Highest Open / Lowest Open Trade

Thanks for all your help.
This is not about entirely comfortable with HOLO or not. Right now the effort is just to understand what is HOLO. That said my question is still if it is OK to enter the trade if you see a "Open" candle in the M1 chart in the "Area of Interest" I think this is a a "Yes" or "No" questions. Or is it not?

It is and the answer is YES.

yalgaar,

You mentioned "right now the effort is just to understand what is HOLO." They are saying "to understand" follow the M15 closing in the "Area of Interest". And take the Challenge. After doing that you will better understand that your question was pre-mature. Anyway think about the M1 candle.... Do you think that it has moved the same distance into the Area of Interest as M5 or M15? Look at a chart. Observe how many times that you would have been triggered only to be Stopped out. When you get the Challenge out of the way, you will better understand.

Close of a candle in the Area of Interest----- Practice with the 15M. When you keep having success time after time with that..... then think about a M5 candle, but first be successful with the M15.

Agreed. Would have love to read PTG on this one...

This is trading.
Trading is mostly "maybe" and "sometimes".
Rather than debating with those who have been trading HOLO for a while, read and learn the HOLO basics.
Do not attempt to bend/break the rules until you have mastered the rules.

What is HOLO?
HOLO is H1 Highest Open Lowest Open.



Above is a H1 candle chart.
No indicators.
Period separators mark the start/end of day.
Mark the highest/lowest opens for each day.
Wouldn't you like to have been short at the highest open each day?
Wouldn't you like to have been long at the lowest open each day?
UNDERSTAND?

Hi All,
sorry for my absence. Apparently there IS life outside of trading, according to my Wife.
Noticed a few questions, and thought I would throw this together. It's already been said, but it might cause a penny to drop for some traders.
Hope it helps those who are struggling. If not, please ask me to clarify anything.
Cheers
Michael

Michael,

Much appreciated that you have gone to the trouble make this document. It is very well created and should be a great help to those who are struggling to trade HOLO.

Suggest that this Doc be put on Post #1.

Thanks again.

Bruce

Turned the HoLo document into a PDF.

Thanks MichaelG.
Your willingness to help other traders is appreciated.

Thanks MichaelG.

Good idea.
Done.
Also turn it and the other MichaelG HOLO THE RULES into a PDF.

NOW IF YOU ARE READING THIS, GO TO POST#1 AND DOWNLOAD THE PDFs AND READ THEM.

THIS POST IS FROM HERE: http://www.forexfactory.com/showthre...73#post9527173


This is all covered by Mark Douglas in "Trading in the Zone", what he calls the 4 fears of trading. You need to read this book. I have posted below a short sumnmary:

Ninety-five percent of the trading errors you are likely to makecausing the money to just evaporate before your eyeswill stem from your attitudes about being wrong, losing money, missing out, and leaving money on the table. What I call the four primary trading fears. -Mark Douglas (Trading int he Zone)
What Mark Douglas points out in his great book about trading psychology, is that the majority of traders lose because of wrong thinking, misplaced emotions, and wanting to be right. We know fear and greed drive the market prices far more than fundamentals do. The emotions of fear and greed are the key reasons traders often make mistakes. Fear makes traders not take entries and miss trends. Fear causes traders to sell winners early scared, of giving back paper profits, only to miss out on big profits when they are right. Greed is the driving force behind traders taking positions too large and risky for their account size. Greed keeps traders holding losing positions ,wanting their losses back instead of just taking their lumps and looking for a better opportunity. One of the most powerful things a trader can do to improve their trading is to overcome fear and greed. By becoming disciplined and focused on their trading, rather than relying on destructive emotions, a trader can survive and thrive.
Here are four great examples of fear over ruling sound trading strategies:
The fear of being wrong: Traders fear being wrong so much they will hold a small loss until it becomes a huge loss. Even adding to the loss in the hopes of it coming back and getting to even. Dont do this; holding onto a loser after it hits your predetermined stop loss is like being a reverse trend trader. Do not be afraid of being wrong small, be afraid of being wrong big.
The fear of losing money: New traders hate to lose money. They dont understand that they will lose 40%-60% of the time. We should come to expect the small losses and patiently wait for the big wins. Many traders fear this so much that they have a hard time taking an entry out of fear of losing. If you cant handle the losses as part of the business, you cant trade.
The fear of missing out: The opposite of the fear of losing money, is the fear of losing potential profits. This causes traders to watch a stock go up, miss the primary trend, and then get in late, just in time for the trend to reverse and lose money. Trade at your systems proper entry point. Do not chase a stock because you are afraid to miss out on profits.
The fear of leaving money on the table: When your trailing stop is hit, get out of the trade. If your rules tell you to get out after a parabolic run up and stall, then exit. You must be disciplined about taking money off the table. Being greedy for that last few dollars when your system says to sell, could lead to major losses.
Let your winners run, but when the runner gets to tired to continue, bank your profits

Best to capture the good posts because sometimes they disappear *poof*

Many thanks to TooSlow and everyone here , nice lot of people
First trade , hope it is correct . Live account

THE RULES

The rules for this method are very clear & to the point. The 15M time is a good starting point. Learn the
method by following the rules & you will make it. Bending or breaking the rules will cost you. No squiggly
lines & numerous indicators, just Highest Open / Lowest Open & the rules. Nothing more needed.

Clear the FOG from your head from previous methods & follow the rules. Best of trades to all.
______________________________________

My second and last tonight is it ok ?