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Highest Open / Lowest Open Trade

  • #10,801
  • Mar 18, 2017 4:43pm Mar 18, 2017 4:43pm
Quoting TooSlow
FROM MY 123 THREAD:
2) Did this bar test (get near) the new daily high or new daily low of the previous bar.
Hi TooSlow, how do you define the concept "get near"? How many pips is "get near", by your experience?

Thank you!
Alberto
  • #10,802
  • Mar 19, 2017 12:26pm Mar 19, 2017 12:26pm
Hi folks, I have been trading a SIM account. I haven't updated my results for HOLO/1-2-3. One of the reasons is that the P/L is "banked" before I record the daily results, and I confess, I have been trading 2 to 4 contracts. trying a profit approach where I "ladder out" of profitable positions.
This past week has been profitable every single trading day. About 60 to 80 points average on a single position. I am tempted to post a chart, but it is not MT4. It is Sierra.
I watch Fibo retracement levels on the hourly DOW. Fibo provide effective resistance/support points. Price will often stall at the 61.8% When I sense a possible reversal at these levels that is where partial profits come into play, then trail the remaining position.
On March 1st, there was a huge breakout of the DOW. Often times, moves like this will see an immediate retracement. On March 2nd sure enough, a nice HOLO sell back down to 61.8%, then after a 3 or 4 hourly bars of consolidation at that level, price broke down to the 50% level for more profit. Amazing, that price pretty much stopped in it's tracks at these precise fibo levels.
TS, I am not trying to muddy the waters with fibo etc. It is what I have been using for a while. And it works well with the DOW and HOLO.
If anyone want to see a chart (Sierra Chart) of an H1 DOW from 3-1-17 too 3-8-17, I will post it.
I am also experimenting with a two minute and a 4 minute chart for trailing stops. As of now, as soon as a position is up 10 points, I go to B/E plus 2. after 15 pts, B/E plus 5. After 18=20 in profit, I lock in 10 points. In a position with 40 or more points profit, I had been using 15 point retracement as a stop, but now with the 2 & 4 minute chart as a guide, I can actually get tighter stops for more profit.
Thanks to Rufus for posting "The Moth" radio hour segment with Annie Duke telling a great story about her first big tournament. I used to listen to "The Moth" on NPR. Annie Duke recalling her first big Tournament against Greg ("The Fossil") Raymer. It was 2004, she was also playing against Mike Matusow, Phil Hellmuth, and her brother, Howard Lederer. All WSOP champions. A very good story, with obvious correlation to trading. I recommend it. If you bookmark the"MOTH" link, you can return again and again for inspirational true stories from folks representing all walks of life. The archive is over 250 stories. Here is the good link to "The Moth">>

http://player.themoth.org/#/?actionT...AY&storyId=971
  • #10,803
  • Mar 19, 2017 12:58pm Mar 19, 2017 12:58pm
Quoting Rufus
{quote} Good little video. Thanks. Keeps things in perspective.
Illegitimi non carborundum Illegitimate Carborundum?
Dog latin aphorism meaning "Don't let the bastards grind you down".
Applies perfectly to Annie Duke's MOTH story.
I like it

