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Highest Open / Lowest Open Trade

  • #9,921
  • Jan 14, 2017 9:55pm Jan 14, 2017 9:55pm
Quoting herewego
Hi all Just wanted to say a big thank you for all your advice and words of wisdom on your holo thread. I have been trading for for around 4 years with very mixed results. I have not managed to find consistency until I started following your thread. You and your fellow contributers have got me looking at my trading from a much more logical position which has made me enjoy trading again with this simple but disciplined method. The profits have been consistent with no stress. It actually feels very natural! Thank you again Will post some results next...
It pleases me to know someone has benefited.
So many eagerly defecate on others.
Words of appreciation are nice to receive.
Thank you.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,922
  • Jan 14, 2017 10:00pm Jan 14, 2017 10:00pm
[quote=WannaBeNo.1;9439714]tooslow, do you have losing months, when your monthly return is negative..?[/quote]

No.
Is there something else you really want to know?
What prompted your question?
Have you taken the 10 Trade Challenge?
Have you read Post #1?
Have you read this thread?

Questions like yours are a reason to not post real results.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,923
  • Jan 15, 2017 12:03am Jan 15, 2017 12:03am
O
Quoting TooSlow
tooslow, do you have losing months, when your monthly return is negative..? No. Is there something else you really want to know? What prompted your question? Have you taken the 10 Trade Challenge? Have you read Post #1? Have you read this thread? Questions like yours are a reason to not post real results.
sorry tooslow. i dont do it again. i will do a challenge with eurjpy beacuse it is traded all day. Thank you for answer.
  • #9,924
  • Jan 15, 2017 3:55am Jan 15, 2017 3:55am
My only words of guidence to any that are struggling with this method is to keep it simple.
I have traded this method for a few weeks and it certainly has taken time to clear my mind of what I believed in previously.
My trading checklist begins with looking at ForexFactory calender before I even open MT4. I avoid pairs with major/moderate news coming out that day.
I then scan through the remainder of pairs to get a feel of movements.
I still stick to just H1 charts as it suits my style of trading.
Strict money management is vital and be sure of size and SL before you enter.
Patience is the key to entering the trade. If there are several pairs with promising signs, I sometimes use stop orders. This is simply to take the rushed feel out of entering a trade.
Personally I use an EA to automatically move to BE+1 and close half the trade at +5 pips. Then a 10pip trailing stop is triggered. (This works for my style of trading but may not suit you)
I like the back to basics feel of this method without the screen full of indicators contradicting each other.
Hopefully some of this may be of help to you.
  • #9,925
  • Jan 15, 2017 8:44am Jan 15, 2017 8:44am
Quoting TooSlow
tooslow, do you have losing months, when your monthly return is negative..? No. Is there something else you really want to know? What prompted your question? Have you taken the 10 Trade Challenge? Have you read Post #1? Have you read this thread? Questions like yours are a reason to not post real results.
Bulleyes '-)
  • #9,926
  • Jan 15, 2017 9:22am Jan 15, 2017 9:22am
Quoting herewego
My only words of guidence to any that are struggling with this method is to keep it simple. I have traded this method for a few weeks and it certainly has taken time to clear my mind of what I believed in previously. My trading checklist begins with looking at ForexFactory calender before I even open MT4. I avoid pairs with major/moderate news coming out that day. I then scan through the remainder of pairs to get a feel of movements. I still stick to just H1 charts as it suits my style of trading. Strict money...
Well said.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,927
  • Jan 15, 2017 1:26pm Jan 15, 2017 1:26pm
Quoting TooSlow
{quote} Multiple entries allow for scaling out to lock in some profit, moving the stop loss up to BE+1 or more and allowing the market to give more pips.
TooSlow: Re: this post on scaling. Famous Paul T. Jones quotes from Market Wizards; "Losers average losers." I took this to mean if a market was moving against your position and you added onto your position to give you a better entry into your position. (Higher cost in the case of a short position..lower cost in the case of a long position)
I interpreted Jones's comment to mean, if you put on a position and it is moving against you...You never add onto a loser. This why SL's must be used. Just get out. Another train will be leaving soon enough. .
That Paul Tudor Jones's approach was to add onto winning trades as the market moved further in his favor. This is how I interpret your style. Am I right?
  • #9,928
  • Jan 15, 2017 1:50pm Jan 15, 2017 1:50pm
Quoting frisco
{quote} TooSlow: Re: this post on scaling. Famous Paul T. Jones quotes from Market Wizards; "Losers average losers." I took this to mean if a market was moving against your position and you added onto your position to give you a better entry into your position. (Higher cost in the case of a short position..lower cost in the case of a long position) I interpreted Jones's comment to mean, if you put on a position and it is moving against you...You never add onto a loser. This why SL's must be used. Just get out. Another train will be leaving soon...
This also follows the school of thought which says if you are not willing to add to your open position, then you should close it.
  • #9,929
  • Jan 15, 2017 2:56pm Jan 15, 2017 2:56pm
Quoting frisco
{quote} TooSlow: Re: this post on scaling. Famous Paul T. Jones quotes from Market Wizards; "Losers average losers." I took this to mean if a market was moving against your position and you added onto your position to give you a better entry into your position. (Higher cost in the case of a short position..lower cost in the case of a long position) I interpreted Jones's comment to mean, if you put on a position and it is moving against you...You never add onto a loser. This why SL's must be used. Just get out. Another train will be leaving soon...
There are many ways to trade.
Some are profitable.
Some are not.
Do what works for you.
To compare one trader against another is an exercise in futility.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,930
  • Jan 15, 2017 2:57pm Jan 15, 2017 2:57pm
Quoting lemercenaire
{quote} This also follows the school of thought which says if you are not willing to add to your open position, then you should close it.
Didn't they trade equities?
Not the same as currencies.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,931
  • Jan 15, 2017 3:22pm Jan 15, 2017 3:22pm
If HOLO has not picked up that GBP is falling then it is TooSlow.
You came here for the truth and let me unveil it for you
  • #9,932
  • Jan 15, 2017 3:45pm Jan 15, 2017 3:45pm
a lesson from a hedge fund legend

