in your StopLoss placed the at the days low (LOD).
If you trade with the buy stop at the LO level, you would have been filled and that is that. You are IN the trade. the only thing for you to do is to be sure your SL is in place at the LOD and then to manage the trade accordingly as the market unfolds. So I am confused when there is mention of entering this trade on bar 29 after retracement. That would make sense, if you missed your initial entry buy stop.

The we see that Candle 28 also spiked down below LO level, only to close up.
I don't know if this trade moved it's stop from LOD to LO +1 pip yet. So this trade could have been stopped out. Which brings up another question: If the trade is stopped out at BE + 1. then would a re-entry (buystop) at the same LO level be valid per TooSlow's instruction?
Anyone fluent in HOLO can respond. I don't want to wear out my welcome with TooSlow. (I hope the chart image uploaded~)
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  • #9,691
  • Jan 8, 2017 2:46pm Jan 8, 2017 2:46pm
Quoting frisco
I think you're "bright"(Lumiere)....So Le became Lu. sorry. Le (The) Mercenaire (mercenary). It's a movie; with never saw it, but I just found it on YouTube. Subtitles~ Found another with Jack Palance, 1968. Also a book. And on yahoo search...YOU come up fifth!
''These few young men
The few who dare
To battle in Hell
Le Mercenaire!''

Warren Zevon - Jungle Work
  • #9,692
  • Jan 8, 2017 2:48pm Jan 8, 2017 2:48pm
Quoting frisco
1975. June. Drought conditions in UK. We landed at Kinloss RAF. I never realized that Findhorn (famous garden) was just outside the base. I was flight crew on a sub hunter P-3. They had similar plane they called....escapes me..but it will come. NIMROD. We were guests for a week. They gave us driver and a Lorrie and kept us from pub to pub for a week. Great folks. But it was a hot & dry year. nimrod-mr2-xv254-kinloss-14-2-10-21.jpg;2130284 {image}
The Nimrod was a phenomenal workhorse of a plane. Only finally retired in 2011 I think. More than 35 years flying service.
  • #9,693
  • Jan 8, 2017 2:50pm Jan 8, 2017 2:50pm
Quoting wizlon32
{quote} I used to live in Mary Hill. Springbank St right off Fir lane (Fir Hil, Partick Thistle). Always a pleasure to meet a fellow Scot!
Ha ha - a Jag! Pleased to meet you - hope you'll stick around. It's all good here.
  • #9,694
  • Jan 8, 2017 2:50pm Jan 8, 2017 2:50pm
Quoting TooSlow
{quote} Did you save a list of links to the posts you found most valuable?
No I didn't Too Slow but there were many. I was not able to read through all of them but I am going to be going back to revisit them to finish. Today I was looking at the one that discussed Bruce Lee's standards and it prompted me to do some research on him. What a life he packed in, such a shame it was cut so short. Imagine what he would have become.
  • #9,695
  • Jan 8, 2017 3:07pm Jan 8, 2017 3:07pm
Quoting frisco
{quote} The first part of TooSlow's quote makes perfect sense. Waiting for a candle too close below LO. The idea of the candle building momentum, then passing through LO, thus triggering a buy stop sounds logical. The next instruction has me puzzled. Candle #32 opens and closes below the LO level. Candle 31 shows a long wick (spike) up through LO level, then closes below the LO level. Is that the spike TooSlow refers to? The next bar (30) passes through LO and closes above LO. Next bar (29) opens above LO, then moves way down. below previous trigger...
A few questions in there - but I'll answer a straight forward one that perhaps doesn't get answered elsewhere, in that yes, if you miss an original entry break of a level, you can go in again, with the caveat that you should be careful of taking too many bites from the same cherry. There will be a reason why price keeps returning to that level and one of those reasons can be that it is about to turn back on itself.

As for the others, well, to be honest what I'm going to say is to repeat again that you are over-thinking this. As TooSlow has said, you have to empty your mind of all that fluff around the edges and just run the method as described. Once you get a chance to begin on live charts on Monday it should become clearer that you don't need all that extra analysis, it's all about the simplicity.

You also mentioned that you had visited 1-2-3. This is HOLO's cousin of a method and you are right, I'd leave that and come back to it later, to avoid confusion.
  • #9,696
  • Jan 8, 2017 3:12pm Jan 8, 2017 3:12pm
Quoting MichaelG
{quote} I wonder if I might be able to clear this "time" issue up a little. Not directed at you Frisco, as you are probably aware of this.(ps Frisco. not sure if you saw my post #9655 with a link to Babypips.com). We know that the Financial Markets operate on a 24/5 basis. It is widely accepted that the trading Day and Week, officially ends with the Close of business at 5PM New York time. It doesn't matter if New York is on Daylight Saving time or not. It's still 5PM there, so the Trading Day officially ends then. A Broker who provides "New York...

Michael G that is as clear as a cloudless sky.
  • #9,697
  • Jan 8, 2017 3:21pm Jan 8, 2017 3:21pm
Quoting MichaelG
{quote} I wonder if I might be able to clear this "time" issue up a little. Not directed at you Frisco, as you are probably aware of this.(ps Frisco. not sure if you saw my post #9655 with a link to Babypips.com). We know that the Financial Markets operate on a 24/5 basis. It is widely accepted that the trading Day and Week, officially ends with the Close of business at 5PM New York time. It doesn't matter if New York is on Daylight Saving time or not. It's still 5PM there, so the Trading Day officially ends then. A Broker who provides "New York...
Best break down of this question I've read so far, cheers, MG.
  • #9,698
  • Jan 8, 2017 3:36pm Jan 8, 2017 3:36pm
Quoting TooSlow
Who is taking the 10 trade challenge the week of JANUARY 8, 2017? 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!
I'm in... will be doing the EU.
  • #9,699
  • Jan 8, 2017 3:54pm Jan 8, 2017 3:54pm
Quoting TooSlow
{image} We watched GBPUSD make a new daily high last hour. Those who shorted the highest open and held were rewarded with over 20 pips profit.
Going way back to this chart. Is the rewarding trade taking place on bar 0? Also D1(0) high (todays high) is higher than D1(1) High (yesterdays high), Meaning this pair broke to a new high. CORRECT? and the trade on ar 0 is a sell at the most recent Open High (1.45192)
Still don't know what the conversion to pips is. Did a search came up with calculators which ask ME for variables for their calculator which I cannot supply. I will check out babypips as per Michael G's recommendation.

I just want to be clear where this profitable 20 pip trade took place. And am I right identifying it as a sell? or was there a winning buy trade?
Two pending questions....I will stay logged on, meanwhile I am going over to babypips.com to get an answer to my conversion question. be back soon.
Attached Image (click to enlarge)
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  • #9,700
  • Jan 8, 2017 4:07pm Jan 8, 2017 4:07pm
Quoting lemercenaire
{quote} ''These few young men The few who dare To battle in Hell Le Mercenaire!'' Warren Zevon - Jungle Work
Love Warren. Great lyrics!
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