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Highest Open / Lowest Open Trade

  • #9,761
  • Jan 9, 2017 11:46am Jan 9, 2017 11:46am
Quoting thedrrew
USDJPY Challenge trade #5 - Out @ SL -44. SL was a little under 116.000. I was aiming for ~55pips gain so I thought the R:R to be fair. Anyway here it is... Any comment would be appreciated. {image}
not sure how that goes down as HOLO trade.
in a way i understand your thinking, and in another way not at all.
especially since your other trades seem to be in line.
as for challenge, i think you suppose to start anew tomorrow, as it seem you broke some major rules of the system.
there is always, always another trade!!
  • #9,762
  • Jan 9, 2017 11:52am Jan 9, 2017 11:52am
Quoting kravmaga39
{quote} How did you come up with 44Pips loss? 1.Your trade was in profit about 12Pips 2.Your SL should be about 28Pips below last low. Did I miss something or you just use yours own trading managment?
You are right kravmaga39. I did not respected the 1 trade per hour rule. My first trade on that hour should have been my last and I would have avoided that loss. For this particular trade the market went only 1.4pip my way...

Well lesson learned and tomorrow is another day.
  • #9,763
  • Jan 9, 2017 11:53am Jan 9, 2017 11:53am
GJ +5
Attached Image (click to enlarge)
Click to Enlarge Name: HOLO 09.01.2017.3..png Size: 51 KB
there is always, always another trade!!
  • #9,764
  • Jan 9, 2017 11:55am Jan 9, 2017 11:55am
Quoting profitfarmer
{quote} not sure how that goes down as HOLO trade. in a way i understand your thinking, and in another way not at all. especially since your other trades seem to be in line. as for challenge, i think you suppose to start anew tomorrow, as it seem you broke some major rules of the system.
Absolutely right. I'll start again tomorrow. I feel particularly bad since I knew about that rule but somehow did not respected it today... At least the challenge was made with 0.01 lot and I learned something !
  • #9,765
  • Edited 12:50pm Jan 9, 2017 12:13pm | Edited 12:50pm
Quoting kravmaga39
{quote} It is not this trade? {image}
The entry marked in your screenshot was my trade #2 which I got stopped out at BE+1. (OK trade, well I think!)

I reentered it as my trade #3 and got out at BE +5. (NOT GOOD TRADE - since it was the second in the same hour)

After that I made my #4 trade in the 16:00 hour (edit: 18:00 hour) candle which I got out at again BE +1. (Should be an OK trade)

And then my #5 trade which was again a second entry during the same hour which resulted in a loss.

As for why I got out at -44 that was me trying to get a better SL but now I think I'll just stop doing that. Using the last low would have been probably enough for that one and my future trades as well.
  • #9,766
  • Jan 9, 2017 12:20pm Jan 9, 2017 12:20pm
Quoting thedrrew
{quote} The entry marked in your screenshot was my trade #2 which I got stopped out at BE+1. (OK trade, well I think!) I reentered it as my trade #3 and got out at BE +5. (NOT GOOD TRADE - since it was the second in the same hour) After that I made my #4 trade in the 16:00 hour candle which I got out at again BE +1. (Should be an OK trade) And then my #5 trade which was again a second entry during the same hour which resulted in a loss. As for why I got out at -44 that was me trying to get a better SL but now...
EMPTY YOUR MIND or pay the price.

Attached Image
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,767
  • Jan 9, 2017 12:21pm Jan 9, 2017 12:21pm
Quoting thedrrew
{quote} Absolutely right. I'll start again tomorrow. I feel particularly bad since I knew about that rule but somehow did not respected it today... At least the challenge was made with 0.01 lot and I learned something !
Please tell us what you learned.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,768
  • Jan 9, 2017 12:25pm Jan 9, 2017 12:25pm
Quoting TooSlow
{quote} Please tell us what you learned.
1. Read the rules before the trading day. Yes, even if I think I know them and they are simple.