https://forexuseful.com/forex-risk-m...e-fund-legend/
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,933
  • Jan 15, 2017 7:52pm Jan 15, 2017 7:52pm
Sometimes Sundays can be fun... I like to watch but... this happens a lot.
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  • #9,934
  • Jan 15, 2017 8:03pm Jan 15, 2017 8:03pm
Quoting wannalearn12
Sometimes Sundays can be fun... I like to watch but... this happens a lot. {image}
Voyeurism?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #9,935
  • Jan 15, 2017 9:11pm Jan 15, 2017 9:11pm
One last question that may seem silly. I have done the challenge and I have read the majority of thread. I want to make sure I am going long correctly. When we buy we are buying at the "ask" right? So the candle will still actually be red when we enter as the spread will determine distance from bid/ask.
  • #9,936
  • Jan 15, 2017 9:21pm Jan 15, 2017 9:21pm
Quoting aosora
{quote} 1. I see, this is the answer I seek, I need to wait Ask price open below LO then 2. hmm, duh, it seems I need to ask higher timeframe for that 3. sometimes (usually) is followed by a candle closing in the same direction, huh... well I had known this already, after price retrace about 50% prev bigger candle than usual price will continue to follow that big candle, then again, is it rather to wait for the some (or many hour) after big candle movement until market gone stable?
Nevermind. I seem to have found my answer with this post.
  • #9,937
  • Jan 15, 2017 9:50pm Jan 15, 2017 9:50pm
Quoting TooSlow
{quote} Voyeurism?
A quick google made me spill my drink! LOL - call me the C*CK
  • #9,938
  • Jan 15, 2017 11:20pm Jan 15, 2017 11:20pm
Too busy backslapping TooSlow and his disciples that you failed to short GBP.



"Don't concentrate on the finger or you will miss all that heavenly glory"- Bruce Lee
You came here for the truth and let me unveil it for you
  • #9,939
  • Jan 15, 2017 11:44pm Jan 15, 2017 11:44pm
Quoting RondaRousey
Too busy backslapping TooSlow and his disciples that you failed to short GBP. "Don't concentrate on the finger or you will miss all that heavenly glory"- Bruce Lee

24 posts and you are jumping all over the place.

Time to put you on hold.

You even mentioned mentoring in one of your posts - fishing expedition?
  • #9,940
  • Jan 16, 2017 1:06am Jan 16, 2017 1:06am
Quoting TooSlow
{quote} Didn't they trade equities? Not the same as currencies.
You may be right - I just remember the quote, the actual details of which have fallen down the back of the filing cabinet.
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