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Highest Open / Lowest Open Trade

  • #10,861
  • Mar 21, 2017 5:43am Mar 21, 2017 5:43am
Quoting Piphunter00
{quote} thank you for your response. so is the only invalidating factor here the fact that it occurred while the market was essentially in breakout mode? I'm more confused about the situation around an m5 or m15 opening above/below. because in both these pictures I have posted the market has printed an m5 open above & below these h1 open levels but you said that actually didn't happen. I'm confused as to if it has to happen in the next hour? I actually haven't payed any attention to anything on the thread apart from what TooSlow has posted tbh....
''...so is the only invalidating factor here the fact that it occurred while the market was essentially in breakout mode?''
Yes.

'' ...in both these pictures I have posted the market has printed an m5 open above & below these h1 open levels...''
That may or may not be the case, however, you have to look at this like a check-list and not move on if one of the conditions on that list have not been met. Hence, if you look and see that the H1 candle is a BreakOut candle, then don't even bother to look at the lower time-frames, as the fact that it is an H1 BreakOut candle means you go no further.

Simply wait until later, as if you have had a BreakOut set-up (and leaving the 1-2-3 option out of it), then you will in all likelihood have a potential HOLO opportunity later in the day (assuming it doesn't reverse the BO move immediately and completely).
  • #10,862
  • Mar 21, 2017 5:49am Mar 21, 2017 5:49am
Quoting lemercenaire
{quote} ''...so is the only invalidating factor here the fact that it occurred while the market was essentially in breakout mode?'' Yes. '' ...in both these pictures I have posted the market has printed an m5 open above & below these h1 open levels...'' That may or may not be the case, however, you have to look at this like a check-list and not move on if one of the conditions on that list have not been met. Hence, if you look and see that the H1 candle is a BreakOut candle, then don't even bother to look at the lower time-frames, as the...
thank you this makes perfect sense. I just wanted to clarify I wasn't seeing things completely backwards in terms of if we did get a print or not lol so yes I wont pay attention to lower TF opens if we are in breakout mode. sorry if I'm being a pest but I'm running into a lot of confusion trying to break down the 1-2-3 aswell lol! is the high or low of the h1 candle just any candle that has printed higher than the pervious?
  • #10,863
  • Mar 21, 2017 5:52am Mar 21, 2017 5:52am
Quoting Piphunter00
{quote} {image} heres where ive become confused about this. at 9:00 (my brokers time) was the lower open, couple candles after that we set an extreme then we had a m5 open and trade above that 9:00 open. or does it have to occur in the following hour? I ran into this confusion when initially reading the rules but I thought I had It figured please help. I know all of this is so simplistic but I'm finding it hard with the explanations provided. or isit because the extreme was not set by the candle that contained the lower open we were interested in?...
Hi,
A bit late and Lermicenaire has already posted your answers but I made a couple of notes on your chart. Disclaimer - I am still very new to this so this is helping me to double check the rules etc!

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  • #10,864
  • Mar 21, 2017 5:53am Mar 21, 2017 5:53am
Quoting Pent56
{quote} Hi, A bit late and Lermicenaire has already posted your answers but I made a couple of notes on your chart. Disclaimer - I am still very new to this so this is helping me to double check the rules etc! {image}
you are a god send all of you! thank you for your time
  • #10,865
  • Mar 21, 2017 5:56am Mar 21, 2017 5:56am
Quoting Piphunter00
{quote} thank you this makes perfect sense. I just wanted to clarify I wasn't seeing things completely backwards in terms of if we did get a print or not lol so yes I wont pay attention to lower TF opens if we are in breakout mode. sorry if I'm being a pest but I'm running into a lot of confusion trying to break down the 1-2-3 aswell lol! is the high or low of the h1 candle just any candle that has printed higher than the pervious?
Cool - glad we're getting there! Asking good and valid questions is not being a pest.

'' ...is the high or low of the h1 candle just any candle that has printed higher than the pervious?''
On 1-2-3? No, the new High or Low has to be the Highest or Lowest of the day.

I would suggest getting one method down pat first before moving back and forward as it is easy to become confused when things are moving quickly.
  • #10,866
  • Mar 21, 2017 5:57am Mar 21, 2017 5:57am
Quoting Pent56
{quote} Hi, A bit late and Lermicenaire has already posted your answers but I made a couple of notes on your chart. Disclaimer - I am still very new to this so this is helping me to double check the rules etc! {image}
Spot on.
  • #10,867
  • Mar 21, 2017 5:59am Mar 21, 2017 5:59am
Quoting lemercenaire
{quote} Spot on.
so in situations like the one unfolding now in the cable. for the market to be considered out of breakout mode we would need another h1 candle to open and close without taking out the high of the previous candle? then from there just stalk a setup from whatever level ends up being the highest open?
  • #10,868
  • Mar 21, 2017 6:03am Mar 21, 2017 6:03am
Quoting Piphunter00
{quote} so in situations like the one unfolding now in the cable. for the market to be considered out of breakout mode we would need another h1 candle to open and close without taking out the high of the previous candle? then from there just stalk a setup from whatever level ends up being the highest open?
For me, I am running this as a 1-2-3 for now but it will likely give HOLO later, yes.

