GBPUSD, 1H
---------------------------------------------- 1.6260 Daily Open
Boing;Boing;Boing;Boing;Boing;Boing
---------------------------------------------- 1.6240 Weekly Open
Boing;Boing
That is as simple as it can get.
GBPUSD 1D
----------------------1.6360
[B]BOING!![/B]
----------------------1.6260 Daily Open
----------------------1.6240 Weekly Open
Simple, eh. 
could anyone tell me the purpose of the highest high and lowest low of last week? I thought the weekly open and daily open was all that was necessary?
thx
Previous week high-low is one of the first area’s of technical importance on any price chart.
yes from looking over some charts you seem quite correct. I’ve noticed two things, when price reaches the highest high or lowest low of the previous day. Most of the time it reacts from that level by which i mean to say it turns around and heads in the opposite direction. This happens the majority of the time. For the remainder of the time it breaks through these levels but this doesn’t happen as often as the reactions
In your opinion is my observation correct?
How do we incorporate this observed behavior in the weekly open cross system?
thx again
Hi Used,
W1 was green (long) so you waited to enter long once D1 went green after the london open? Its that simple?
I have had a little trouble getting my old thick head around this strategy but tonight at the FXDD daily open at 16:00 US CDT (-6GMT) I entered -
Long USD/JPY @89.81, now 89.86 (+15 pips) with a TP of 90.32
Short AUD/USD @.8990, now .8996 (+4) with a TP of .8953
Just a toe in the liquidity pool to test my application to this strat. Very simple, 2 TFs, 2 lines to cross. Love it! Good trading all, d.
21:09 hrs - $/Y hit SL of 89.92, +11pips; A/$ hit TP of .8943, +47 (I didn’t move my TP fast enough, the pr. is still heading south)
Starting to change my perspective on the efficiency of this template, of all the presented systems with an (gotta say imo almost arrogant) ‘easy as 1-2-3’ attitude it’s probably one of the few that won’t send your account down the drain if you follow it consistently enough. Then again your account will go down the drain if you aren’t consistent with it - I can see plenty of times when you’d string up plenty of losses but again sticking to the turtle-like plan in a systematic fashion would eventually reap some sort of reward. It’s a good starting off point if anything
Definitely need to see how it goes with long term results though, if this is a complete system as xtraction has stated it should probably have warnings about times not to trade and what not. Very scary to see the amount of times price may pass through a daily/weekly open to the pip at which point one would enter and retrace to knock out a tight stop. On the daily chart it might seem like you’d get knocked out once or twice but zooming in will show just how many failed trades would have caked someone up before a final run - not to mention that those runs are usually fueled by a news release, so if you’re avoiding news releases…
Hey all.
Newbie here, havin’ a little trouble comprehending the forex lingo, abbreviations . . . . well, almost all of it, actually.:o
At any rate, if I could get a clear understanding of the following, I’m sure everything will fall smoothly into place.:rolleyes:
[B]“My rules are simple. Enter in direction of dominant flow when price is below/above weekly+daily open. Weekly open is my signal and daily open is my confirmation. No other entry rules apply.”[/B]
#1–What is meant by ‘dominant flow’?
#2–Does price need to be above/below [B]both [/B]opens for entry?
BTW, this site, (in particular, this thread,) has changed my life.
I’m not kidding. I now spend every waking moment in front of this machine.
Thanks for any help and please forgive my obtuse-ness.
Problem with ‘dominant flow’ is it’s about as helpful as saying ‘follow the trend’ - each person will have their own perspective, (some similar, some different) of how you’re meant to define that and the fact that it’s so in the air means that you can easily adjust it in hindsight to justify a failed entry using a particular method as poorly defined ‘dominant flow’. xtraction/used should answer that since they actually use this template, my idea of it would probably take away from the approach of simplicity that this thread is striving for. Just want to emphasise that since you’re new to this it’s worth understanding alot of the other factors that goes into deciding price movement and other perspectives of it after you get your bearings with this thing
On the side I’ll just reinterate the point to avoid any deception that just because there’s simple templates out there it doesn’t mean that the markets are that necessarily that simple, all these systems aim to construct themselves toward a decision of buy/sell at a certain price/time based on what they consider the most significant factors because that’s what they’re there for, not because they reflect on something that’s inherently simple. This might seem very abstract and even obvious - and it is - but I figured it was worth saying since once you start developing our own method you’ll (hopefully) see the value in it
To answer the second quesion xtraction’s system involves entering upon a cross of the open when daily AND weekly are both green/red so based on what he’s written only enter when price moves above or below both the daily/weekly open
Yeah, I was kinda hopin’ for xtraction or used to respond. I realize it’s not that complicated, but if I understand it correctly, this setup seems to come along rather infrequently, so thought I’d make sure I was clear on it.
Thanks for the input.
Couldn’t agree more but I we’re on slightly different wavelengths here - I was referring to more of an appreciation at an early stage and factoring in at a later stage, “after you get your bearings with this thing” so to speak. Then again that’s just a personal view, 12 months barely gives enough time to figure out how to really develop a system (at to the extent of those with years of experience). From his posts crosshairs is far from being clueless about the markets and done and gone his tour of systems and concepts already - I’ve found that the little bits of understanding you pick up inadvertantly from those experiences find their way into this game as time goes along, particularly when it comes down to decision time
The markets are simple.
The markets will do what the markets do.
The markets couldn’t care less if you complicate things.
all these systems aim to construct themselves toward [B]a decision of buy/sell at a certain price/time[/B] based on what they consider the most significant factors
4 lines.
2 of these 4 lines are giving me the direction, the filter, the signal and the confirmation to pull the trigger.
That is all what I need as a decision making process to take action.
What are going to do about it the next time you will find yourself in above situation again?
Post #95 in this thread is giving you a helping hand to take control of such situations.
H1 chart below. Just logged in 2 hours ago.
Weekly open is blue line. Daily open is red.
Price dropped below Daily open with large red candle. I waited for next candle (green) to close just above Daily open. Went long at 89.80.
Any comments are most welcome? I may have this completely wrong…:o)
MM. +10 pips is where I take some off
If you’re attempting to remain loyal to the exact discipline of the model, then you’d have instigated a [B]long[/B] entry on Tuesday morning as price moved up through the weeks open from underneath.
If you’re using the weekly open as your fulcrum, or line in the sand indicating;
[I]‘only consider longs above the open’
‘only consider shorts below the open’…[/I]
…and you’re waiting for the daily bar open price to actually trigger you into the trade, then yes it’s a valid trade I guess.
Is that what you’re looking to do?
If you’re looking to remain loyal to the uncluttered, uncomplicated core structure of the model, then all you need to focus on is the [B]Weekly Open. [/B]
The rules are right here on the thread.
You trade a cross of the [B]Weekly Open[/B] from Tuesday to Friday adopting a 2% risk tolerance & you need to structure your own trade management model to sit alongside it.
That’s it.
[B]You control the entry
You control your risk
You control your position size[/B]
The market takes care of everything else, including how quickly you crash out (stop gets hit) or how much profit you intend to take according to your trade management model.
Guys could you tell me if the trade on my chart are correct. I’ ve decided to opt for a 20 pip stop loss and no tp I just move my stop up every 25 pips or so.
Sorry joe but I can’t make anything out clearly enough on your chart example to offer up any comment.
You’re either going to have to focus that thing in a little closer or explain your reasonings via text.