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Highest Open / Lowest Open Trade

  • #10,281
  • Feb 4, 2017 3:02pm Feb 4, 2017 3:02pm
@yalgaar

EA's have been discussed many times here and every once in a while someone come up with a new one... I have now read most of the thread and I can say that they never have been considered to be working.

I may refer you to post #7 where TooSlow pointed some requirements for an eventual EA. I think this is showing an openness about it.

BUT, after having read 380 pages of the thread and about the last 50... In my opinion this thread is about rewiring our brain so we can be efficient in the market. It's filled with article meticulously chosen so we can have the right mindset to survive in the market.

And seriously.. once you get the method(read: once you have read post #1). What's left to be done ? Exactly -> Proper execution of it.

In my opinion EA's are not at all what this thread is about. And it should never be.
  • #10,282
  • Feb 4, 2017 3:05pm Feb 4, 2017 3:05pm
Quoting TooSlow
{quote} Entry? Have you read POST #1? When you understand the method, you will see the entry. The charts I post show something may be about to happen. Or what did happen. Price may be making a new daily high/low or may have just made it. Which will most likely be followed by a new H1 HO/LO. Which indicates a trade entry may be imminent. Please keep in mind some of us are trading real money. Posting is not a high priority. And annotating charts with details that should be obvious to those who have read the thread is definitely not a priority at all...
I've read post one, but I still do not follow the method. I've taken below picture from Brucech pdf file. I have one question: why candle D does not generate an entry as it has traded above candle A (Highest H1 open) and reversed down? In the description of the strategy it doesn't say that there should be a close between the highest open and the high of the day. Thanks in advance to clarify this to a newbie to your strategy.

http://www.forexfactory.com/attachme...2&d=1467261299
  • #10,283
  • Feb 4, 2017 4:20pm Feb 4, 2017 4:20pm
Quoting thedrrew
@yalgaar EA's have been discussed many times here and every once in a while someone come up with a new one... I have now read most of the thread and I can say that they never have been considered to be working. I may refer you to post #7 where TooSlow pointed some requirements for an eventual EA. I think this is showing an openness about it. BUT, after having read 380 pages of the thread and about the last 50... In my opinion this thread is about rewiring our brain so we can be efficient in the market....
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  • #10,284
  • Feb 4, 2017 4:26pm Feb 4, 2017 4:26pm
Thorndike's First Three laws:

1: Law of readiness - Implies the degree of preparedness and eagerness to learn.

2: Law of exercise - Things that are most often repeated are best remembered.

3: Law of effect - Based on the emotional reaction and motivation of the student. Learning is strengthened with pleasant or satisfying feeling while unpleasant feelings tend to do otherwise.
  • #10,285
  • Feb 4, 2017 5:35pm Feb 4, 2017 5:35pm
Quoting edsudist
{quote} I've read post one, but I still do not follow the method. I've taken below picture from Brucech pdf file. I have one question: why candle D does not generate an entry as it has traded above candle A (Highest H1 open) and reversed down? In the description of the strategy it doesn't say that there should be a close between the highest open and the high of the day. Thanks in advance to clarify this to a newbie to your strategy. {image}
What is RULE #3?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,286
  • Edited 6:39pm Feb 4, 2017 5:38pm | Edited 6:39pm
Quoting lemercenaire
Thorndike's First Three laws: 1: Law of readiness - Implies the degree of preparedness and eagerness to learn. 2: Law of exercise - Things that are most often repeated are best remembered. 3: Law of effect - Based on the emotional reaction and motivation of the student. Learning is strengthened with pleasant or satisfying feeling while unpleasant feelings tend to do otherwise.
Primacy, the state of being first, often creates a strong, almost unshakable, impression. Things learned first create a strong impression in the mind that is difficult to erase. For the instructor, this means that what is taught must be right the first time. For the student, it means that learning must be right. Unteaching wrong first impressions is harder than teaching them right the first time. If, for example, a student learns a faulty technique, the instructor will have a difficult task correcting bad habits and reteaching correct ones.

The student's first experience should be positive, functional, and lay the foundation for all that is to follow. What the student learns must be procedurally correct and applied the very first time. The instructor must present subject matter in a logical order, step by step, making sure the students have already learned the preceding step. If the task is learned in isolation, is not initially applied to the overall performance, or if it must be relearned, the process can be confusing and time consuming. Preparing and following a lesson plan facilitates delivery of the subject matter correctly the first time.

https://en.wikipedia.org/wiki/Principles_of_learning

That is what most traders are faced with when they come here.
The unteaching/unlearning.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,287
  • Feb 4, 2017 6:18pm Feb 4, 2017 6:18pm
Quoting edsudist
{quote} I've read post one, but I still do not follow the method. I've taken below picture from Brucech pdf file. I have one question: why candle D does not generate an entry as it has traded above candle A (Highest H1 open) and reversed down? In the description of the strategy it doesn't say that there should be a close between the highest open and the high of the day. Thanks in advance to clarify this to a newbie to your strategy. {image}
As noted in the very example you quote, there very well may have been an entry on the m5 chart but for the sake of that particular example, he was only dealing with the m15 tf charts.

