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Highest Open / Lowest Open Trade

  • #11,121
  • Mar 31, 2017 5:18pm Mar 31, 2017 5:18pm
Quoting TooSlow
{quote} That's not what I said. That's not what I meant. You asked if I tried it with futures. I replied No futures. Only forex.
Lol. I did wonder, as I've found HOLO and 1-2-3 work REALLY well with those markets!
  • #11,122
  • Mar 31, 2017 5:54pm Mar 31, 2017 5:54pm
Quoting lemercenaire
{quote} Lol. I did wonder, as I've found HOLO and 1-2-3 work REALLY well with those markets!
I should say, that one of the main aspects you need to be aware of when trading these markets with HOLO and 1-2-3, is the way that price will gap. This means that often you will not get a candle (m5 or m15) opening in the Area Of Interest but instead have price open dead on the trigger level or simply wick in and straight back out again.

Price can move REALLY fast in this world.

As such, you will have to adjust your entry criteria, using "dipping" techniques and the futures / indices markets are not really for those new to the game.
  • #11,123
  • Mar 31, 2017 6:44pm Mar 31, 2017 6:44pm
Quoting lemercenaire
{quote} I should say, that one of the main aspects you need to be aware of when trading these markets with HOLO and 1-2-3, is the way that price will gap. This means that often you will not get a candle (m5 or m15) opening in the Area Of Interest but instead have price open dead on the trigger level or simply wick in and straight back out again. Price can move REALLY fast in this world. As such, you will have to adjust your entry criteria, using "dipping" techniques and the futures / indices markets are not really for those new to the game.
I was actually going to ask how you guys deal with entries when you get a higher/lower open. Would you open a trade when it wicks in or just follow the proper entry technique. I have found that many times price will open and then reverse immediately.
  • #11,124
  • Edited 8:18pm Mar 31, 2017 7:39pm | Edited 8:18pm
Quoting PipTrek
{quote} I was actually going to ask how you guys deal with entries when you get a higher/lower open. Would you open a trade when it wicks in or just follow the proper entry technique. I have found that many times price will open and then reverse immediately.

I had one of those today. Left it alone anyway, had three positions running already.

Weekend is here. Checking out some rivers tomorrow for a little fly fishing when the season opens.

Attached Image (click to enlarge)
Click to Enlarge Name: Cigar 3.jpg Size: 103 KB
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #11,125
  • Apr 1, 2017 7:30pm Apr 1, 2017 7:30pm
Who is taking the 10 trade challenge the week of April 2, 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
  • #11,126
  • Apr 2, 2017 6:54am Apr 2, 2017 6:54am
Quoting TooSlow
{quote} That's not what I said. That's not what I meant. You asked if I tried it with futures. I replied No futures. Only forex.
I misunderstood you, then im going to continue to test it on futures for a while
  • #11,127
  • Apr 2, 2017 7:15am Apr 2, 2017 7:15am
Having fun with the market replay today, i lost 10 pips on this one, the 6B contract is the equivelent of the gbp/usd, was it a right trade to take?

Attached Image (click to enlarge)
Click to Enlarge Name: 6B 06-17 (60 Minute) 2017_03_14.png Size: 70 KB


And heres just a bigger view of the chart....

Attached Image (click to enlarge)
Click to Enlarge Name: 6B 06-17 (60 Minute) 2017_03_15.png Size: 43 KB
  • #11,128
  • Apr 2, 2017 12:00pm Apr 2, 2017 12:00pm
Quoting PipTrek
{quote} I was actually going to ask how you guys deal with entries when you get a higher/lower open. Would you open a trade when it wicks in or just follow the proper entry technique. I have found that many times price will open and then reverse immediately.
On "normal" FX 99% of the time, follow the entry rules. Only exception would usually be if price just touches the line and that's a "bending" of the rules.

The point about entering on a wick in-and-out or a gapped move ONLY applies to the futures / indices markets where that behaviour is normal and price behaves differently.
  • #11,129
  • Edited 12:20pm Apr 2, 2017 12:03pm | Edited 12:20pm
Ive got some results from my backtesting this afternoon to post, also it would be great if i could get some feedback on 1 other loss i experienced to see if it was a correct trade or not, it was on the 6E contract (eur/usd)

Attached Image (click to enlarge)
Click to Enlarge Name: 6B 06-17 (60 Minute) 2017_03_14.png Size: 73 KB


A bigger view....

