Thanks Ray-1, I need to brush up on candle stick patterns. A little rusty on those.
Today is a good illustration of the problem I have with this trade idea. My buy got triggered. Then my stop loss got triggered. Then price soard up well above my take profit. So being able to actively manage the trade and also getting the right stops is what makes it or breaks it. !
like r carter says, a new daily candle will retest the high/low of the previous. maybe its best to let the new day unfold some before entering a trade, let it retest and then when it starting moving enter? i know its alot harder to do when were placing pending orders though 
btw where is r carter? taking another vacation again?
Good point. I don’t really like using pending orders but it’s easier for me. Easier is not always best though.
Havn’t heard from R.C. lately. Maybe he’s busy moving? Heard he was headed to the South of France.
Please post a chart showing entry, SL and TP.
ya i heard he was moving too just didnt know when. as for the system is there another form of breakout we could use? that or place the entry higher then simply 1 pip (or lower) maybe 10 pips above? just suggestions 
TalonD
have you looked at price box options I am looking at them as a way to trade MMTT set and forget. I think it might work here to. No stops:D
You have good data that would suggest a win rate the trick is you need to be at the screen to draw the box when the price crosses your line. I have no idea what the payout of a box would be but if you caught price breaking a line it would be easy to draw a few to see the payout and then calculate the R/R over time with your data. You could set MT4 to send you a text when price got close to a line put it on about 20 pairs when you got an alarm start up your broker platform and put in your boxes. Sangreal or what… well it depends if the payout overcomes the box costs over time.
Check out your brokers platform documentation for box options if you are unfamiliar.
I am not familiar with the term “price box options”. Where can I learn?
I think Oanda is the only broker that offers a price box. check out the Oanda platform documentation on there site. I am not sure if other brokers offer this or if its really useful. Just brainstorming trying to think outside the box so to speak.
I was out tonight and just got back and it’s late so just popped in for a quick look. There’s some interesting posts I need to roll around in my head.
My order today that got triggered was a buy at yesterday’s high. TP was 20 SL was 40. Reverse Money Management I know but reasoning is if win rate is high enough then it would over come a revers MM. This isn’t something I’ve analyzed, just thought I’d try it a few times until I get time to put more brain power on it.
Sorry if that’s not a good detailed answer for tonight. I’ll have more time tomorrow.
Here’s a quick picture of today
the yellow line is yesterday’s high. On the far left you’ll see where price peeked above the line today and triggered my buy. but then you can see it dropped after that taking out my stop. Only to soar way up above the line later on.
Hi Talon,
What other pairs are you using besides cable?
Thanks!
once thing i read online that was related to this very closely mentioned 50 pip TP and 30 SL
Only looked at GBP/USD so far. Downloaded some other pairs data earlier today but haven’t had a chance to look at it. Posted today’s chart a couple posts back.
That’s it for tonight. got to go.
Originally Posted by TalonD View Post
That’s my question also. That’s where I’m lacking. I’m looking at a break of 1 day high low rather than two, but that’s the easy part.
If you are thinking of trading the break of daily HiLo more or less set & forget you might be better off trading it to the inside.
Simply flip the concept on it’s head.
What’s actually happening if price makes higher highs & lower lows?
Get out of that little box in your head. And don’t give me this trend nonsense. 
Those first few positive pips are critical, IMHO. If price doesn’t “explode” and take my trade deep into positive territory, I move stop up to entry + 2. Sometimes, I get stopped out and then price explodes. I am OK with that. Just like your experience today, another entry comes along.
Price makes a new high and reverses or price makes a new low and reverses. That happens each and every day.
Chart shows the travels of price over the last 24 H1 bars. Magenta line is from highest to lowest. Orange line from lowest to low of current candle. Green line from open 24 bars ago to current price.
Price is up from the lowest point and down from the highest. Is there a “trend”? :eek: 
TalonD,
Thank you for bringing this thread and it makes interesting learning. I am not sure to what extent this analysis is going to help you. However, let me contribute something here based on your chart. I would pay more attention to candle stick formations especially at areas of expected support/resistance like yesterday’s hi/lo. You used 15m chart. I used 1 h chart and this is what i see ! Two Gravestone Dojis in succession both closing below yesterday’s high with considerable upper wicks signalling signs of good selling pressure. Coming from a good uptrend, the first doji should have alarm bells ringing while the second one almost confirmed this trade is going against you (These are reversing patterns). This might have helped you to cut short your losses. Ofcourse, it is so easy to say things after it happened like what i did just now. However, I hope we can keep such things in mind when we trade tomorrow. I wish you all the best in your trades.
Regards,
Muthu.
Chennai.
India.
This is how Euro looked today based on hi lo analysis. A more powerful reversing pattern happened right near previous day’s high. The Evening Star ! The middle candle of this 3 candle formation is a Grave stone doji and the whole pattern of evening star showed strong reversing signs and all those traders who shorted after this pattern had pips raining on them. However, if we traded long at the break of prev day’s high, the doji and the combination of these 3 candles should have made us alert. Just my thoughts !
Regards,
Muthu.
Chennai.
India.
Remember price forms the pattern, it does not follow it.
Price forms the pattern and people follow it. When people follow the pattern, it (chart) shows as price formed the pattern and it followed it !!!
If you disagree, look at the charts again. Alright its 4am here and i go crash. Profitable trading and peaceful arguments !!!
Regards,
Muthu.
Chennai.
India.