de omnibus dubitandum
  • #10,804
  • Mar 19, 2017 2:26pm Mar 19, 2017 2:26pm
Quoting frisco
Hi folks, I have been trading a SIM account. I haven't updated my results for HOLO/1-2-3. One of the reasons is that the P/L is "banked" before I record the daily results, and I confess, I have been trading 2 to 4 contracts. trying a profit approach where I "ladder out" of profitable positions. This past week has been profitable every single trading day. About 60 to 80 points average on a single position. I am tempted to post a chart, but it is not MT4. It is Sierra. I watch Fibo retracement levels on the hourly DOW. Fibo provide effective resistance/support...
Hi Frisco. As you will know from our conversations ''off stage'', I have been running HOLO on Diffs and like you, I do not post those charts here as this is a market not freely available to all (and let's face it, there are more than enough other examples we can show). One thing that running those markets has done however, is to open up my eyes to the DOW and how well HOLO and 1-2-3 runs on it. I have since expanded out from there and as you will have seen recently, I have found that the DAX, FTSE and S&P (as well as the energy markets) all operate very, very, well with HOLO/1-2-3. It should be noted that these are not true futures charts however but the spread-betting equivalent available from UK brokers (the same but different, lol). However if you have the capacity to run a true futures account, then I do know it will translate just as well.
  • #10,805
  • Mar 19, 2017 2:44pm Mar 19, 2017 2:44pm
Quoting frisco
{quote} Illegitimi non carborundum Illegitimate Carborundum? Dog latin aphorism meaning "Don't let the bastards grind you down". Applies perfectly to Annie Duke's MOTH story. I like it de omnibus dubitandum

Hey Frisco.

Glad you enjoyed the radio segment. Truly an inspiring story. I will be looking into more of the Moth, listening to Annie Duke again made me realize how much I miss those little snippets.

I would like to see the charts. If you want, you can post them on my trade journal "Rufus". https://www.forexfactory.com/showthr...65#post9682165
It is not really my trading journal. Just a place to post some trades and thoughts.

That way this one doesn't get muddied up. I too use fibs, so it would be interesting to see how you are applying them.

Have a super weekend.

de omnibus dubitandum "everything must be doubted" Perfect
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #10,806
  • Mar 19, 2017 4:03pm Mar 19, 2017 4:03pm
Thanks Rufus, Just watched a couple of Dante Vids as per TS recommendation. Good Stuff to say the least. He had me splitting a gut with this: (I will clean it up...in French...Work a little go to Google Translate. https://translate.google.com/

OK pullback Bébé ..
Allez-moi un retracement!
Hou la la! C'est tanking!
s'il vous plaît s'il vous plaît! Donnez-moi une chance d'être à court sur retracement!
Fuck it-il ne se retirera pas et il a cassé une clé faible!
Je vais court!
Putain de fils de pute!

Laughing like a madman in front of my laptop! Have we all been there before? Write it down in your journal! One of your trading "evil deeds". chasing a missed entry. What does Too Slow repeat ad nauseum? "No late entries, not even one pip"
Dante is funny! Great insights.

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  • #10,807
  • Mar 19, 2017 4:41pm Mar 19, 2017 4:41pm
Quoting lemercenaire
{quote} Hi Frisco. As you will know from our conversations ''off stage'', I have been running HOLO on Diffs and like you, I do not post those charts here as this is a market not freely available to all (and let's face it, there are more than enough other examples we can show). One thing that running those markets has done however, is to open up my eyes to the DOW and how well HOLO and 1-2-3 runs on it. I have since expanded out from there and as you will have seen recently, I have found that the DAX, FTSE and S&P (as well as the energy markets)...
Thanks Lemercenaire, I need to check my replies to see if I missed anything from you. You know I have had a difficult time deciphering these posted charts. Part of the issue is that too often, I cannot truly discern exactly where they are referencing. So I watch the DOW with my understanding of 1-2-3 and HOLO and trade accordingly. It seems to work well. I was listening to Tom Dante's graphic description of the evils of trading, and doing your wn psychoanalysis with the aid of a trading journal. The nice thing about 123 & HOLO, is if you don't try to tweak or cheat the method, you should not have too many "evil" results.
I absolutely ascribe to keeping a journal. Dante says one hour with your journal is worth 5 hours on your charts. His method of creating a list of Fundamentals is genius in it's simplicity.(ie: Like those economic figures supplied by FF Financial Calendar.)
And creating the "SIN SHEET". (ie: Check off slots>How many sin and which sins you are guilty of each trading day; trade too early? trade too late?"not in trading plan" etc. Good stuff.)
Along with charts and observations. One last bit of Help. I highly recommend Toni Hansen's "SIMPLE STEPS TO TRADING DISCIPLINE" Great little book. Toni is a very successful trader along the lines of Linda Rashke (Who wrote the foreword in the book)
Later. Gotta go shopping. .
  • #10,808
  • Mar 19, 2017 5:24pm Mar 19, 2017 5:24pm
Quoting frisco
Thanks Rufus, Just watched a couple of Dante Vids as per TS recommendation. Good Stuff to say the least. He had me splitting a gut with this: (I will clean it up...in French...Work a little go to Google Translate. https://translate.google.com/ OK pullback Bb .. Allez-moi un retracement! Hou la la! C'est tanking! s'il vous plat s'il vous plat! Donnez-moi une chance d'tre court sur retracement! Fuck it-il ne se retirera pas et il a cass une cl faible! Je vais court! Putain de fils de pute! Laughing like a madman in front of my laptop! Have...
Lol - I have seen another version of that chart and have lost it somewhere. Good to have another copy - so true!
  • #10,809
  • Mar 19, 2017 5:35pm Mar 19, 2017 5:35pm
Who is taking the 10 trade challenge the week of MARCH 19, 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!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,810
  • Mar 19, 2017 5:37pm Mar 19, 2017 5:37pm
Quoting Alberto_Jazz
{quote} Hi TooSlow, how do you define the concept "get near"? How many pips is "get near", by your experience? Thank you! Alberto
Depends. LOL!
Could be 1, 5, 10.
Depends.

