hmmm… I prefer not to lubricate the little gray cells when trading, I would think that would be counterproductive. 
I stand corrected. He goes into a lot of detail on that thread but I’ll have to admit it’s been a while since I’ve read that thread. Still he should start his own new thread detailing his trading method if he really wants us to see how he does it.
I dont know who wrote the EA, I just googled “daily breakout ea” and got one simply for the purpose of backtesting. Yes this EA does produce consistent returns but the fack is none of the returns are any good, 900 pips net profit in 1.25 years? I was trying to find a good SL/TP so we could then work from there in developing this strategy.
Mike, how are you using S/R and pivots in this strategy? Are they TP points or are they entry points? Or something else? And glad to see you had a 50 pip winner 
S&R and pivots, Been plotting them on the charts while following Carter’s idea and also been hanging out with ICT on his blog.
haven’t actually used them with this daily hi low but it’s probably a good idea. And I believe you suggested it back a few pages ago. And since I’m off all this week this will be a good time to step back and take a good look at some things like that.
I’ve found S/R and pivots to be a major part of my trading, also don’t forget whole numbers like 1.5 or 1.49, just plot these on your charts and you’ll see how price bounces off them many times a week.
Hi Talon.
I like your ideas.
I am a complete beginner, but I have an idea which may help with your hi-lo system. Forgive me if it has already been mentioned, I have only read through about 2/3 of the thread.
You could have an order to open at the daily hi-lo with a tight s/l. This would cover you nicely if the price goes through the hi-lo and continues into positive territory.
To counter the retraces back into the daily range, you could have a second order to open at the same hi-lo that is [I]only activated if the first s/l is hit.[/I]
Therefore you have 2 chances to capture the move that you know happens ~80% of the time.
You could also open with multiple lots, with a first target of x pips which would always cover your trade to break even.
The second part of the lot could then be left to run for the big 50+ pip moves that often happen. This would be where most of your profit comes from.
Hope this makes sense!
Cheers. 
Hi guys, I am not trying to derail the thread but I have a question I asked in another sub-forum of BP and all my favorite smart people are currently posting in this one.
So if you might take a moment (when you can) to click the link and answer the following question, I’ll be your Super Best Friend:
[B]Best Indicator for gauging strength of any current trend?[/B]
Hi Prince. I’m not sure what is meant by ‘strength’ of a trend? I would say draw a line through it and picture a clock face. Pointed at 1:00 that’s strong. pointed at 2:00 medium strong. pointed at 3:00 weak.
That doesn’t really help does it?
50pips last night. I figure that will hit about half the time. We’ll see.
Mike, I think you should try trading in a way like the way ICT trades. Plot the pivots at 12am EST, plot the whole numbers, and plot the other S/R. At midnight check the new pivots. Look for an area where there are multiple forms of resistance, such as a pivot and a whole number. At 12am with the pivots you will have a good idea of where price will turn around at [I]should it reach that level[/I]. This will then allow you to set alerts near those areas (I look for one buy area and one sell area each day). You could even just place limit orders instead of alerts if youd like. Plot todays pivots and whole numbers on GBP/USD and look where it turned around at. My limit order got me in on time right at 1.51, notice the R2 pivot 9 pips away as well? Now place some recent fibs from the latest swing high to low and right on the 1.51 level is the 38.2 retracement (its actually 1.5102). This will help you trade around your schedule and may work better than the daily hi/lo breakout, or you could even trade both if youd like.
yeah, I’ve been hanging out at ICT’s blog site. and looking at those pivots. haven’t looked at fibs though. What I was thinking with this daily high low. is set my take profit based on the pivots and S&R rather than just a flat 20 or 50 or whatever.
Actually I think that works about exactly as well as the fancy ADX indicator I added to all my charts yesterday. :o
Ya that sounds like a good idea as well, From using this technique last week every major move happened off what I described earlier of two or more S/R in a close area (10 pips or less).
edit:
By doing the hilo breakout and setting the TP at the determined “top” or “bottom” this would allow you to catch the trend up to the reversal point and then catch the reversal for even more pips. Had you done this today you would have gotten ~78 on the breakout, then another 40-45 on the reversal so far.
Hi Fozzy
here’s my chart from last night. it’s a GBP/USD 15M chart. the grey box on the left outlines yesterday and the grey box on the right is today. The bottom orange line is yesterday’s high where I placed my order last night. The upper orange line is where it hit my take profit about 50 pips later.
I also did a sell off today’s high using ICT’s method or as close as I can come to it yet. I need to study it more!
Is/was the ICT a thread here in BP or just individual postings someplace? It doesn’t ring a bell although I have ringing in the ears!! d.
interesting idea. Today’s open is yesterday’s close so you would have to wait to see which way it goes but once in the grey zone trade it as it breaks out either way.
I wanted to be a doctor… but I didn’t have enough patience.
:D:D:D
There’s a thread here somewhere. locked I think. As someone cleverly put it. It was a drama bomb! LOL
I do like his ideas though. Along with others.
I find waiting to be the best part, its so easy lol. I simply set up what im gonna do for the next day at 12am Est and im done. Then I can go do whatever I want.
By the way Mike, Do you see the divergence on the 1H of the two pairs?
yep, I see that.
well, lets not get this high low thread too far off track if you don’t mind.
But I do have one question about that divergence. What is it about that divergence picture leads you to think they will go up and not down?
I don’t know, ICT uses the EUR as a LEADING indicator for GBPUSD. GBPUSD is at R2 pivot, 38.2 fib retracement, and the 1.51 psych level. Based on what ICT says GBPUSD should be dropping at least a little though it looks like it is going up on the higher TF. I don’t know where it is going for sure, I know where it will reverse direction though. If I had to guess id say GBPUSD will drop.
yeah I think some things point to GU going down but was wondering if anything about the divergence alone would indicate that. The angle of the two divergence lines for example.