2. I am here to make money. Stop increasing my SL. The last low(or high of course) is enough.

BTW I practice Jeet Kune Do and I enjoy those Bruce Lee quotes! Thanks TooSlow.
  • #9,769
  • Jan 9, 2017 12:26pm Jan 9, 2017 12:26pm
Quoting thedrrew
{quote} The entry marked in your screenshot was my trade #2 which I got stopped out at BE+1. (OK trade, well I think!) I reentered it as my trade #3 and got out at BE +5. (NOT GOOD TRADE - since it was the second in the same hour) After that I made my #4 trade in the 16:00 hour candle which I got out at again BE +1. (Should be an OK trade) And then my #5 trade which was again a second entry during the same hour which resulted in a loss. As for why I got out at -44 that was me trying to get a better SL but now I think I'll just stop doing that. Using...
Ok I see now.Thanks
  • #9,770
  • Jan 9, 2017 12:32pm Jan 9, 2017 12:32pm
Quoting thedrrew
USDJPY Challenge trade #5 - Out @ SL -44. SL was a little under 116.000. I was aiming for ~55pips gain so I thought the R:R to be fair. Anyway here it is... Any comment would be appreciated. {image}
I'd never have a sl of -44. Maximum I think I have ever had is -17 I think. It's all very well saying you are aiming for +55 but very, very, few HOLO trades will run +55. HOLO is all about small and often, with maybe one big run every two or three days if you're in the right place at the right time. You were in profit of around +12, so you should have had a lock in of +5. I understand if you are using your own mm but that seems a bit strange to me.
  • #9,771
  • Jan 9, 2017 12:46pm Jan 9, 2017 12:46pm
Quoting lemercenaire
{quote} I'd never have a sl of -44. Maximum I think I have ever had is -17 I think. It's all very well saying you are aiming for +55 but very, very, few HOLO trades will run +55. HOLO is all about small and often, with maybe one big run every two or three days if you're in the right place at the right time. You were in profit of around +12, so you should have had a lock in of +5. I understand if you are using your own mm but that seems a bit strange to me.
First problem was that I entered twice during the same hour. Second was my "Maybe if I put my SL under that BRN I will be protected...".

Question, looking at the screenshot bellow. Hypothetically saying it was a good entry, do you think going out for a loss when the candle after my entry closed passed my entry candle would have been a good idea? It would have been a -14SL. I marked the screenshot.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY+M5SLquestion.jpg Size: 643 KB
Edit: marked image.

In other words, if the market does not go in my favor right away -> get out. Or should I be patient with it. I think I already know the answer to this...
  • #9,772
  • Jan 9, 2017 12:54pm Jan 9, 2017 12:54pm
Quoting lemercenaire
{quote} I'd never have a sl of -44. Maximum I think I have ever had is -17 I think. It's all very well saying you are aiming for +55 but very, very, few HOLO trades will run +55. HOLO is all about small and often, with maybe one big run every two or three days if you're in the right place at the right time. You were in profit of around +12, so you should have had a lock in of +5. I understand if you are using your own mm but that seems a bit strange to me.
like to second that.
personally i either shy away from entries with 15 pips SL or more, or try to use an alternative like a lower TF ( like M5) swing to make it tighter initially a bit.
ultimately, there is always another entry, as per rule#5.
(for me, 4 trades today, largest SL was set 13.7 pips.)

for the TP, tricky subject.
the rules are good general guidelines, but as TooSlow once answered for me, it is good to take BE+1 pips, but nothing wrong for example to take +3 pips, or whatever number. another translation, it is ok not to push for homeruns, but observe price, and act accordingly is fine as well, vs. the mechanical following of the rules in setting the (TP)/TS levels. as an example, taking 15 pips after a move might be better than waiting to see the price move back to close the trade at +10.

that said, the support and the atmosphere is great on this thread!!

and as a final one, here is my last entry for today,
UC, +10.
manual close, just end of my trading day, and too slow ( no pun intended) moving to wait it out, and too unwilling to give back pips.
Attached Image (click to enlarge)
Click to Enlarge Name: HOLO 09.01.2017.4..png Size: 57 KB
there is always, always another trade!!
  • #9,773
  • Edited 9:53pm Jan 9, 2017 1:04pm | Edited 9:53pm
You are touching on another point that I needed to get clear. I read somewhere in this thread something along this line: "(paraphrased) "If you use 1 minute bars, you could get 60 chances to trade." That baffled the hell out of me. TS's Simple Rule was One trade per bar. I assume that means the H1 bar which this whole style of trading is based upon.
The One minute bar comment I will ignore. I think a one minute chart would make me nuts. So if I use an H1 chart marked up according to instructions. And I use an M15 chart to monitor price action within each hour. I can only take one signal. And if I get taken out of that trade within the same hour of trade entry, I am done for that hour...no more signals. But what if in the next H1 Bar, price dips down, then back up and the same LO is valid. Am I good to go on a new buy?
Anyone? Maybe Lemercenaire, I see you're on-line. Could you answer this? TY
  • #9,774
  • Jan 9, 2017 1:14pm Jan 9, 2017 1:14pm
Quoting thedrrew
{quote} First problem was that I entered twice during the same hour. Second was my "Maybe if I put my SL under that BRN I will be protected...". Question, looking at the screenshot bellow. Hypothetically saying it was a good entry, do you think going out for a loss when the candle after my entry closed passed my entry candle would have been a good idea? It would have been a -14SL. I marked the screenshot. USDJPY+M5SLquestion.jpg;2132287Edit: marked image. In other words, if the market does not go in my favor right away -> get out. Or should I be...
Profitfarmer already answered well. I am on my phone and can't really enlarge the screenshot but I will say that I do enter more than once and I protect ANY profit like a Pit Bull. Never ever regret the one that got away. Take what it gives you.