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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,811
  • Mar 20, 2017 3:35am Mar 20, 2017 3:35am
One for the Watch List...

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  • #10,812
  • Mar 20, 2017 4:18am Mar 20, 2017 4:18am
Another one to watch for either method...

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  • #10,813
  • Mar 20, 2017 6:58am Mar 20, 2017 6:58am
When your broker make sunday candle did you trading with this yesterday or "friday+sunday" ?
"The essence of Discipline is that there are no exceptions" - Jack Schwager
  • #10,814
  • Mar 20, 2017 6:58am Mar 20, 2017 6:58am
Quoting Panisko
When your broker make sunday candle did you trading with this yesterday or "friday+sunday" ?
If you broker makes a Sunday candle, you need to find another broker.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,815
  • Mar 20, 2017 7:01am Mar 20, 2017 7:01am
Quoting TooSlow
{quote} If you broker makes a Sunday candle, you need to find another broker.
I saw this today when more pairs have "above/below yesterday high/low".
"The essence of Discipline is that there are no exceptions" - Jack Schwager
  • #10,816
  • Mar 20, 2017 7:17am Mar 20, 2017 7:17am
Hello,
This was a good entry for my 10 trades challange unfortunately I had a busy morning and wasn't around to take it.

Regards
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  • #10,817
  • Mar 20, 2017 7:19am Mar 20, 2017 7:19am
Quoting dttsomh
Hello, This was a good entry for my 10 trades challange unfortunately I had a busy morning and wasn't around to take it. Regards {image}
The entry drawn on your chart is late!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,818
  • Mar 20, 2017 7:48am Mar 20, 2017 7:48am
Quoting TooSlow
The third line: Buy at the lowest H1 open after price goes down through it and comes back up. Price has to GO DOWN FIRST. Price has to GO BELOW the lowest H1 open. AFTER, price has dropped below the lowest H1 open, THEN AND ONLY THEN, do you enter a long trade when price rises back up to the lowest H1 open.
Oh I finally understand it now mr. T.
This would be the correct entry I assume now.

Did you take this trade?

Regards!
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  • #10,819
  • Mar 20, 2017 8:20am Mar 20, 2017 8:20am
Quoting dttsomh
{quote} Oh I finally understand it now mr. T. This would be the correct entry I assume now. Did you take this trade? Regards! {image}
Yes.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,820
  • Mar 20, 2017 8:34am Mar 20, 2017 8:34am
An ex-1-2-3 to watch for HOLO opportunities now...
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