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  • #10,869
  • Edited 7:21am Mar 21, 2017 7:09am | Edited 7:21am
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holo?
  • #10,870
  • Mar 21, 2017 7:22am Mar 21, 2017 7:22am
Quoting Piphunter00
{image} holo?
HOLO!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,871
  • Mar 21, 2017 7:23am Mar 21, 2017 7:23am
Quoting Piphunter00
{image} holo?
For me it's perfect but you have above yesterday high so it's more risky
"The essence of Discipline is that there are no exceptions" - Jack Schwager
  • #10,872
  • Mar 21, 2017 7:32am Mar 21, 2017 7:32am
Quoting TooSlow
{quote} HOLO!
took 2R on the trade, awesome! ended up dropping lower but there was enough there for a 2R and i didn't have to worry about if we'd make a LL on the 5m structure. will keep trucking along for the 10 trade challenge following the plan seamlessly as I can.

and yes I understand it was above yesterdays high, but the pound traded above its D1 ATR which is always a good spot for mean reversion, plus the behaviour in how the move happened was very sharp and quick. moves like this very often retrace to some degree and the risk reward was there. course its not a trade you'd want to run till the end of the rainbow but it was a sensible setup in my eyes thanks everyone for your help I will report back my full results after the challenge
  • #10,873
  • Mar 21, 2017 7:36am Mar 21, 2017 7:36am
Circle/s marks the spot

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  • #10,874
  • Mar 21, 2017 8:11am Mar 21, 2017 8:11am
Quoting Panisko
{quote} For me it's perfect but you have above yesterday high so it's more risky
Exactly right. That positioning of the trade is all part of the decision-making process as to which pair do we trade. If price is way out at the extremes, you should be cautious.

What I would say however, is that in this situation where there has been such a huge single move, it is likely that we will get a pull-back, even if it is only a small one before continuing on, so that can work in our favour.
  • #10,875
  • Mar 21, 2017 8:15am Mar 21, 2017 8:15am
Quoting Piphunter00
{quote} took 2R on the trade, awesome! ended up dropping lower but there was enough there for a 2R and i didn't have to worry about if we'd make a LL on the 5m structure. will keep trucking along for the 10 trade challenge following the plan seamlessly as I can. and yes I understand it was above yesterdays high, but the pound traded above its D1 ATR which is always a good spot for mean reversion, plus the behaviour in how the move happened was very sharp and quick. moves like this very often retrace to some degree and the risk reward was there....
Well done! How satisfying was that?! Also how gratifying does it feel that you made your own, reasoned, call with all the information you had to hand, instead of relying on someone else to tell you when to pull the trigger? This is why I follow TS' lead here and we instruct but don't spoon-feed.

Well done again - now forget about it and get on to the next one .
  • #10,876
  • Mar 21, 2017 8:20am Mar 21, 2017 8:20am
Quoting lemercenaire
{quote} Well done! How satisfying was that?! Also how gratifying does it feel that you made your own, reasoned, call with all the information you had to hand, instead of relying on someone else to tell you when to pull the trigger? This is why I follow TS' lead here and we instruct but don't spoon-feed. Well done again - now forget about it and get on to the next one .
it was great, so easy to follow. simplicity of it is what makes this so powerful, that's why i was drawn to this thread. leaves more CPU in the human brain to think about what matters. exits and trade management

doubt there will be another trade today if i am to stick the same pair so i guess I'm done for the day lol!

would any of you guys say that when trading this method properly watching multiple markets is more efficient/effective to the bottom line or is there decent trade frequency on just one pair?
  • #10,877
  • Mar 21, 2017 8:21am Mar 21, 2017 8:21am
Had to go away on a trip last week and another day didn't provide any set ups, so continuing with 10 Trade Challenge this week.

First trade of the week below. I had the wrong profile set up in my trade manager, which is why partial profits are showing. Had I been using the 10 trade challenge rules it would netted me 15 pips, so a good start to the week.

10 Trade Challenge EURJPY

Trade #5 = +15
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  • #10,878
  • Mar 21, 2017 8:49am Mar 21, 2017 8:49am
Quoting Trekker
Had to go away on a trip last week and another day didn't provide any set ups, so continuing with 10 Trade Challenge this week. First trade of the week below. I had the wrong profile set up in my trade manager, which is why partial profits are showing. Had I been using the 10 trade challenge rules it would netted me 15 pips, so a good start to the week. 10 Trade Challenge EURJPY Trade #5 = +15 {image}
Welcome back - pain in the neck when real life gets in the way of trading, isn't it, lol.
  • #10,879
  • Mar 21, 2017 8:52am Mar 21, 2017 8:52am
Hello to everyone! I have made a challenge for myself. I should do 200 trades on demo and every trade I will post here. And I would like you all who trade this method for a long time, check my trades and point out on mistakes. Starting today Good trades to all!
  • #10,880
  • Mar 21, 2017 8:54am Mar 21, 2017 8:54am
Quoting Piphunter00
{quote} it was great, so easy to follow. simplicity of it is what makes this so powerful, that's why i was drawn to this thread. leaves more CPU in the human brain to think about what matters. exits and trade management doubt there will be another trade today if i am to stick the same pair so i guess I'm done for the day lol! would any of you guys say that when trading this method properly watching multiple markets is more efficient/effective to the bottom line or is there decent trade frequency on just one pair?
If you get to the end of your challenge and are happy with how it's gone with the pair you used, then keep that one and start to look for similar characteristics on another couple of pairs. You could do worse than check out posts #9895 and especially make note of the conclusions shared on the following #9896. Good place to start your search .
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