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Highest Open / Lowest Open Trade

  • #11,261
  • Apr 17, 2017 6:33am Apr 17, 2017 6:33am
Shorted GBP/USD, +1 pips(Counted the price that barely didn't hit +5 as it hit it, so I moved it to +1). Is this spread too large to be trading with this strategy because it seems huge compared to the Sl and TP levels. If so, what brokers would you recommend with low spread that have a demo account. You can also say them if they don't have demo, so I can use it after I switch to real account.
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  • #11,262
  • Apr 17, 2017 8:29am Apr 17, 2017 8:29am
Quoting BatuhanU
Shorted GBP/USD, +1 pips(Counted the price that barely didn't hit +5 as it hit it, so I moved it to +1). Is this spread too large to be trading with this strategy because it seems huge compared to the Sl and TP levels. If so, what brokers would you recommend with low spread that have a demo account. You can also say them if they don't have demo, so I can use it after I switch to real account. {image}
The spread is huge because you are trading on Easter Monday! It's a bank holiday, guys. Why are you trading?
  • #11,263
  • Apr 17, 2017 8:40am Apr 17, 2017 8:40am
That explains it Wasn't aware that it was Easter Monday as we don't have it where I live
  • #11,264
  • Apr 17, 2017 8:47am Apr 17, 2017 8:47am
Quoting BatuhanU
That explains it Wasn't aware that it was Easter Monday as we don't have it where I live
Everyday must check economic calendar
"The essence of Discipline is that there are no exceptions" - Jack Schwager
  • #11,265
  • Apr 18, 2017 4:08am Apr 18, 2017 4:08am
Beautiful start of the day
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"The essence of Discipline is that there are no exceptions" - Jack Schwager
  • #11,266
  • Apr 18, 2017 5:28am Apr 18, 2017 5:28am
Quoting Panisko
Beautiful start of the day {image}
Thank Ms. May for that one
  • #11,267
  • Apr 18, 2017 11:43am Apr 18, 2017 11:43am
+10 pips AUD/USD
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  • #11,268
  • Apr 18, 2017 12:16pm Apr 18, 2017 12:16pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,269
  • Apr 18, 2017 4:28pm Apr 18, 2017 4:28pm
Do most of you guys come check the chart every hour or how often or how long per day on average do you guys spend looking for these trades. I think I am going to start up on the one pair one week challenge for EURUSD but want to know how often to check for a valid set up.
  • #11,270
  • Apr 19, 2017 1:33am Apr 19, 2017 1:33am
Good morning, is this valid entry? Took it in demo. Trigger was 15min chart, the 5-20pips TP/SL are expert's default settings (changed those by hand later)
Trade closed at 5pips (6.5 including commissions), when price "retraced".
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  • #11,271
  • Edited 3:58am Apr 19, 2017 3:00am | Edited 3:58am
Quoting Skurgent
Do most of you guys come check the chart every hour or how often or how long per day on average do you guys spend looking for these trades. I think I am going to start up on the one pair one week challenge for EURUSD but want to know how often to check for a valid set up.
I'm trading multiple methods and so will have a general idea of how price is behaving across the board. You can do a quick check and tell if a set-up is likely any time soon.

A good thing to watch for is price making a new extreme - and running a 1-2-3 excepted, you can then be waiting for a retrace and a possible HOLO set-up after that.

EDIT: I do realise that operating around price as it makes new extremes is not for everyone - and you obviously also have the option of finding a steady, ranging, market. This will give you multiple opportunities, though not necessarily the longest running trades. Horses for courses.
  • #11,272
  • Apr 19, 2017 3:03am Apr 19, 2017 3:03am
Quoting forex_dimi
Good morning, is this valid entry? Took it in demo. Trigger was 15min chart, the 5-20pips TP/SL are expert's default settings (changed those by hand later) Trade closed at 5pips (6.5 including commissions), when price "retraced". {image} {image}
Looks good to me - but hey, don't take my word for it, or anybody's word for it for that matter. Run your checklist. Does the trade tick all the right boxes? Yes? Then it's a valid entry.
  • #11,273
  • Apr 20, 2017 12:49am Apr 20, 2017 12:49am
1 trade in gj in the morning (before Frankfurt open). I didnt even got pic when took the trade. Shorted gj at 50 with 1st target at 44. When price moved tried to move my tp, but wasnt as quick as the market and trade closed. (I believe that trade would have closed when price retraced later)
Didn't take the trade at the hammer, because hadn't opened the pc that time.
Edit. This was a wrong trade. The actual one might have been at 37-38 (not so sure).
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  • #11,274
  • Apr 20, 2017 4:34am Apr 20, 2017 4:34am
Late entry but still good and in profit
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"The essence of Discipline is that there are no exceptions" - Jack Schwager
  • #11,275
  • Apr 20, 2017 9:57am Apr 20, 2017 9:57am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,276
  • Apr 20, 2017 10:25am Apr 20, 2017 10:25am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,277
  • Apr 20, 2017 10:25am Apr 20, 2017 10:25am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,278
  • Apr 20, 2017 10:26am Apr 20, 2017 10:26am
Quoting Panisko
Late entry but still good and in profit {image}
Please see Rule #2
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #11,279
  • Apr 20, 2017 10:31am Apr 20, 2017 10:31am
Quoting TooSlow
{quote} Please see Rule #2
Did you make entries from sell/buy stop? or trigger from finger ?
"The essence of Discipline is that there are no exceptions" - Jack Schwager
  • #11,280
  • Apr 20, 2017 11:01am Apr 20, 2017 11:01am
Quoting Panisko
{quote} Did you make entries from sell/buy stop? or trigger from finger ?
Doesn't matter.
Do what works for you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
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