One to look at is Hal's way of taking 80% at +5 mark. I also run a non-standard tp method using a fib map.

You will also get to know how an individual HOLO pairs work after initial entries are triggered.

Anyway. File it away. You learn by doing here.
  • #9,775
  • Jan 9, 2017 1:18pm Jan 9, 2017 1:18pm
Quoting lemercenaire
{quote} Profitfarmer already answered well. I am on my phone and can't really enlarge the screenshot but I will say that I do enter more than once and I protect ANY profit like a Pit Bull. Never ever regret the one that got away. Take what it gives you. One to look at is Hal's way of taking 80% at +5 mark. I also run a non-standard tp method using a fib map. You will also get to know how an individual HOLO pairs work after initial entries are triggered. Anyway. File it away. You learn by doing here.
Much appreciated Lemercenaire and Profitfarmer, I'll consider that for my next trades. Enjoy your day and see you tomorrow.
  • #9,776
  • Jan 9, 2017 1:27pm Jan 9, 2017 1:27pm
Thanks Lemercenaire, Fibonocci- Innerestin (Neil Young dialect) I just visited My futures broker website, AMP, Turns out they have recently offered the MT5 platform. Is tht what you guys are using? I think I should download the trial so I can get on the same page. (ya think?)
I hate this stage of the learning process. In my experience, I know I will get this down, but the frustration on the nuances of the what should be an ultra simple method sometimes make me want to chuck it all.
  • #9,777
  • Jan 9, 2017 3:13pm Jan 9, 2017 3:13pm
Quoting kravmaga39
{quote} It is not this trade? {image}
You should have had two winning trades out of the last two moves +5 and +5 (possibly even +10).
  • #9,778
  • Jan 9, 2017 3:28pm Jan 9, 2017 3:28pm
Quoting frisco
You are touching on another point that I needed to get clear. I read somewhere in this thread something along this line: "(paraphrased) "If you you use 1 minute bars, you could get 60 chances to trade." That baffled the hell out of me. TS's Simple Rule was One trade per bar. I assume that means the H1 bar which this whole style of trading is based upon. The One minute bar comment I will ignore. I think a one minute chart would make me nuts. So if I use an H1 chart marked up according to instructions. And I use an M15 chart to monitor price action...
Hi frisco. Sorry, as I said earlier, I was on my phone and kept losing signal, so was lucky to be able to reply even that once. Forget the 1min bar quote. I don't know where that came from but feel free to ignore that, certainly at this stage.

The one entry per bar question kind of answers itself, as it's in the rules - and on your challenge you should be sticking to the rules. I have always assumed that it meant the H1 bar but tbh, as I've said before that is one of my ''bendable'' rules. However it is true that it can come across in a slightly ambiguous way. Perhaps TooSlow could answer definitively on this for us? Is it only one attempt per every H1 bar?

As for the broker's platform - I'd give an educated guess that most are using mt4, not mt5. However I know mt4 is being binned re support and development in favour of mt5 and so we will all have to switch eventually, I suppose. I also know that a lot of brokers are now only offering mt5 for new accounts.
  • #9,779
  • Jan 9, 2017 3:31pm Jan 9, 2017 3:31pm
Quoting frisco
Thanks Lemercenaire, Fibonocci- Innerestin (Neil Young dialect) I just visited My futures broker website, AMP, Turns out they have recently offered the MT5 platform. Is tht what you guys are using? I think I should download the trial so I can get on the same page. (ya think?) I hate this stage of the learning process. In my experience, I know I will get this down, but the frustration on the nuances of the what should be an ultra simple method sometimes make me want to chuck it all.
Don't see you as a quitter! It will come, you just have to relax into it a bit. You're still trying too hard and getting caught up in a lot of extraneous ''stuff''.
  • #9,780
  • Jan 9, 2017 7:44pm Jan 9, 2017 7:44pm
ONE TRADE PER BAR.
If you are using M5 bars to enter, one trade per M5 bar.
If you are using M15 bars to enter, one trade per M15 bar.
If you are using M30 bars to enter, one trade per M30 bar.
If you are using H1 bars to enter, one trade per H1 bar.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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