As TS says: Rule #3
  • #10,288
  • Feb 5, 2017 3:25am Feb 5, 2017 3:25am
Quoting TooSlow
{quote} What is RULE #3?
Tooslow. Apologies as I might be too slow to understand. Rule 3 says: "Has price returned to the open price of the current bar"? According to you the answer is no, but candle D and even candle 3 have wicks that goes higher than the open price of the current bar. So based on this, it looks like it also complies with rule #3. Why it does not comply with rule #3? Should be an open in the 15 M chart above the open price of the current bar?

Thanks again for your help
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  • #10,289
  • Feb 5, 2017 3:27am Feb 5, 2017 3:27am
Correction : when I say candle 3 I meant to say candle C.
  • #10,290
  • Feb 5, 2017 10:59am Feb 5, 2017 10:59am
Quoting edsudist
{quote} Tooslow. Apologies as I might be too slow to understand. Rule 3 says: "Has price returned to the open price of the current bar"? According to you the answer is no, but candle D and even candle 3 have wicks that goes higher than the open price of the current bar. So based on this, it looks like it also complies with rule #3. Why it does not comply with rule #3? Should be an open in the 15 M chart above the open price of the current bar? Thanks again for your help {image}
I answered your question above in post #10,287.

There may have been an entry on the m5 chart but here in this example, he states that he is only looking at the m15 chart, where there is no new candle opening in the area of interest.
  • #10,291
  • Feb 5, 2017 11:34am Feb 5, 2017 11:34am
Thanks for answering. I think that there have been enough posts on the subject, so this will be the last one from me. I understand that you are looking for a candle opening in the area of interest (between high of the day and higher open). Having said that, there is nowhere mentioned in rule #3 that there should be a close in said area. Hence the confusion it created to me and to other forum members.
  • #10,292
  • Feb 5, 2017 11:36am Feb 5, 2017 11:36am
Correction: I meant to say open and not close in said area.
  • #10,293
  • Feb 5, 2017 11:38am Feb 5, 2017 11:38am
Quoting edsudist
Thanks for answering. I think that there have been enough posts on the subject, so this will be the last one from me. I understand that you are looking for a candle opening in the area of interest (between high of the day and higher open). Having said that, there is nowhere mentioned in rule #3 that there should be a close in said area. Hence the confusion it created to me and to other forum members.

Very well said!! Thank you. It makes so much more sense to me when the read the following. Reading 100s of pages still didn't help me understand the following 2.

1) you are looking for a candle opening in the area of interest (between high of the day and higher open).

2) there should be a close in said area
  • #10,294
  • Feb 5, 2017 11:39am Feb 5, 2017 11:39am
Quoting edsudist
Correction: I meant to say open and not close in said area.
Does it really matter? "open" or "close" would they both not mean the same thing?
  • #10,295
  • Feb 5, 2017 11:48am Feb 5, 2017 11:48am
Quoting lemercenaire
{quote} I answered your question above in post #10,287. There may have been an entry on the m5 chart but here in this example, he states that he is only looking at the m15 chart, where there is no new candle opening in the area of interest.
As per the strategy, is it OK to take an entry based on "Open" on any of the charts? i.e M1,M5,M15,M30?
  • #10,296
  • Feb 5, 2017 11:56am Feb 5, 2017 11:56am
I think it does not really matter whether it is an open or a close. I simply wanted to stick to the rules of the strategy.

If there is an open in said area, the previous candle will have a close in said area too (gaps are not that common in forex).

If a close needs to occur between high of the day and highest open, trading opportunities will not be plentiful, unless you go to a lower time frame to look for an open in the area. Look at below screenshot :

Candle C for example openned below the highest open but at some time moved above it, hence the wick or tail, and finished closing below. Why this candle did not trigger an entry? It should have according to the rules, but my conclusion is that there is a difference between the rules and its practical implementation.
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  • #10,297
  • Feb 5, 2017 4:22pm Feb 5, 2017 4:22pm
Quoting edsudist
I think it does not really matter whether it is an open or a close. I simply wanted to stick to the rules of the strategy. If there is an open in said area, the previous candle will have a close in said area too (gaps are not that common in forex). If a close needs to occur between high of the day and highest open, trading opportunities will not be plentiful, unless you go to a lower time frame to look for an open in the area. Look at below screenshot : Candle C for example openned below the highest open but at some time moved above it, hence the...
Jeez... Head banging off wall here...
  • #10,298
  • Feb 5, 2017 4:24pm Feb 5, 2017 4:24pm
Quoting edsudist
Thanks for answering. I think that there have been enough posts on the subject, so this will be the last one from me. I understand that you are looking for a candle opening in the area of interest (between high of the day and higher open). Having said that, there is nowhere mentioned in rule #3 that there should be a close in said area. Hence the confusion it created to me and to other forum members.
That would be because there doesn't need to be a close.
  • #10,299
  • Feb 5, 2017 4:27pm Feb 5, 2017 4:27pm
Quoting yalgaar
{quote} As per the strategy, is it OK to take an entry based on "Open" on any of the charts? i.e M1,M5,M15,M30?
Those new to the method should stick to m15.
As experience grows, you can begin to look at the m5 but the m1 entry is best left alone until you feel entirely comfortable with HOLO.
  • #10,300
  • Feb 5, 2017 4:33pm Feb 5, 2017 4:33pm
Again, guys. Please take the time to really read post #1 and Michael G's document, then have the doc open or printed off in front of you as set-ups occur and work through the process.

Honestly, everything you need is in there.
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