Attached Image (click to enlarge)
Click to Enlarge Name: 6E 06-17 (60 Minute) 2017_03_30.png Size: 64 KB


And my smaller timeframe tick chart i use for entrys

Attached Image (click to enlarge)
Click to Enlarge Name: 6E 06-17 (233 Tick) 2017_03_27.png Size: 63 KB
  • #11,130
  • Edited 5:22pm Apr 2, 2017 12:10pm | Edited 5:22pm
So this afternoon i downloaded some market data for the 6E (eur/usd) and 6B (gbp/usd) contracts and tested 2 weeks in march. All trades were taken between 7am and 12pm EST

13th 1 (4 trades )
14th -1 (2 trades eur)
15th 0 (no trades)
16th 4 (4 trades)
17th 12 (2 trades)

week 1 Total 16 points (12 trades)

20th 7 (3 trades)
21st (no trades)
22nd 28 (3 trades)
23rd 7 (3 trades)
24th -8 (5 trades)

Week 2 total (34 points (14 trades)

Obviously 2 weeks and 26 trades is nothing for me to base long term profit from but wow im really stoked about this, looking forward to the week ahead
  • #11,131
  • Apr 2, 2017 7:43pm Apr 2, 2017 7:43pm
New week. Green pips to all!
I realized I forgot to post my results from last week.

Total Trades - 30
ITM (8 BE+1) - 23
OTM - 7
77%
Total pips 87

Pretty happy with those numbers for a first week at a new strategy.
  • #11,132
  • Apr 2, 2017 7:52pm Apr 2, 2017 7:52pm
Thought I would share some useful information:

  1. Based on 7 years backtesting of EURUSD, it is best to start trading this pair only when the London session opens.
  2. I will do similar tests for other pairs - I believe knowing this information will lead to more successful trading.

  • #11,133
  • Apr 3, 2017 1:23am Apr 3, 2017 1:23am
Another observation:

  1. Price tends to revisit the high and low of the day, so if your stop is at the high or low, it will be triggered and your trades ends in a loss - only to see price reverse shortly afterwards.
  2. I found that by moving your stop by 1 pip above the high or below the low, you end up with more successful trades.

  • #11,134
  • Apr 3, 2017 3:56am Apr 3, 2017 3:56am
Quoting samsha786
Thought I would share some useful information: Based on 7 years backtesting of EURUSD, it is best to start trading this pair only when the London session opens. I will do similar tests for other pairs - I believe knowing this information will lead to more successful trading.
Which when you take a moment to think about it, makes perfect sense.

You'll find the same is true for the JPY pairs in the US session and Asian, as well as USDCAD which tops-and-tails the day as it is correlated to OIL and moves when that market opens.
  • #11,135
  • Apr 3, 2017 3:58am Apr 3, 2017 3:58am
Quoting samsha786
Another observation: Price tends to revisit the high and low of the day, so if your stop is at the high or low, it will be triggered and your trades ends in a loss - only to see price reverse shortly afterwards. I found that by moving your stop by 1 pip above the high or below the low, you end up with more successful trades.
Never make your sl the exact point of any other level. Always shift it away. I move it at least 3 pips, never on a fib line / support or resistance / pivot. Always remember the H4 levels as well.
  • #11,136
  • Apr 3, 2017 4:47am Apr 3, 2017 4:47am
Might be some opportunities here, though keep an eye on the approaching US Open...

Attached Image (click to enlarge)
Click to Enlarge Name: .US500CashH1couldbeaniceopoasHOLO3rdmarch17.png Size: 36 KB
  • #11,137
  • Apr 3, 2017 5:03am Apr 3, 2017 5:03am
TS would have been all over this one if he'd been awake, lol...

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYM15TSalloverthis3rdMarch17.png Size: 34 KB
  • #11,138
  • Apr 3, 2017 5:06am Apr 3, 2017 5:06am
Quoting lemercenaire
Might be some opportunities here, though keep an eye on the approaching US Open... {image}
Well, there's an example of that weird behaviour I was talking about...

Attached Image (click to enlarge)
Click to Enlarge Name: .US500CashM15asHOLOandthatweirdbehaviour3rdmarch17.png Size: 31 KB


Attached Image (click to enlarge)
Click to Enlarge Name: .US500CashM5asHOLOandthatweirdbehaviour3rdMarch17.png Size: 29 KB
  • #11,139
  • Apr 3, 2017 5:56am Apr 3, 2017 5:56am
Anyone using USD pairs remember there's red news this afternoon.
  • #11,140
  • Apr 3, 2017 6:31am Apr 3, 2017 6:31am
Attached Image (click to enlarge)
Click to Enlarge Name: US500H1asHOLOsetup3rdMarch17.png Size: 34 KB


Careful about the US Open coming up though - and also that red news I mentioned earlier.
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