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Highest Open / Lowest Open Trade

  • #10,901
  • Mar 21, 2017 9:38am Mar 21, 2017 9:38am
Quoting BroX
I see some people trade even when yesterday's high( low ) was broken. Is there any additional filters or rules we should follow when it happens? {quote} Okay, thanks
No, no additional ''filters''. Just a little bit of traders' knowledge and experience. As noted above earlier, step back and take a look around - at the bigger picture. What's happening on the H4 and / or Daily tf? Are we near a pivot-point (Daily, Weekly)? What is price action telling us? Have we just had a 1-2-3? What made price get to this extreme in the first place - was it news, or just normal trending?

All of these things an experienced trader does almost without thinking. That is why we say to be cautious in these situations at least at first as you learn the method.
  • #10,902
  • Mar 21, 2017 9:40am Mar 21, 2017 9:40am
Quoting Panisko
When we have for example lower open we can take only first signal? Because when I looking on charts the first is the most effective.
Not always.

Take as many as you can or as many as you dare. Read the price-action around the level. Go through your check-list. Pull the trigger...or not. Your call.
  • #10,903
  • Mar 21, 2017 9:43am Mar 21, 2017 9:43am
Quoting Piphunter00
{image} is this situation valid? haven't taken it, just trying to train the eye
Go through your checklist and post your conclusions.

These marked are the points you should be considering at the top of your list...

Attached Image (click to enlarge)
Click to Enlarge Name: InkedGBPUSDM5infoforpiphunter21stMarch17_LI.jpg Size: 473 KB
  • #10,904
  • Mar 21, 2017 9:47am Mar 21, 2017 9:47am
Quoting lemercenaire
{quote} Go through your checklist and post your conclusions. These marked are the points you should be considering at the top of your list... {image}
thank you for the correction. i was paying too much attention to the current bar not being a breakout bar and didn't realize the previous one was.
  • #10,905
  • Mar 21, 2017 10:04am Mar 21, 2017 10:04am
Quoting lemercenaire
{quote} No, no additional ''filters''. Just a little bit of traders' knowledge and experience. As noted above earlier, step back and take a look around - at the bigger picture. What's happening on the H4 and / or Daily tf? Are we near a pivot-point (Daily, Weekly)? What is price action telling us? Have we just had a 1-2-3? What made price get to this extreme in the first place - was it news, or just normal trending? All of these things an experienced trader does almost without thinking. That is why we say to be cautious in these situations at least...
So, if price did not break yesterday's high (low) we trade only following rules established in first post. When price breaks it we should also look at price action near these levels. and Higher Time frame picture. Right?
  • #10,906
  • Mar 21, 2017 10:21am Mar 21, 2017 10:21am
Quoting BroX
{quote} So, if price did not break yesterday's high (low) we trade only following rules established in first post. When price breaks it we should also look at price action near these levels. and Higher Time frame picture. Right?
Read some MichaelG
https://www.forexfactory.com/showthr...58#post9007658
every Saint has a past. Every Sinner has a Future
  • #10,907
  • Mar 21, 2017 11:01am Mar 21, 2017 11:01am
Quoting BroX
{quote} So, if price did not break yesterday's high (low) we trade only following rules established in first post. When price breaks it we should also look at price action near these levels. and Higher Time frame picture. Right?
If in doubt, when learning the method, run exactly as per the rules.

Once you feel comfortable with it, genuinely understand what you are doing and why, then you can move onto pushing the envelope as well.
  • #10,908
  • Mar 21, 2017 12:23pm Mar 21, 2017 12:23pm
Quoting samsha786
@TooSlow would you be against me writing an EA for this and sharing the mq4 code?
Have you read the entire thread?
Starting with POST #1?
Others have written EAs.
Check the attachments.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,909
  • Mar 22, 2017 12:31am Mar 22, 2017 12:31am
Early start.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM15asHOLOearlybird22ndMarch17.png Size: 35 KB



Hopefully this set-up will give us a few more opportunities through the day. Major up-trend overall though - so bear that in mind.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDH1asHOLOoverview22ndMarch17.png Size: 26 KB
  • #10,910
  • Mar 22, 2017 12:36am Mar 22, 2017 12:36am
Quoting TooSlow
{quote} Have you read the entire thread? Starting with POST #1? Others have written EAs. Check the attachments.
quick question sensei, is the trade more favourable when it happens very close in time? as opposed to say... setting a lower open at 9:00 and we come back and revisit that level lyk 5 hours later?
  • #10,911
  • Mar 22, 2017 12:45am Mar 22, 2017 12:45am
Quoting lemercenaire
Early start. {image} Hopefully this set-up will give us a few more opportunities through the day. Major up-trend overall though - so bear that in mind. {image}
Trying to work out when you sleep is almost as tricky as trying to work out the markets!
  • #10,912
  • Mar 22, 2017 12:55am Mar 22, 2017 12:55am
Quoting Piphunter00
{quote} quick question sensei, is the trade more favourable when it happens very close in time? as opposed to say... setting a lower open at 9:00 and we come back and revisit that level lyk 5 hours later?
There is no real hard-and-fast rule but a market that has taken 5 hrs to revisit a level has either (a) been bumbling along in a range all day, or (b) dropped all the way down and climbed all the way back. I'd prefer the former to the latter, as I'd reckon I'd be more likely to get a reverse, whereas the second could be a blow-through. However I would have no problems considering either, just - as always - consider your surroundings.
  • #10,913
  • Mar 22, 2017 12:55am Mar 22, 2017 12:55am
Quoting Pent56
{quote} Trying to work out when you sleep is almost as tricky as trying to work out the markets!
Sleep is overrated ...
  • #10,914
  • Mar 22, 2017 1:03am Mar 22, 2017 1:03am
Thought we might be about to get something here but price bounced without any m15 or m5 candle opening in the Area of Interest...

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1asHOLObutbouncednoopen22ndMarch17.png Size: 27 KB


I'd keep an eye on it for a return journey if it gets back up there and it's a similar look as that of the AG, with the same caveats.
  • #10,915
  • Mar 22, 2017 1:08am Mar 22, 2017 1:08am
Quoting lemercenaire
Thought we might be about to get something here but price bounced without any m15 or m5 candle opening in the Area of Interest... {image} I'd keep an eye on it for a return journey if it gets back up there and it's a similar look as that of the AG, with the same caveats.
had my eye on this too. thank you for your response to my other question aswell much appreciated
  • #10,916
  • Mar 22, 2017 1:25am Mar 22, 2017 1:25am
A few of these looks around today at the moment, inc UC...

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH1asHOLOposs22ndMarch17.png Size: 30 KB


Others include, GJ, EJ and EA.

As always, be careful with these set-ups that are in a narrow range and with shallow Areas of Interest. Lock in your profits quickly and take what the moves give you. The possibility of a decisive move one way or another is high, especially as the US Open gets closer as the day moves on.
  • #10,917
  • Mar 22, 2017 1:31am Mar 22, 2017 1:31am
Quoting lemercenaire
A few of these looks around today at the moment, inc UC... {image} Others include, GJ, EJ and EA. As always, be careful with these set-ups that are in a narrow range and with shallow Areas of Interest. Lock in your profits quickly and take what the moves give you. The possibility of a decisive move one way or another is high, especially as the US Open gets closer as the day moves on.
do you have any vague rule of what you consider a small area of interest to be careful about? like the lower open in cable that's 5 pips? as opposed to the upper level where we have 15 pips
  • #10,918
  • Mar 22, 2017 1:33am Mar 22, 2017 1:33am
Don't know if this is pushing one's luck but here's a heads-up anyway...

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDH1asHOLOheads-up22ndMarch17.png Size: 26 KB
  • #10,919
  • Mar 22, 2017 1:36am Mar 22, 2017 1:36am
Quoting Piphunter00
{quote} do you have any vague rule of what you consider a small area of interest to be careful about? like the lower open in cable that's 5 pips? as opposed to the upper level where we have 15 pips
Yeah, anything less than 15 pips I consider ''small''. Just by watching how much movement you can get in one average 15-min candle will show you that if you were to place your stop at the outer level of any of these small areas, then you'd be stopped out all day long. It is kind of ''gut'' feeling though, no hard-and-fast rule, I'm afraid.
  • #10,920
  • Mar 22, 2017 1:38am Mar 22, 2017 1:38am
Quoting lemercenaire
Don't know if this is pushing one's luck but here's a heads-up anyway... {image}
Nope - BreakOut...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDH1andwehaveaBreakOut-HOLOnomore22ndmarch17.png Size: 26 KB


Ah well, Rule #5...
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